Have you ever heard about cryptocurrency? Bitcoin and many other coins come under this vertical. Digital trading platforms are becoming so cool that the age group from the 20s to 40s has a hardcore indulgence. Bitcoin is the most popular coin, with a current value of USD 24538.
When economic subjects start getting cooler and several people participate, the risk factor becomes high. There is a probability of someone trying to gamble on you through bitcoin scams.
A report reveals that since October 2020, approximately 7000 people have faced losses of more than $80million in the US.
How can we spot bitcoin scams?
Bitcoin is still an unknown territory for many; however, we aim to provide our readers with every insight. Unfortunately, cryptocurrency and bitcoin scams are common nowadays. Here are the top 5 ways we can spot bitcoin scams.
Pyramid schemes generally work through referral chains. These people are connected through any social media platform that sounds appealing and friendly. They build up trust in people and trick them by providing tips. Scammers create eagerness by advising them to invest in crypto and ruse. For example, they will say that the more you pay, the more you will get promised a return. But unfortunately, this referral chain is a part of a pyramid scheme.
Scammers used to run various bogus websites that ran over advertisements and promotions. These ads are related to investing and mining. These advertisements are professional and can easily catch anyone’s attention. However, while interacting with such websites, you can sense that they are trying to grow your investment. Many people reported that while we tried to withdraw the promised return from the scammers, it never worked, and the site became a ghost. This is how the bitcoin scam worked.
Giveaway scams are a loop on social media platforms such as Twitter, Facebook, Instagram, and many more. These bitcoin scams turned up to be sponsored by a big celeb or popular investor in this arena. In other words, they behave like someone else and promise to provide multiple returns. The cryptosphere created by them is the one where duped investor directly remit money to the scammers’ pockets.
Online dating apps look like the most comfortable platform for bitcoin scammers. Here, they target young adult groups learning new crypto aspects. They are very good at building trust and making people believe. However, scammers take it as an advantage and people by ghosting or blocking them.
Blackmail and Extortion scams:
Blackmailing via emails is another social engineering method that scammers use to force individuals to pay them crypto. They have access to some adult websites, trying to frighten them by creating fake accounts and leaking them to the public. In such cases, individuals have no option but to pay them. This count as extortion that can report to the agencies that handle such cases.
What are the measures to play safe?
Here is the one tip that we wanted to share with you. Cryptocurrency or bitcoin scams are a risky game already. Here, playing safe and smart both works equally. The best option is to research to safeguard yourself from bitcoin scams. The more thorough research you do, the more efficient results you will get. We know it is not easy but before investing your money, try to invest time. Here are some measures that can help you to play safe-
- Any website or a person claiming to multiply your crypto returns is a fake talk. Genuine apps and brokers never do over exaggerate.
- Bitcoin’s return can be earned through an investment. Even an honest broker would ask you to purchase it on your own. We will give you a magnificent return on your crypto asset; understand it is a scammer talking. Please don’t believe it is a red flag.
- If anyone from different websites is interested in your cryptocurrency analysis, stay away from them.
Suppose you are doubtful and want to know how to recover in such cases. Then, we would recommend you to visit Financial Fund Recover. They have a skilled panel that will resolve all your issues and looks forward to recovering your lost money.
It is better to keep your private keys a secret. Please keep your business personal; don’t let anyone in until you know them. You might be frightened when you know several bitcoin scams are registered yearly. But there is nothing to worry about. Many people out there are making a handsome amount out of it. It only requires your presence of mind while dealing with such cases. We have tried our level best to give you clarity on the bitcoin scam.