When you are dealing in digital services, nothing is safe. Whether it is the so called secure payment gateways, or simply your login details for your bank account, anything digital is unsafe.
But even then, people deal in these digital services. Why? Just because you cannot stop living in the fear of dying. Same goes with online platform.
Cryptocurrencies have become very hyped in today’s time. And Bitcoin has garnered extreme popularity because of its age. Though a bit old currency, even Bitcoin is also not 100% safe. Many Bitcoin scams, like the top ICO scams, come in light these days, which have scared many people. Is there a way to avoid it?
While there are many risks associated with Bitcoins, the opportunities are massive. And you can totally avoid these scams if you take few basic precautions. But before that, how can you spot them?
Spotting the Scams
Some of the most common scams which you can watch out for are:
- Fake Wallets and Exchanges
- Virus and Malware downloads
- Ponzi Schemes
- Everyday scams, such as someone offering you free Bitcoins.
Although such scams happen everywhere, on every kind of digital platform. They have become highly common in Bitcoins, and people are even falling prey to them
Avoiding the scams
Now when you know what are some popular kind of scams, there are some ways by which you can avoid them. To be on a safer side, it is better to be alert every time you deal with Bitcoins.
Too good to be true
Avoid responding to any such mails or messages which you believe are too good to be true. Some very common messages that fall into such categories are:
- Someone posing to be an investor, claiming that your money will be doubled or tripled in a certain duration.
- Someone claiming that you have won a lottery, and so on.
If you find it really attractive and convincing, then probably something is wrong here. Be careful!
Check the legitimacy
Always cross check whether the company you are dealing with, is legitimate and registered or not. In the wake of excitement, people often ignore this point and end up losing a great deal of their money. So always try to look out for the owners of the company, and whether the company is a registered corporation or not.
If there is anonymity, the company is hoax.