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Bitcoin Scam Format For Yahoo Boys 2019

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                     Common Bitcoin Scams

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Crypto-currency is bitcoin. It is a digital currency that can be sent from user to user without intermediates from a central bank and a unique administrator on the peer to peer network.

Bitcoin has been criticized for its use in illegal transactions, high energy consumption, volatility prices, theft of exchanges and reputable economists who say it should be at full price, although several regulators are issuing Bitcoin investor alerts. Bitcoin is also being used as an investment.

Here we are discussing some of the major bitcoin scams that are creating so much hype in the cryptocurrency world. Let’s have a look!

1.    Pyramid Schemes

A Ponzi system is a simple but alarmingly effective fraud that attracts the unusually high returns of new investors. This is how it works: a promoter persuades people to invest. These initial investors receive what they believe to be returned, but they receive payments from newer investors ‘ money. The investors who have been paid pump more of their money into the system and encourage others to do the same are now satisfied that the scheme is legitimate.

In this case, users are lurking at an incredibly low investment with promises of incredibly high profits. The classic pyramid system works like this: the initial investors attract new people who benefit. And the pyramid collapses when the new investors ‘ flow drops. Earlier or later, when the promoter runs out of money or new investors become too hard to attract. These pyramid systems are nothing new and can be easily identified, but some crypto-buyers have been prevented from being spotted in a few high-profile incidents.

 

2.    Fake exchanges with wallets

We are discussing fraudulent sites here. Some people pretend to be Bitcoin wallets, some appear to be exchanged, others are like both. They usually work to put off your guard and gain trust sometime after registration. You deposit your cryptograph peacefully, accumulate the funds in the account–and scammers disappear with your money.

Take a look at fake bitcoin exchanges in a similar vein to phishing scams. You could go and speak like an exchange, but you’re just a front to separate consumers from the hard-earned cash.

Some people will appeal to users with promotional offers that sound too good. Other people pressure users to create an account and deposit funds and may even offer “bonuses” to depositors. But once these platforms have your money, they could pay ridiculously high charges and make it very difficult to withdraw money or simply steal your deposit. Other scammers have focused on creating quite advanced, fake bag apps that can be used to steal critical account details after downloading to a user’s Smartphone. These apps have even transformed them into official, legitimate app stores such as Google Play, so it’s worth looking for before downloading anything.

3.    Cloud Mining

The mining process needs good and costly computer equipment, so some people can offer their equipment “mining for rent.” Some legal cloud mining services allow users to rent a server for coins. On the other hand, many cloud mining scams are also available. Cloud mining allows you not to purchase the expensive hardware you need for cryptocurrencies such as Bitcoin. Several legal cloud mining services allow users to rent server space at a specified rate for coins.

However, many cloud mining scams are also present. Some promise astronomical (and unbelievable) returns and cannot reveal several hidden fees while others are fronts for Ponzi scams and are designed simply to separate you from your money.

4.    Old School Scams

Cryptos may be based on new technology, but many scammers still use old tricks to cope with unconscious consumers.

An unwanted telephone call or e-mail from someone who claims to be with theIRS is the classic example. This fictional tax colleague will seek to persuade you that you owe IRS money and face legal action if a certain amount of Bitcoin is not transferred to you as quickly as possible.

Also in a world of crypto-currency has migrated a well-tested scam of “Nigerian prince.” If someone in other countries ever contacted you from the blue, promising you to share an important digital currency if you assist them in transferring money from their own country, use your common sense and recognize that as a scam it is.

5.    Malware

Malware is a weapon in the online pool of scammers for a long time. However, because of the complicated and highly technical nature of crypto-currencies, which most people do not understand correctly, malware is now an even greater threat. Instead of stolen credit card and bank account details, crypto-malware is designed to access and drain your web wallet, to monitor crypto-currency addresses on the Windows clipboard, to replace your legitimate address with a scammer address, or even to infect your computer with a crypto-currency miner.

This kind of fraud is a weapon for online fraudsters for a long time. Crypto world malware is created to access and drain your wallet, to monitor Windows Crypto Address Clipboard and to swap your valid address to a scammer address.

6.    Phishing

You may already be familiar with the first scam in the list because it has been used extensively to target clients by major banking companies.

This type of scam comes in so-called “phishing” when you received an email that seems like your bank or your crypto-exchange provider or wallet provider, in that case, is unwanted. This email contains a connection to a website that looks nearly identical to your usual trade or money order but is indeed a scam website. Once on this unofficial page, your account details will be entered, the scammers have all they need to connect to their real account and steal funds.

It is very simple to use the typical phishing method. The scammer sends the user a crypto-exchange email or a wallet supplier where the lurcher linking to the wrong website. The main objective is to force the user to enter personal information (username, personal password, private key, etc.) in the fake page. This privacy information enables theft on behalf of the actual user to access the original site and to remove the money of the user.

 

 

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Disclaimer: Contents of the blog are for information purposes and awareness AGAINST scam and illegal acts. You are solely responsible for your actions regardless of what you read on this blog.
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