6 Most Common Cryptocurrency Scams to Avoid in 2022

From the period when it was created, bitcoin has recorded significant growth. It has become a favorite currency for traders, knowing that it is with it that they have the best chance of winning.

What is Bitcoin?

Source: fxstreet.com

Bitcoin (BTC) is one of the thousands of digital currencies, which from year to year are becoming a more profitable and more frequent way of earning. What we can say about this currency is that it was created by a group of people whose identity is unknown, and they are hiding under the pseudonym Satoshi Nakamoto. It is important to note that when it was released it was negligible, 0.03 USD, and today’s value is 9,228.71 dollars. Although ups and downs are always possible, this currency is the most valuable and people decide to invest in it for this very reason. 

Also, today many platforms and software help you to make money without investing a lot of effort and time, because, thanks to artificial intelligence, the software is very often able to recognize changes in the market faster and respond 0.01 seconds before the fastest man in the world. Trading and investing are more than enough to bring you profit. Using the software brings you many other benefits in handling. Each has a different interface, so even the most complicated investors will surely find the most suitable to use. It is also important to adjust the settings to your needs, depending on whether you are a beginner or an experienced investor, a person who is willing to sacrifice their free time for profit, or someone who does not want to change their lifestyle and budgets, letting the software do everything itself.

Using some software is a very good way to increase your chances of winning. We already know that many have become rich thanks to it, so we believe CryptoRevolution will help you reach the same level. 

The recommendation is to read everything well before you decide on software or platform. Don’t be lazy and skip thinking that something important can’t be hidden in a small text. The reason why we are telling you this is that, in the sea of good and useful, there is also a lot of fake software and platforms. We all know that risk always exists. By this, we do not mean the risk of investing, but the risk of fraud. They are represented in all areas of the Internet, not just cryptocurrency trading. When you are in search of cryptocurrency companies, experts advise you to check if they are blockchain-powered. This means that they track the detailed transactions. It is also inevitable to check if they have good business plans. Another important thing companies have to do is to determine digital currency liquidity and ICO (Initial Coin Offering) rules. It is always good to know that qualified people are standing in front of the company. But how do we recognize them?

In this text we will try to point out some of the potential dangers of scams:

1. Fake Bitcoin Exchanges and wallets

Source: galadaritradings.com

This is one of the most common scams. Many introduced themselves under a false name, hiding behind the names of well-known and successful companies. Do not let yourself be seduced with incredibly attractive offers. If it sounds too good to be the truth, it is probably like that. You might be asked to open an account and deposit funds, offering even bonuses, but once when you give your money, they will disappear. 

When we talk about fake wallets, the whole story is so well thought out that it is very difficult to detect them. The reason why we say that they are difficult to recognize is that they have even become official. However, from the moment you install any of these applications on your phone, it is very easy to steal all the critical account details.

2. Fake mobile applications and emails

Source: bitcoin.com

Although they can be easily noticed and removed from Google Play and the Apple App Store, this does not mean that new ones do not appear day by day. So far, thousands of people have installed the fake application. Pay attention to the appearance of the logo, whether there are spelling mistakes or some rough clue that would indicate that it is a scam.

3. Ponzi Schemes

Source: techzim.co

It is a form of a pyramid scam and thousands of investors were scammed this way. It works on the principle of a pyramid scheme and works on the principle you take money from new investors to pay previous ones. This can also be applied in this domain. 

4. Malware

Source: threatpost.com

This has always been the way hackers steal your passwords that they need to access the network. Once they reach them, they can access your wallet, if it is connected to the Internet. Downloading Malware is easier than you think. This is also possible by clicking on various websites or social networks. To prevent this, be careful before you decide to click.

5. Imposter websites

Source: james-rankin.com

It is often difficult to tell if a site is fake or not. However, what you need to pay attention to are the little things like a small lock icon, think twice about it. Even if it looks the same, it may happen to you to be transferred to another platform that looks the same as a legitimate site, but attackers have created fake URLs by using a zero in it instead of the letter “o”. it is very difficult to recognize it. 

6. Phishing scams (identity stealing)

Source: tworivercomputer.com

You should always pay close attention when you receive enamels from your bank, wallet provider, or crypto exchange. Very often it looks identical, but yours takes you to another page after which you are exposed to the theft of personal data and identity.

What can you do to avoid scams?

It is very difficult to protect yourself from scams, but at least something you can do. Stick to familiar exchanges, not an unknown even their offer might sound better. Also, carefully choose the wallet, not randomly.