The Cryptocurrency Scam and how to deal with it
Before you get skeptical about Cryptocurrency and start asking, “Is bitcoin a scam or legit?” you need to understand the popular terms surrounding it, and we can start with some immediate definitions.
Surely enough, you’ve heard of “blockchain” whenever you google the term “bitcoin.”
Blockchain is the technology that makes Cryptocurrency possible, while Bitcoin is a specific type of Cryptocurrency, the most well-known, for which blockchain tech was created. Cryptocurrency is, therefore, a digital medium of exchange that utilizes advanced encryption techniques that help regulate the creation of these digital monetary units and verify the transfer of these funds.
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In general, Bitcoin and other cryptocurrencies are currently the hottest topics on the internet today as it is considered the most significant monetary innovation of our golden age. These digital mediums of exchange allow financial parties to carry out transactions using digital currency instead of cash.
However, as much as it may be a big deal in the monetary world, it still hasn’t captured enough potential followers to completely replace cash transactions due to some limitations and the growing number of skeptics who may still be searching for ways on how to recover the funds while dealing with such digital coins.
In this following article we will give you a cryptocurrency report.
Cryptocurrency is referred to as digital money, which means that there isn’t any physical coin or bill but rather an online representation of cash. Also, Cryptocurrency investment opportunities are endless because, with the right information and techniques, many participants have been able to change their lives for the better and have even left behind evidential testimonials to prove it. This serves to prove that Cryptocurrency is the real deal and not a fantasy that many unfamiliar individuals claim.
However, just because it isn’t a scam doesn’t mean it isn’t affected by scams. As much as securities are put in place, it is still a risk because with the rise in its popularity comes an increase in individuals with ill intentions and who see an opportunity to scam new investors out of their money. Since these digital currencies were designed to be anonymous, retrieving your lost money was once thought to be impossible. Perhaps that could be the reason behind the increasing number of skeptics up until now where you can recover your funds in various ways.
Many illegal activities are happening around these digital coins that would have you thinking that cryptocurrencies are scams if you ever fall victim to any of them. While recovering your funds is now a possibility with reliable service providers, it would still be helpful and wise to be aware of the present bitcoin scams and how effectively to spot them. So, let’s get into some of the rampant cryptocurrency scams that you should be aware of without any further delays.
1. Bitcoin email scam and phone calls
These are considered old school scams that still work up to naïve or unaware but innocent traders. For example, you got an email or phone call claiming to be from the IRS and informs you that you were behind on your tax payment and the funds needed to be cleared immediately.
Of course, the obvious thing to do is ask for the relevant bank account to wire the money via Western Union. However, some individuals might fall victim to sending money directly to the email caller or sender. Most bitcoin con artists take advantage of this by telling you to wire bitcoins instead.
Bitcoin email scams 2020 are so advanced that some of them might have photoshopped a legitimate government symbol onto their document, making it hard to tell the difference between real and fake. However, legitimate authorities would never contact you in this way, nor would they ask for bitcoins at any time.
2. Bitcoin mining scams
Mining is the only way through which one can extract new bitcoins without buying or exchanging them online. However, since it is a too resource-intensive project that demands sophisticated algorithms and codes, many individuals tend to give up when it comes to mining. The processes need intense amounts of processing power and electricity to mine just one coin. Therefore, many companies are now offering users and traders the chance to rent their servers for mining purposes at a cost.
Some companies tend to offer contracts to users, and some of these agreements can be made up of bold claims that might hide extra costs or operate Ponzi schemes that could lead to massive losses. Therefore, one must conduct a detailed background search on the company before investing in its services.
3. Social media scams
Sometimes con artists can go the extra mile to open imposter accounts for the celebrities you tend to follow, and you wouldn’t recognize. Similarly, Twitter bitcoin scams are rampant because of the increasing malicious and impersonating bots and show you offers on such platforms seducing you to invest in specific cryptocurrency companies.
These fake accounts tend to be all over social media, and they also have followers who may seem to be members but are bots trying to convince you to be less careful. Bitcoin scams on Twitter, Facebook, and even Instagram are usually carefully and artistically designed to trap the ignorant and steal their money.
4. Fake Smartphone Apps
Scammers may also con investors by developing fake cryptocurrency applications and posting them for download on Google Play and the Apple App Store. Most of these apps are digital wallets and bitcoin atm scams that claim to store your digital coins in a secure and hacker-free database. Others may be cash-app bitcoin scams claiming to keep your cash online so that you can easily purchase the coins without converting to a designated currency.
While these app store stakeholders may quickly find and take down these apps, thousands of victims may have already downloaded them, and their bitcoins stole. Please note the inauthentic signs on these apps, such as branding and colouring, before downloading any of them. Also, be sure to research them online and read the reviews, though most of the users who may have left reviews could be the scammers themselves.
5. Bitcoin porn scams
Victims of these sextortion scams often find it hard to evade such losses because of fear of embarrassment. It isn’t a new trick because cyber crooks have been using it as an effective con method for a while now. Such fraudulent messages are sent through emails or bitcoin scam texts. The sender claims to be a hacker who had access to your webcam and filmed you watching pornography content or participating in self-pleasureful activities such as masturbation.
They would usually demand a ransom through bitcoin failure, to which the recording would be sent to your friends and family. These emails are fake, and you shouldn’t fret, but most people can’t help themselves but fall victim due to the fear of being embarrassed.
6. Bitcoin Trader scam
Bitcoin traders are service providers who help investors new to the game invest and profit while taking a certain amount of the agreed profit. Many of the scammers pose as bitcoin traders offering seductive discounts and bonuses while making outlandish profits. These are usually bitcoin profit scams that would take your money and leave, so be sure to investigate a trader before giving them access to your funds.
Before you invest in bitcoin, you should know to be aware of a few facts. Any government does not ensure these cryptocurrencies like actual bank deposits are. This would mean that any cryptocurrency that is stored online doesn’t have the same protection as money in the bank, and once lost, the government would not be able to help get it back. Similarly, cryptocurrency prices are affected by high fluctuations because an investment that may be worth thousands of dollars might be worth hundreds tomorrow or even in an hour.
There are also no legal protections when paying using Cryptocurrency; thus, it would be tough to get it back once your money is gone, unlike when using credit cards. Although the cryptocurrency report informs that transactions are designed to be anonymous, they can be posted to a public ledger such as Bitcoin’s blockchain.
According this cryptocurrency report if you feel like a bitcoin investment scam victim, you can recover your funds with Trader Defense Advisory. You can contact us on our website and even get a free consultation. We assist victims of online bitcoin scams, including cryptocurrency investors who have lost their money. Our recovery experts comprise of industry professionals who use advanced chargeback to help you recover your funds.
Just because Cryptocurrency isn’t insured doesn’t mean it’s legal to scam someone out of their investments, and we’re here to protect your ignored right and help you get back what is rightfully yours. We are the best fund recovery specialist when it concerns tracking and recovering stolen bitcoin, and you can reach us through our landline or email us at: