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Cryptocurrency Scams


cryptocurrency scams

Cryptocurrency scams are now a general method for scammers to dupe people, so they send money to a scammer’s dirty hands. But how can they trick you exactly? Continue reading the text provided below to know more about it!

Cryptocurrency Frauds: What Are They?

Crypto fraudsters using various types of tricks to pup you up. The most typical way to scam a victim is by sending scamming emails, chain referral schemes, deceiving ideas of business investments, or other ways that try to convince you through your money in the form of business opportunity.

But there is one core thing that splits every sort of scams connected to crypto! A fraudster wants your money and does everything that he can to do so. The key feature is that a scammer will promote you to make payment by the usage of cryptocurrencies like Bitcoin or any other one because such types of payments are almost impossible to get back, track their way, or catch the scammer.

Is Cryptocurrency a Scam?

is bitcoin a fraud

A crypto currency is a digital form of money meant to work as a medium of transaction wherein client coin ownership records are calculated, kept, stored, and recorded. The existing form of crypto is a computerized database that applies powerful cryptography to secure payment records and the stream of crypto coins among each customer.

Generally, cryptocurrency does not have its physical forms like coins or paper money. So you can’t touch them or give them to somebody else. Also, usually, such kinds of e-money apply decentralized control. And it is one of the key features that defers it from any central banking system.

There have been more than 7000 alternative versions of Bitcoin over the world since 2009. Every kind of crypto currency runs through a distributed record system, like a blockchain, that works as a public monetary transaction database.

But is bitcoin a fraud?

Or is any cryptocurrency a scamming scheme? To answer such questions you should think about what they are created for. Bitcoin has the following features: it is much faster than any other transactions, it is almost untrackable and all users are anonymous, it is decentralized and rarely state banks systems can have fair fights with such transactions. That’s why such currency is attractive for outlaws and normal clients.

Also, there is another side of the crypto coin. Not all altcoins platforms are real. A great amount is made only to fraud their clients. Blockchain fraud systems emerge every month, some of them become multibillion blockchain scams!

Billion-dollar Crypto Frauds

In 2019 governments in China seized people behind Plus Token (one of the largest crypto Ponzi projects seen in Asia). Articles in the Chinese media propose Plus Token promoters may have deceived people invested in their project for $3 billion.

The next billion-dollar fraud that took funds from investors’ wallets is Bitconnect. Researchers stating only for one-year plan fraudsters had arranged to shift their system from an unknown ICO into a crypto scheme estimated at $2,6 billion.

What Are Other Ways to Find Out Bitcoin Investment Scams?

cryptocurrency frauds
  • There is a high possibility that the authors of the post or email will guarantee you will raise some cash. Close such text immediately and tell everyone that you catch a scammer because those guarantees are false from the first point;
  • Fraudsters may try to convince you that you’ll double your sum promptly. Still, there are no real guarantees of such words because rules of any market say that there is no one hundred percent predictable timeline when you can increase your profit (cryptocurrency can change every hour or day);
  • Crypto currency scamming emails are often going to spam because scammers send them to dozens of people every day. That’s why the system spots them as spammers;
  • Moreover, if you notice some advertisement or publication on social media, where there is a proposition to make a transaction by paying off with Bitcoin, you can report that you notice a scammer instantly. It is an easy way to identify a scamming scheme.

How I Can Report About Cryptocurrency Scams?

Have you or someone from your family become a victim of crypto fraudsters? You can follow our page made especially for you. It is called “Report a scam” and there you can write your story about a scamming scheme which was applied to you or your relatives. We are here to help you!

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Author of article

Caleb-Joshua Mashrooman

Interests: finance, legal advice, golf, economics

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