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3 Tips On Avoiding Cryptocurrency Scams

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Bitcoin has been the talk of the town, in fact the world, from the time it has been introduced into the world. Although it has made people from amateur investors to millionaires, there aren’t just happy and positive encouraging stories associated with it. Several controversies have emerged over the course of time on cryptocurrencies and especially bitcoin. Bitcoin has also been a target of hackers and scammers, who have gathered millions and billions worth of bitcoins and money by targeting and attacking unsuspecting buyers and investors.

The BTC prices have been trending upwards for a while now, as witnessed by the global market when it reached a record high of $40,000 earlier this year. This has made BTC look like a very lucrative investment option in the eyes of both individuals as well as institutional investors. The volatility has been one of the most significant challenges and concerns for the investors in the crypto market, and therefore investors hesitate on incorporating BTC into their investment portfolio. However, another very major and alarming problem emerging in this market is that of scammers.

Here are 4 tips we have gathered for you and present to you in order to make your crypto investments a lot safer:

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  1. Be aware of the Fake Cryptocurrency Platforms

There have been fake bitcoin exchanges which have caused people to lose millions. We can take an example from Korea during 2017, when a fake South Korean crypto exchange platform was caught. The platform, by the looks of it seemed totally legitimate, as they had decorated the platform in a way which looked not only a genuine platform but was also developed in a way which deceived a lot of investors and caused the buyers and investors to lose huge chunks of their investment cash. It was, however, reported later on and caught by the authorities in South Korea.

It is advised to you to be very careful and completely scan and research about the platform before giving in any of your assets to the exchange or buying any through it. This way you will be able to avoid the fake ones, and actually indulge into trading through the legitimate and reputable ones. Regularly research, go through news on bitcoin from renown and trustworthy sources and subscribe to RSS feeds in order to stay updated on most recent news on the genuine trading platforms for profiting from cryptocurrency investments and trading. Visit their website here.

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  1. Avoid the Less Reliable Digital Currencies

It was evident from the start that other digital currencies would emerge following the success of the bitcoin. The concept was replicated with tweaks, and ever since the introduction of BTC, several other digital currencies have been getting introduced all around the world. Although analysts in the market tend to analyze and generally tend to authenticate or disapprove most of them, due to the increased number of introductions, it is hard for them to keep a track and check of all new ones.

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The more recent are believed to be cheaper to buy, making them a more profitable investment option for beginners in the market. These newer crypto sell on the basis of the idea that the bigger virtual currencies have matured now and it is too hard and they are too pricey to be bought and invested in now, therefore making these newer ones cheaper and more lucrative investments for investors now.

You should remember that this is not always true. An example is, “My Big Coin”, which was shut down by authorities after it sold a total worth of $6,000,000 as altcoins to the users.

Therefore, it is advised to the readers that it is vital to analyze tand go through the basic knowledge of altcoins which includes the concept of its maximum supply and circulation. Bitcoin serves as an authentic example here. Bitcoin has a maximum supply of 21 million coins, out of which 18.5 million are currently in circulation. Therefore, BTC leads the digital currency world, having been amongst the most valued, reliable and widely accepted virtual currencies around the world.

  1. Beware of Malicious Software

The beginners and newbie investors are not completely aware of the intricacies of the digital currency investments. This fact has allowed thousands of programmers to create and transform several different malicious software programs. Malicious software programs are becoming an increasing threat to the investors now, given trading and managing crypto is all on the computer, digitally.

These malwares which targets the virtual currency holders and users can get hold of the user’s computer systems, and gain access into their accounts in order to steal the balance on the online wallet of the user or the owner of the digital currency, emptying the account of the legitimate owner of the crypto and replacing the authentic address with the fake address of the scammer.

Apart from updating your antivirus and system firewall, you need to make sure that you are visiting a secure and trustworthy platform that does not prompt auto-download of .exe files or ask you to download suspicious attachments.

 

 

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