Common Bitcoin Scams You Must Avoid


Online fraudulent activities are on the rise and if you invest in digital currencies such as bitcoin, you must take extra precautions. Bitcoin is a decentralized currency, which means there is no third-party institution involved in the transactions. If your account is vulnerable and you fall prey to scams, you won’t be able to reverse the transaction. This article highlights the common bitcoin scams there are and how you can avoid them.

Imposter Websites
Researchers at Webroot found in 2017 that an average of 1.4 million unique phishing websites was created every month. The websites are created to be identical to other popular sites that if you’re not careful, you’ll become a victim, regardless of your expertise in the field.

To avoid this, always look closely before you make any transaction on any site. Start by looking for the little padlock icon on the left side of the URL or check to see if it has HTTPS and not HTTP. This shows you that the site you’re visiting is secure.

You should also check for simple spelling mistakes, such as replacing the letter “o” with zero. Simple errors like this are easy to miss if you’re not careful. Another way to spot imposter websites is if you’re redirected to another URL entirely that isn’t connected to the supposed site.

Fake Mobile Apps
Anyone can create a mobile app for bitcoin today and upload them on Google Playstore or the App Store, so you have to be careful before signing up on one and making your transactions. In 2017, over 10,000 people downloaded fake cryptocurrency apps, according to Bitcoin News.

This doesn’t have to be you. Always crosscheck the name of the app you are downloading and ensure you opt for a credible one such as Bitcoin Prime. You can also visit the website of the app you intend to download and look for the direct link to the app to avoid installing the fake app.

Scamming Emails
Scamming emails are quite common in every industry, including cryptocurrency. These emails are sometimes drafted to look legitimate from a credible company. In this case, you have to always cross-check everything. Check the URL of the email domain and the site it links to, to see if it exists. Also, check the logo to see if it correlates with the real company.

Check for errors and don’t click on any link in the email unless you’re sure what it’s about, so you don’t expose your device to malware attack. Other ways to spot scamming emails is if they are offering you ridiculous offers and discounts that seem too good to be true.

Bottom Line
As technology advances, there are more fraudsters everywhere on the internet looking for
vulnerable accounts to penetrate. You can avoid being a victim by identifying the scams
highlighted here and avoiding them as much as you can.

Also, ensure the app or platform you use has proper security measures in place, including two-factor authentication enabled. You also want to ensure you keep your private information secure.