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3 Common Bitcoin Scams

Posted on July 30th, 2018 by EM Search Consulting

Bitcoin, while an explored territory for some, is usually associated with many questions from those who don’t have as much knowledge or experience. No matter how knowledgeable you are about buying Bitcoin in Miami and beyond, it is possible to fall victim to some well-designed Bitcoin scams. In order to reduce your risk, it is helpful to be aware of the current scams that are circulating. As Bitcoin continues to grow in popularity, the opportunity for scams increases as well. Here’s what you should know about some of the most popular Bitcoin scams on the market.

Fake Exchanges

There was recently a fake Bitcoin exchange exposed in South Korea called BitKRX. This fake platform presented itself as a facet of the largest trading platform in the country and robbed users of their money. Similarly, con men pretend to be representing well-known exchanges in order to scam people out of their money. When in doubt, don’t give out your account information!

Fake Crypto-Currencies

Don’t invest in cryptocurrencies that don’t exist! It may sound obvious but do your research on what you’re buying beforehand. Cutting-edge cryptocurrencies do exist but make sure they are not a scam. For example, My Big Coin took $6 million from eager customers who wanted to invest in the next big thing.

Malware

Malware helps hackers gain access to your accounts and passwords in order to steal important information like credit card numbers or bank account numbers. Don’t click on links in your email but also not on websites or social media, such as when a program claims you can mine Bitcoin for free.

Being on the lookout is key! Always do your research before buying Bitcoin in Miami or in any other market. Feel free to contact us with questions or concerns.