Aug By Mr Singh 0 275 0 Comments
How to avoid bitcoin fraud?

Bitcoin has gained a huge popularity these days among investors in the international market. Though bitcoin core (BTC) is not much used due to its high transaction charges and less speed, the new bitcoin fork, BCH has become the one, to facilitate bitcoin trading anywhere in the world and making a sound profit. This bitcoin profit, along with the investors in South Africa is also attracting scammers who are using unfair means to gain benefit from bitcoin technology. The bitcoin fraud can be done in many ways targeting the unaware investors using cryptocurrency exchange.

 To help such investors, here we are providing some of the ways that can help to avoid scams. Fake bitcoin exchange:

Fake bitcoin exchange:

Bitcoin being a decentralized currency carries the risk of being misused when gets in the wrong hand. Hence it is important to choose the right cryptocurrency exchange and be aware of the fake exchange. There are many such fake cryptocurrency exchanges in South Africa evolving every day that claim to provide the discount on bitcoin price in South Africa. To avoid falling in their prey one need to make sure that the site they visit is HTTPS secured indicating encrypted site rather than just HTTP.

Fake bitcoin wallet:

Spotting the fake bitcoin wallet is not as easy as identifying fake cryptocurrency exchange. This Wallet basically deals with storing bitcoin rather than trading and a fake wallet provide a platform for malware to attack your device that can hinder your privacy by stealing password and security pins. So it’s better to ensure that the wallet site is HTTPS secured and also using resources to check virus content.

Ponzi scam:

Ponzi scams are online frauds where the website claims to provide high return overnight. Here the scammers promise to double your return in a short period. These Ponzi sites also run a referral program making it important to beware of such referral sites as experts claim that they are used as a feed for scams.

Phishing scam:

This is a common fraud tactic where a website tricks you to visit their sites. In order to trap, they contact you through an advertisement or email. Once you visit the site either malware infect your device or you get involved in the fake sale and lose bitcoin. The good practice to avoid getting in the prey is by not clicking on hyperlinks, not visiting the ad content and also typing the website address manually.

Wrap up:

Bitcoin is a risky business with its growing popularity. Being secured and aware of scams is must for any potential investor investing in bitcoin for avoiding online fraud. As the technology is unauthorized it has no rules and regulation that can keep you safe. Your awareness and alertness is the only key that can save you from the risk involved.

  

 

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