In the recent pandemic era, digital currency increased because people were afraid and started online shopping. As a result, people have become aware of cryptocurrency in a lockdown, and many people have started trading and investing in crypto in the recent lockdown.
As a result, the popularity of bitcoin is significantly increasing, and now there are millions of bitcoin users and millions of transactions on blockchain regularly. However, you also know if there is some popular thing, some people will come to earn money through frauds and scams, and you should be aware of it. So in this article, we will discuss the bitcoin fraud or cons that you should keep in mind while using bitcoins.
Aware from the following frauds
Fake Websites:- There are a lot of bitcoin websites that claim, if you invest in bitcoin through our website, our experts will help you to get higher returns on your investment, and they take 100% guarantee for return and will say you we will take some amount of commission, but these websites are fraud. Check the website’s address, and if the address of the website starts from the only HTTP, that means it is not secure, and if the website address begins from HTTPS, then it means it is secure. But I do not recommend you trust the website that will invest your money on your behalf and promise you to get a 100% return on your investment. If you want to know more about bitcoin trading then there are some trusted websites like Bitcoin Code
Fake Apps:- By increasing the popularity of bitcoins, scammers have created many bitcoin applications that look like real applications, but they will steal your information by releasing the virus into your computer or mobile phone. Search bitcoin on the Google play store, and there will be a long list of bitcoin applications, but some are trusted only. Do not download applications from Google because many of the applications contain malware or viruses, and once you permit your phone, the app will get all the data from your mobile phone. Before downloading any bitcoin app, check their rating and reviews, and if you know someone, take advice, and before investing or trading, check the application’s interface.
Social Media Frauds: If you follow some popular cryptocurrency pages on social media, you must be aware of scammers. But you know many scammers on the internet will open the cryptocurrency popular pages and start pitching their followers by sending messages that look like professional messages. The message will contain information like, hey! Do you want to earn money through bitcoin at a 100% return? They will convince you to invest money in bitcoin and other cryptocurrencies, and once you give them money, they will never see you again. So don’t influence by the social scammer’s deal, and the best form is not to reply.
Email Frauds:- Email frauds is the most popular form of scamming. Everyone has a Gmail id, and scammers will find your id and start sending you emails that are professionally formatted and difficult to judge whether it is actual or fraudulent. I always receive these types of fraudulent emails, and I ignore them. It looks like an actual professional email sent by a company, but that is just a way to steal your money. Research proper if you want to invest through or in the guidance of other experts because all the emails are not fake. But I highly recommend you do not believe in these types of emails and do your research, and start investing and trading on behalf of your knowledge and learning.
ICO scams:- The most popular ICO was Etherium ICO. ICO stands for initial coin offering, and it became popular after 2014, and now, it is also the best and popular form of investing, like we are investing in companies. Many new exchanges come into existence every day and need a considerable amount of money for the smooth functioning of the exchange, so they publically announce the ICOs for fundraising. In IPOs (Initial Public Offerings), you have to purchase the share of companies, but in ICOs, you have to buy the exchange coins. Many misleading ads and websites are attracting investors to invest in ICOs. They are taking the benefits of the popularity of ICOs because they know people will invest in ICOs to get higher returns.