Cryptocurrency

No matter which marketing you are operating in, scammers are always trying to find a brand new way to steal from you. And the growth in technology and Cryptocurrency has created the pathway for them to do so as well. 

However, fortunately, there’s a way or two to save yourself from getting scammed. Let’s dive into the article to get more information about it.

Types of Cryptocurrency Scams

Like the banking sector, the scams related to Cryptocurrency are quite common too. Some of them are as follows –

1: Fake Websites.

There are lots of fake websites available out there that promise to provide Cryptocurrency at a discounted price. But, when you provide them with your credit or debit card number, they’ll steal your money without offering anything. So, it’s best to do proper research about them.

2: Fake Giveaway.

In a giveaway scam, the scammer will promise that they will multiply whatever Crypto you’re buying from them by two or three. But, needless to say, it’s not true at all. So, whenever you purchase something from them, they’ll simply close your account and avoid replying.

3: Cloud Mining Scam.

A cloud mining scam is usually associated with an organization that’s helping you rent one or two mining software for a fixed rate. A scammer, in this aspect, will take the rent money from you and block or refuse to provide you with the tool. It’s pretty common in the USA.

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How Do You Spot a Cryptocurrency Scam?

If you are careful enough, you can comfortably spot a Crypto scam without an issue. Here are some of the warning signs that you need to keep an eye out for –

1: The Promise of Guaranteed Return.

No financial investment, especially something that you are making in the Crypto market, will be able to guarantee a return. So, if someone is promising you something as such, it’s best not to trust whatever they are saying. Instead, try to avoid them as much as you can.

2: Excessive Marketing.

Almost every business tends to promote whatever they do or how they work. However, if one is over-advertising, it might be because they are trying to reach too many people without any targeted audience. And that’s a red flag, no matter how you look at it.

3: Unnamed Team or Unavailability of a Website.

Never trust someone who doesn’t have an official website. Even if they have one, check if it’s listed their team within the About Us page or not. If you don’t get any news about them, make sure to avoid them at any cost. The more careful you are, the better.

How Should You Protect Yourself?

Most of the Crypto scams are convincing and sophisticated. Therefore, it’s best to do as much research as you can before making an investment.

1: Protect Your Online Wallet.

If you want to invest in Cryptocurrency, you will need an online wallet with a secure, private key. If an organization asks you to share that key with them, it most likely is a scam. The key should be kept private and safe, no matter what.

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2: Ignore Whatever Cold Call You’re Getting.

If someone calls you out of nowhere to sell a Crypto investment opportunity, they’re probably trying to scam you. Make sure that you are not investing your money or disclosing personal information to someone you don’t know anything about.

3: Do Proper Research.

When it comes to investing in a new coin, you should always research as much as you can. It should have a basic website with its name on it and information about who runs or operates it. Also, don’t forget to seek genuine testimonials and reviews regarding the same.

Be Careful!

We cannot stress this enough!

Falling victim to a Crypto scam can be quite devastating. After all, there’s a lot of money and investment involved in it, right? Hence, you should always focus on searching as much as you can before making an investment.  Always opt for a website like bit alpha who are scam-free and secure. Also, don’t share any personal information or details with anyone online. If you think that an individual is trying to scam you, block them instantly. Don’t take any risk!

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