3 Most Popular Bitcoin Scams Out There: Watch Out!

Bitcoin has surged a lot this year, and the benefits of having the coin go well beyond earning a lot in a short period of time. However, just like every other thing that is rising, there is also some space for scams and suspicious activities. Since it is decentralized and uncontrolled, the Bitcoin marketplace is full of scams.

 

Today, we are rounding up some of the biggest ones.

 

1. Fake Bitcoin Wallets

As you probably know, every user requires a bitcoin wallet in order to store their funds and send or receive payments. Now, there are four main types of wallets for bitcoin: hardware ones, web wallets, desktop wallets and mobile wallets. Scammers are seeing the demand for mobile wallets and have already created a lot of fake wallets in order to defraud people and take away their crypto possessions.

 

2. Fake Cloud Mining Services

Bitcoin mining is the process of creating Bitcoin by solving complex math puzzles. A lot of people want to mine Bitcoin instead of buying it – so the interest is obviously high. This has led a lot of scammers to offer cloud mining services without actually conducting any cryptocurrency mining – but only adding their funds and seeing how their money disappears. Some of the greatest examples of fake Bitcoin mining services include the names of Hashinvest, Hashpoke, Cointellect, GAW Miners and HashOcean.

 

3. Fake Bitcoin Investment Schemes

Another common type of scam in the Bitcoin economy are the fake Bitcoin investment schemes – which are similar to the cloud mining scams in the sense of promising returns. Just like cloud Bitcoin mining, these scams are set up as Ponzi schemes which means that they appear very profitable at first after getting more and more users – to later burst and not allow anyone to withdraw their earnings.

 

Watch out for these Bitcoin scams and always check things before investing or even adding your credit card to a website!