How to Protect Yourself From Bitcoin Scams

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While bitcoin has seen a striking progress in its reputation and market cap in the recent times, this popularity has also attracted and gave given birth to a whole new batch of cybercrimes and bitcoin scams. Different types of scams have been designed to devoid the bitcoin owners off their bitcoin in the long run.

The individuals most susceptible of these scams are the people who’re new to this online currency world. They are often easily tricked by these clever scammers and lose all of their investment. These scams are one of the main reasons why most of the potential investors never dare to step into the online world and invest in these cryptocurrencies.

Here are some of the most common scams used in the crypto world these days, and how you can avoid them.

Some Basic Indicators

There are some basic things you can learn to quickly analyze the authenticity of a bitcoin exchange on the internet. Some of these are mentioned below.

  • Never buy from an exchange that claims to sell the bitcoin in a considerably lower price that the currency’s market value.
  • See if the website has an HTTPS protocol or not. If yes, then you’re secure and good to go, but HTTP certificate websites are prone to hacking.
  • These fraudsters also use a trick to hack your PayPal account. They’ll require you to fill a form with the bitcoin amount you want to buy (in $) along with your PayPal details. After that, a QR code will appear, asking you to scan that code. This way they can easily hack your PayPal account.

Fake Wallets

Fake wallets are also a big scam, these are basically some applications that claim to store the bitcoin, but you’ll surely end up losing all of your bitcoin. The bitcoin loophole scam is another type of scam mostly used by the scammers.