How Bitcoin Fraud Works and How to Spot Them

Have you ever been redirected into a website that promises Bitcoin rewards and others? Have you ever been invited to join a social media group of “Bitcoin miners”? If so, have you ever been disappointed because they were nothing but scammers? The next time you get another invitation, check out this list and see how you can spot if you are dealing with a Bitcoin fraud or not.

  1. Bitcoin detractors are everywhere.

Bitcoin itself or the soaring digital cryptocurrency system today is not a scam. All those who claim otherwise are either gravely misinformed or just plain detractors who want to lure you away from this great digital opportunity. What a Bitcoin fraud would not tell you is that one Bitcoin is now worth $4806.64 as recorded by CoinDesk Bitcoin Price Index (BPI). It is even greater than any fiat money in the present economy!

Yes, Bitcoin may not be as old as traditional money, but its 12-year strong track record is being more and more recognized by businesses and governments all over the world. To note, why would Bill Gates, the co-founder of Microsoft, describe Bitcoin as “better than currency” if it is a scam, right? Bitcoin is even endorsed by people in the entertainment industry like Paris Hilton and Floyd Mayweather.

  1. Virus-laden apps can target you and your smartphone.

The most annoying Bitcoin fraud of all is these virus-laden applications that target smartphones.  If you do not have any virus scanner and you are fond of installing unverified apps, then you are in a high risk to this. Right, cyber criminals are definitely targeting Bitcoin users now, and you may instantly lose your coins if you do not take adequate safety precautions.  An example of this is the Bad Lepricon malware which offers a wide variety of wallpapers. Some ads may even lure you in a sneaky website, so you have to be careful with your every click.

Another simple trick to avoid Bitcoin fraud: check your phone’s temperature when you download an app, if it went higher than normal, it is because of a malware.


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