Are Bitcoin Scams So Common That You Should Be Concerned?

Bitcoin Scams

The cryptocurrency world can be a landmine for those who are not careful with their money. In fact, that statement applies to the entirety of the internet. When you do something on the internet, you have to make sure that you are safe while doing it. Digital currencies are supposed to be the future currencies. They have huge values that allow you to cash in on them if you can trade them properly. The huge value and the smell of huge ROI has made millions of people from around the world invest in cryptocurrencies.

The most famous and investable cryptocurrency to date is bitcoin. However, you can’t just pick the first method that you understand as a way to invest in bitcoin. You will be surprised to know that there are many bitcoin scams that are looking to deprive you of your money. Are they so common? Well, yes they are. How can we prove that? Here Neuercapitalscam explains to you the many ways through which you can be scammed to shell out or simply lose your bitcoins.


The Many Shapes of the Bitcoin Scam


·  The Bots That Don’t Work

The first and foremost is the scam that is spread most commonly on the internet. When you browse on the internet, you will find a variety of online softwares that claim to help you make money from bitcoin trading. In their fancy words, they are bitcoin trading bots. Usually, you will see that there is a developer who claims to have worked at a company as a developer. Then, according to the story, the developers got found out that the software he had created could do wonders. So, he thought of helping others make money while he had already started making millions of dollars using his bot.

You will find this story in many forms on the internet. You are then invited to join a trading platform that allows you to trade automatically. You turn on the autopilot switch and sleep tight. You are then promised that you will make thousands of dollars while you are asleep. Well, a software that can make you a millionaire should not be asking you for a $250 deposit. Most of these bots do. Just so you know, these bots do not work the way they claim to.


·  The Fake Exchange

No, there is no limit to how people can scam you. They will find whatever method they can to scam you and deprive you of the money you have made with hard work. This particular scam has taken place several times in the past. What happens is that you see a big exchange emerging on the internet. This exchange, just like any other, allows you to buy bitcoin and many other cryptocurrencies by exchanging the fiat currency you have in your wallet. However, you soon notice that the exchange has completely disappeared. This has happened once in Korea. In this incident, more than a dozen people were arrested who were running a fake exchange.

There are exchanges that people from around the world trust. They have been around for several years. You can trust these exchanges. If you hear about a new exchange, it is best that you wait for some time to get the approval of the experts.


·  Fake Bitcoin Alternatives

You will see alternative currencies to bitcoin appearing in the cryptocurrency world quite often. All of these cryptocurrencies have a lot to say about bitcoin. Usually, they are riding on the back of bitcoin to get attention. Of course, which particular keyword can earn you the highest visibility on the internet? The answer is bitcoin. So, they usually explain to you whatever is wrong with bitcoin i.e. how bitcoin is slow and not scalable in the future. After this narrative, they tell you the solution to the problem. They tell you that they have found the solution and implemented it in their cryptocurrency. You spend your money to buy this crypto coin and it soon disappears from Planet Earth.


·  Fake Bitcoin Emails (Phishing Scams)

Fake emails have been around since the inception of the internet. You get an email with a dubious link that’s asking you to click on it. You never know who sent you the link or where the link is taking you. You do, however, end up on website where you are asking to enter your login details to some social media account. These are some of the scariest scams out there. Someone might promise you that you have some free bitcoins waiting for you to claim. You click on the link, and the next thing you know you have malware on your computer. You could lose your personal details if you fall for this particular scam. Losing your personal details is much more destructive than losing your money in this era.


Final Thoughts

If one had to give a short answer, it would be this, “Bitcoin scams are more common than you might realize.” You have to be very careful when you walk into this territory as of now. The biggest problem with this market right now is that there is no regulation. There is no involvement of the government and so when you lose your money, you have no way to get it back. No, you will not get your money back even if the scammers get caught. When the Korean exchange developers got arrested, no investor received any of their money back.