June 14, 2024

Business Bib

Business & Finance Blog

Top most common cryptocurrency scams to be avoided

2 min read

With quite a number of people labeling cryptocurrency as a scam even before they get into it, it would be good if they got to know what kind of scams there are inorder to avoid generalizing. The online sphere has always been a target of cons, cyber bullying, hacks, virus attacks, phishing among other negatively portrayed traits. All these scenarios to some extent have installed fear in most people who find it difficult to trust online based trades like cryptocurrency. That is however not to say that there are no genuine and secure trades online, because they do exist.

You just need to do your research abundantly so that you can only engage trusted sites and ventures without fearing for the worst. There are lots of trusted websites on cryptocurrency trading such as bitcoin trader websitethat can be used by potential investors. Reading reviews would help a lot when it comes to choosing which apps, digital currency, software or e-wallet to use when making crypto related decisions. There are a number of crypto scams to watch out for, some of which have been shared in this guide.

Top scams related to cryptocurrency that you should stay away from

The list goes like this;

  • Fake wallets on play stores. Beware of lots of fake wallet apps that are crowding play store. Some concerns of being ripped by some of the fake wallets have been raised and addressed and therefore the need to scrutinize a wallet before using it.
  • Impersonation on social sites like twitter or Facebook. These will take the details of legit persons or projects and pass as them. They will then embark on a mission to fleece unsuspecting victims who by that time will be thinking that they are dealing with legitimate sources.
  • Pyramid schemes. It is easy to spot such because it always involves a certain project that seeks people to invest heavily with promises of huge returns within a certain period of time.