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Monday, February 13, 2017

5 Most Common Types of Bitcoin Scams and How To Avoid Them

Bitcoin scam is rampant these days and a lot of bitcoin programs with fake promises are springing up everywhere.
You therefore needs to be vigilant in order not to lose your hard earned bitcoins to those bitcoin scammers.

Basically there are 5 types of bitcoin scams

1. Bitcoin Ponzi Schemes: The owners of these ponzi schemes usually lure unsuspecting investors with extremely high rate of returns on investment. If  you suspect the rate of returns on any bitcoin investment you are about to join looks too good to be true, you actually might be right. So ran far far away from those Bitcoin Ponzi schemes or you will be scammed and lose your bitcoin.

2. Bitcoin Wallet Scams: A Bitcoin wallet is where you keep your bitcoin and you can be scammed with a bitcoin wallet if you are not careful.
People who scam with bitcoin wallet usually will tell you their bitcoin Wallet is the safest and most secure way to keep and transact your bitcoin.
Once you deposit your bitcoin with them, they will allow the wallet to work for some time and after that they transfer your bitcoin anonymously and you have just being scammed.
So when choosing a bitcoin wallet, do your research and choose wisely.

3. Bitcoin Exchanges Scam: Be always careful when buying  bitcoin  from bitcoin ex-changers. Some ex-changers are out to scam you of your bitcoin by charging low card processing fee just to lure you to buy from them.
Once you  use your card to buy from them, your money is gone and you will never receive any bitcoin from them.

4. Bitcoin Mining Investment Scams: Bitcoin like other crypto-currencies are mined. Bitcoin Mining requires a lot  of  investments and mines operators tend to look for investors that can contribute money so that they can buy all the equipment required for the Bitcoin mining and make their profit back when they mine the bitcoin.
Some of those Bitcoin Mines operator are just con-artists and when you buy any Bitcoin mining contract with them they will just divert your money for their personal use and disappear.

5. Bitcoin Phishing Scams: Bitcoin scammers that uses this phishing method sends email to unsuspecting bitcoin users and include a link for them to claim free bitcoin reward. However before the reward can be claimed you have to login to your bitcoin wallet. Once you do that your login credentials are stolen and they can later have access to your account and transfer your bitcoin.

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