Bitcoin on its own is not a scam at all. Though the ever-increasing profits made out of bitcoin investing is still attracting a thousand or hundred thousands more hackers around the world who can potentially make your data leak and steal your bitcoin without your knowledge.
The possibility of the data being leaked is significantly high if there is no precaution taken.
Is Bitcoin a scam on its own?
Bitcoin came into existence a long back ago and if it was a scam, it would have been known to people within a year or a few.
Many tycoons have a large proportion of bitcoins and few people who invested in bitcoins are now no less than those millionaires who had put their hours grinding in the business.
Guess what? Yeah, someone to do nothing but have trust in what he is gonna invests him.
Boom! he is another millionaire just because he studied deeply about where he was going to invest, have patience and trust. If you don't like putting 10 hours a day working but still wish to get enough money, then you should make investment tycoons as your role models.
Let's move to the main topic again.
Bitcoin is a delusion - Warren Buffett
Even your old parents may know about bitcoin as it was the oldest cryptocurrency ever and gold doesn't lie as it's old, same goes for bitcoin, though some may fear it due to it exists digitally.
As long as the user is playing it safe, they may not have to worry about getting scammed. Investing in bitcoin definitely involves risk but where there is volatility, there's a lot of profit. Let's know how to prevent from getting scammed.
How to prevent Bitcoin scams?
Bitcoin hackers will probably try to steal your private key by which they can get access to your bitcoin wallet and take all of your bitcoins away from you.
Do you know whether you're storing your bitcoin in a safe wallet? Because there are more fake wallets than legit wallets.
- Fake Exchanges: Use reputable exchanges which you are sure about.
- Blackmail: Hackers may try to blackmail you to access your private key. Ask the information about the person before coming to any agreement.
- Free Giveaways: The most common and notorious way of stealing bitcoins. At least your money can disappear. Try not to take part in giveaways on social media.
- Malware: It gets your access to your device, does changes that can leak your data. Keep anti-virus and anti-spy up to date.
- Keyloggers: Use a virtual keyboard while typing personal information rather than the physical one.
- Trading: Meet person IRL while trading. Certain risks are associated with digital platforms.
- Websites: Keep yourself away from websites that seem suspicious. Better use those with 'https' protocol and you should be sure of the website.
Some common types of Bitcoin scams
1. Non-Legit Wallet:
Let me introduce you to the name of some of the well-known fake bitcoin wallets.
- Bitcoin Mining by Pyramix Studio
- Blockchain Bitcoin Wallet by Fingerprint
- Bitcoin Armory Wallet
- Green Address
Shocking is the fact that these fake apps can be downloaded from the Apple store as well as Playstore.
2. Social Media Scams
Social media is another growing source for hackers to hack the personal data of users. Even with the flow of increasing security and privacy, even some top companies couldn't completely counter the hackers such as Google and Apple.
For instance, the country founder of Apple complained against YouTube. The co-founder compared the efforts put by Twitter as well as YouTube to combat the scams and misinformation.
Though Twitter took action on the same day whereas there was not a single response from YouTube. The co-founder of Apple filed a lawsuit against Google because it was lukewarm to take down fake giveaway videos. You don't know who's the co. founder of Apple?