Common Bitcoin Cheats

Common Bitcoin Cheats

Common Bitcoin Scams: There are several virtual currency scams on the blockchain. Some of the more common ones include:

  • Blackmail (Blackmail)
  • Ransomware
  • Fake cryptocurrency brokers
  • Fake gifts*rewards
  • Phishing on social media
  • copy-and-paste malware
  • phishing emails
  • Pyramid and Ponzi schemes.

We'll briefly discuss each of them so you can avoid the most common scams and keep your cryptoactives safe. Whenever new technology is introduced into the world, scammers will continue to look for a way to gain an advantage.

Unfortunately, Bitcoin offers scammers an interesting opportunity as it is a borderless virtual currency, and Bitcoin scams always happen if the user is not careful.

The decentralized nature of BTC allows you to fully control your investments. However, it also makes it difficult to define an adequate regulatory and enforcement framework. 

If, somehow, the scammers manage to trick you into using Bitcoin, they could end up stealing your BTC and there's practically nothing you can do to recover your virtual coins.

That said, it's critical to understand how scammers operate and learn to spot signs of risk. There are many scams linked to BTC, but some are more common than others. Therefore, we will discuss Common Bitcoin scams and what to do to prevent them.

Bitcoin is not just a new word from the Internet Age or technological and financial progress. It is the beginning of a new Era on Earth. Even ten years ago, we couldn't even imagine dreaming about money… By Alan T. Norman

Common Bitcoin Fraud and How to Avoid

Bribery

Blackmail fraud (Blackmail) is a well known method used by fraudsters. They threaten to divulge the victim's confidential information unless they receive some sort of reward for not doing so. This reward is usually delivered in crypto coins, Bitcoin being the most common one.

This type of fraud it works by getting scammers to locate or falsify confidential information about you and use that information to force you to send bitcoins or other forms of money.

The best way to keep scammers from blackmailing you with their bitcoins is to be careful when setting your login credentials. It is important to be aware of the websites you visit and the people you provide information to.

It is also recommended to use two-factor authentication whenever possible. If you know that the information used to attempt the scam is false, then you don't need to worry.

Fake Cryptocurrency Brokers

As the name suggests, fake brokers are fraudulent copies of legitimate crypto currency brokers. Usually these scams appear in the form of mobile apps, but you can also find them as desktop app or fake websites.

Be careful because some cryptoactive brokers are very similar to the original ones. They may look legitimate at first glance, but the goal is to steal your money.

Typically, these fake brokers will lure investors by offering free cryptocurrencies, competitive prices, low exchange rates and even gifts.

To avoid being tricked by a fake broker, you should save the real link (URL) and always check it before entering the system. You can also use Telegram groups, Twitter accounts and more.

When it comes to mobile apps, be sure to check out developer information, number of downloads, reviews and comments.

false sweepstakes

Fake sweepstakes or donations are used to steal your encrypted coins, offering something free in exchange for a small deposit. Typically, scammers ask you to send funds to a Bitcoin address first, claiming that you will receive more bitcoins in return (eg, “send 0,1 BTC to receive 0,5 BTC”).

But if you make such Bitcoin transactions, you will not receive anything and will not be able to recover your sent funds.

There are many variants of fake sweepstakes or prize schemes. Instead of BTC, some scams will request other crypto currencies, such as ETH, BNB, XRP, and others.

In some cases, they may ask for your private keys or other sensitive information.
This type of scam is generally more common on Twitter and other social media platforms, where scammers use popular tweets, news, or advertisements (such as a protocol update or an ICO).

The best way to avoid this type of fraud is never to participate in any kind of offer where you need to send something of value first. Legitimate donations and sweepstakes will never require you to submit funds.

Common Bitcoin Fraud with Phishing Social Network

Phishing on social media is a scam Bitcoin common that, like the fake sweepstakes, you're likely to find on social media.

