Common Bitcoin scams & How to avoid!

7 Common Bitcoin Scams & How to avoid!

By Epixel Solutions https://www.epixelmlmsoftware. com

Bitcoin Currency of the Digital era!

Bitcoin was introduced in the Digital world as an alternative to the traditional payment systems.

Moreover, Bitcoin grew into an investment option and way to make good returns.

Bitcoin becomes an investment option The problems arise!

Since everyone is not that aware of the technology behind, it has become common that many people fall into Bitcoin scams and lose their money.

Beware!!

If you are making investments on Bitcoin or any other cryptocurrencies, it is better to be aware of these scams and save your money.

The Research We’ve done a research on these scam reports and the most common 7 scenarios are pointed out in this presentation.

The complete article can be found out at: https://www.epixelmlmsoftware.com/blogs/7-bitcoin-scams-to-be-aware-of

The 7 common ones 1 Ponzi business – BTC scam

2 3

BTC website/offline/physical scam

BTC phishing scam

4 5

Social media/Malware scams

Unverified Bitcoin exchange platform scam

Investment/ICO scam

6 7

Pump & Dump scam

#1 Unverified Bitcoin exchange platform scam Exchange Platform

How scam is done

What is it?

Faking the platform

It is the platform where one cryptocurrency is exchanged for another or fiat currency or viceversa.

By using a fake exchange platform, user may lose coins/money while transacting through the platform.

How to avoid Use authoritative platforms only â—? Check the authority of the platform â—? Note those kind of promotions that promises to make you rich

#2 Ponzi business – BTC scams

Ponzi business What is it?

A ponzi business is an illegal or huge profit promising MLM business where the focus is only on profit, without promoting any valuable products.

How scam is done Sudden rise and fall of BTC A ponzi business that runs on BTC/other cryptocurrencies may show sudden rise and fall of values.

How to avoid Note these kind of businesses and avoid ● If the business is too relied on money ● Returns that offer high-profit ratio

#3 BTC phishing scam

Phishing What is phishing?

Phishing is the fraudulent attempt to obtain user’s sensitive information such as usernames, passwords, and card details by faking as a trustworthy website or resources.

How scam is done User may receive attractive emails User will receive emails saying “You've received BTC coins and login in your wallet to verify it!”, and will be redirected to a phishing site.

How to avoid Avoid spam emails ● Emails that offer free BTCs and discounts ● Never disclose the wallet credentials or private keys without checking the genuinity

#4 BTC Website/offline/physical scam

Physical Scam What is it?

Bitcoin is not at all a physical asset, it is a virtual currency obtained as a result of solving huge computations. The process is known as mining.

How scam is done

How to avoid

User may be offered BTCs in physical form

Be aware that BTC is a virtual currency

Lots of websites and emails offers free BTCs, some in physical forms too. It is done via fake websites or spam emails.

â—? Never disclose the wallet credentials or private keys without checking the genuinity

#5 Investment/ICO scam

ICO What is ICO? Investors make the potential investment through crowdfunding- like event and is called ICO or Initial Coin Offering or token sales.

How scam is done Investors make huge predictions about their new cryptocurrency Investors of new crypto-projects persuade you to invest in it by claiming that it would become the next bitcoin soon.

How to avoid Don’t fall in false investments ● Make sure the crowdfunding event is legal ● Check validity of ICO before making token sale investment

#6 Social media/Malware scams

Malware

How scam is done

What is malware?

Malware URLs

These are programs designed to access a computer system to gain sensitive information.

Malicious URLs and Pop-ups are designed in such a way that user data can be exposed and explored.

How to avoid Take security measures â—? Avoid fake social media profiles and hypes â—? Never download any files/programs from unknown sources

#7 Pump & Dump scam

Pump & Dump What is it?

Pump is the hype part of a cryptocurrency.

Dump is when the coin touches a profit point/ peak value.

How scam is done

How to avoid

Pump & Dump Groups

Take security measures

There are groups for making fake hypes on digital currencies and attract huge incomes.

On reaching a profit point, they dump their investments and normal users lose money.

â—? Avoid appealing high BTC yield social media groups â—? An over hype in a certain community is a suspicious P&D group

Be aware of these scams and keep your money safe.!

Read the full article at: https://www.epixelmlmsoftware.com/blogs/7-bitcoin-scams-to-be-aware-of

Thank you..!

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