Nowadays many people, companies, and Ponzi schemes are taking benefit of bitcoin’s popularity and with popularity, scams are also there.
Fake Coins Scam:
The biggest scam was people creating their own coins and they trapped others by telling them the elevation of their coin’s price in the future. As bitcoin is quite expensive and mining it is quite difficult that’s why many people invested and then got scammed. They even promised them the return of people’s money and then attracted more clients towards them. Thus all the fake coins were promoted by multi-level marketing. People who already invested there started promoting and thus many people get scammed badly by different fake coins. They first attract a lot of people and then get away with millions. Always make sure you’re investing your money in fool-proof and authentic coins. Do proper research on the internet. Ask your fellows who know about bitcoin. Also refer to the trusted bitcoin buying guides for details.
Fake Mining Apps:
Another scam is fake mining apps. They’re made to waste your time and earn money by advertisements inside. They will ask you to stay active on their apps and will increase the bitcoin’s mining complexity just to get enough money from the ads you watch while staying active on the app. So make sure you’re not wasting your precious time on these stupid apps. We must know bitcoin mining requires a lot of expensive and completed hardware so these stupid apps do nothing except for scamming you and making their money.
Cloud Mining Scam:
Now discussing bitcoin’s cloud mining scam. Companies providing bitcoin cloud mining have their remote centers, where expensive hardware is kept to mine bitcoin and thus they get a profit on mining with people. So, many fake companies are having no actual remote mining centers and thus they ask people to invest money or bitcoin with 20% fixed money returns on investment promises. Most of the companies even return your investments in the start but as soon as time passes, they start showing their true colors and then they even run away with your investments too. Make sure you’re investing and mining after knowing the authenticity of the company. Do a full analysis of the authenticity of that company.
For bitcoin trading, First, you have to open a wallet with a bitcoin wallet provider or bitcoin exchange. As we know bitcoin and other cryptocurrencies don’t have any regulator, that’s why bitcoin exchange or for starting bitcoin wallet provider services, one doesn’t need any license. That’s why many XYZ companies have started providing bitcoin wallet provider services, first, these companies will provide better services to assure the trust of the people, but later on, they’ll make excuses during withdrawal of bitcoin like the system isn’t working or the workers are on leave. Later on, they can even get your account blocked and won’t let you withdraw anything.
So, the only way to save yourself from scams during trading with bitcoin is to research a lot, ask a lot from your fellows, and invest a little at first to check the authenticity of the companies. It is of high risk yet returned currency. If you’re from Pakistan, here is the bitcoin buying method for Pakistanis.