Common Bitcoin Cheats

Scammers create an account impersonating someone respected and with a high level of authority in the cryptographic industry (also known as identity spoofing). Then they offer fake sweepstakes or giveaways via tweets, or direct chat messages.

The best way to avoid phishing scams on social media is to verify that the person is really who they say they are. There are often indicators of this on certain platforms, such as the blue checkmarks on Twitter and Facebook.

Using Copy-and-Paste Malware

This malware is a very sly type of scam that fraudsters use to steal your funds. This type of malware steals data copied to the clipboard, and if you're not careful, it can send money directly to fraudsters.

Let's say you want to send a payment on BTC to your friend John. As always, he sends your Bitcoin address so you can copy and paste it into your Bitcoin wallet.

However, if your device is infected with Copy-and-Paste malware, the scammer's address will automatically replace John's address the moment you paste it. In other words, once your transaction is submitted and confirmed, your BTC payment will be in the hands of the fraudster and João will receive nothing.

To avoid this type of scam, you need to be very careful about your computer's security. Be wary of suspicious messages or emails that may contain infected attachments or dangerous links.

Pay attention to the websites you visit and the software you install on your devices. You should also consider installing a good antivirus and doing a regular scan to identify threats. It is also important to keep your device's operating system (OS) up to date.

Phishing emails

There are several types of phishing. One of the most common involves using phishing emails that try to trick you into downloading an infected file or clicking a link that takes you to a malicious website that appears to be legitimate. These emails are especially dangerous when they mimic a product or service you use frequently.

Fraudsters usually send a message requesting that you take urgent action to protect your account or funds. They may ask you to update your account information, reset your password, or upload documents. In most cases, their purpose is to collect your login credentials in order to try to hack your account.

The first step in preventing email phishing scams is to verify that emails come from the original source. If in doubt, you can also contact the company directly to confirm that the email you received is legitimate.

You can also hover your mouse over email links (without clicking) to check the URLs for spelling errors, unusual characters, or other irregularities.

Even if you don't find anything fishy, ​​you should avoid clicking on the links. If you need to access your account, you must do so by other means, such as manually entering the (URL) or using the link saved in your favorites.

Pyramid and Ponzi Schemes

Ponzi schemes and pyramids are two of the oldest financial schemes in history. A Ponzi scheme is an investment strategy that pays back to older investors with money from new investors.

When the fraudster can no longer attract new investors, the money stops flowing. OneCoin was a good example of a cryptocurrency Ponzi scheme.

A pyramid scheme is a business model that pays members based on the number of new members they sign up. When new members stop signing up, the cash flow stops flowing.

The best way to avoid any of these scams is to do research on the crypto coins you buy — whether it's an altcoin or a Bitcoin. If the value of a cryptocurrency or Bitcoin fund is purely dependent on the membership of new investors, or members, it is likely a Ponzi scheme or pyramid scheme.

Bitcoin Fraud Using Ransomware

Ransomware is a type of malware that locks victims' mobile devices or computers, or prevents them from accessing valuable data — unless the victim pays a ransom amount (usually in Bitcoin). These attacks can be particularly destructive when targeted at hospitals, airports and government agencies.

Normally, the Ransomware blocks access to important files or databases and threatens to delete them if payment is not sent within a deadline. Unfortunately, there is no guarantee that attackers will keep their promise.

There are some measures and precautions to protect against Ransomware attacks:

  • Install an antivirus and keep your operating system and applications up to date.
  • Avoid clicking on suspicious ads and links.
  • Be wary of attachments in emails. Be very careful with files ending in .vbs, .scr or .exe.
  • Back up your files regularly so you can restore them if your computer or device gets infected.

You can find helpful rescue prevention tips and free recovery tools at NoMoreRansom.org.

Concluding About Common Bitcoin Fraud

There are many scams involving Bitcoin. However, knowing how these scams work is an important first step to completely avoid them. If you can avoid the most common scams, you can keep your cryptoactive store safe and sound. Share with your friends to prevent them from falling into these scams!

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