Common Cryptocurrency Scams to Look Out for

Digital monetary schemes like cryptocurrency have their fair share of advantages, but you must learn to recognize the risks involved with transactions. It is not only the fact that markets are volatile. In fact, it has more to do with the sheer number of scams that you need to look out for. While investing in promising startups and exchange platforms like bitcoinx may seem like a great idea, it is best to prepare yourself for the slight chance of losing your investments as well.

Cryptocurrency experts believe that cryptocurrency should be blockchain-powered. This means that all transactional data should be tracked. Moreover, companies of all kinds should make their digital currency liquid and should keep their clients informed about ICO rules. You should be able to have a face behind the operations to add a personalized element to the transactions. 

Here are some common cryptocurrency scams to look out for:

Fake Websites

There are loads of fake websites that look like startup companies available on the internet today. In fact, they are so similar that it is no surprise that many people fall for this scam, thinking that they’re joining something promising. The trick is to look for a small lock icon close to the URL bar that portrays security. Moreover, there should be no “HTTP” in the address. If a website is secure, it should have HTTPS at the start of its URL.

Moreover, you may also end up being directed to another random platform for payment purposes without even realizing it. For example, you access a link on what you think is an original website. However, you are not aware that hackers have made a fake URL- instead of the letter “o,” there is a 0 in the address. To avoid falling prey to scams, it is best to double-check the exact URL.

Fake Mobile Apps

Scammers can also find their way around fake applications that can be downloaded from Google Play or the Apple App Store. These fake apps are usually removed by stakeholders but not before they have caused some damage. According to Bitcoin News, thousands of individuals download fake cryptocurrency applications without realizing it.

This is a bigger problem for those who use Androids. However, everyone should be aware of this scam. Search for a misspelled app and pay close attention to its name. Zoom in on the logo and search for incorrect coloring or weird branding. If you notice anything weird, do not download the app.

Fake Social Media News

When it comes to cryptocurrencies, one should always conduct proper research instead of going for offers found on Twitter and other social media apps. Remember, impersonating bots have become increasingly common. You may stumble on a fake account without even realizing it.

If you find someone asking for a small sum of your cryptocurrency, consider the chances of never getting it back. Don’t trust other people that are reacting to the offer- they could be bots too. After all, scams have been made to look extremely real, so you must stay extra cautious at all times.

Fake Emails

Say you receive an email from what looks like a cryptocurrency company. Before you consider investing, pay close attention to the email address, logo, and branding. Does something seem off? You must make sure that the email is linked to a genuine company. This is why it is important to know the real people behind the face of an organization.

One of the ways scammers attract an audience is by announcing fake ICOs or making coin offers. It is best to remain patient and go over all offers carefully rather than making a rash decision and losing all your money.


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