Bitcoin Fraud

The Top 5 Online Bitcoin Broker Scams, And How to Avoid Them

If you want to avoid online bitcoin scams, you need to be aware of the common scams first. There are different types of Ponzi schemes where scammers will attract you with fake deals. If you aren’t careful about who you are dealing with, you might lose your money. Be aware of the common bitcoin scams and deal only with reputable sites. Cloud mining sites will try to fool you into buying their contracts by telling you that they earn money for their users by mining on behalf of those users. Sounds too good to be true, right? Well, it is. There is no such thing as free money and these companies can’t actually generate income from nothing.

What are the top bitcoin scams

An online bitcoin Casino will try to hook you with their promotions, low gaming fees, and winning bonuses. This site promises players to make the first $10,000 playing on their casino. However, their payouts don’t match the promises they made to players. They are trying to attract players with false promises and making them think they are making easy money. They are also offering a “free $5 bonus” to players without paying any money to make them believe it is a legitimate site. The Facebook marketplace for the same idea. On this website, people are advertising their unwanted items on this social media website. People will then offer to buy these items using the cheapest price. They also will try to convince users to buy the cheapest items using bitcoin.

What is a Ponzi scheme?

If you see a company like Youbit on the list of reputable bitcoin broker websites, you are in for a rude awakening. Youbit was just another Bitcoin wallet site. The company tried to make money out of the fact that people are trying to find an anonymous way to store their cryptocurrency. They announced the Youbit coin, which they said would help users make their purchases much faster and more securely. The truth is that the coin was virtually worthless. It had no intrinsic value. Users bought the coins hoping to receive a large sum in exchange, but the money wasn’t coming. The Youbit ICO was short-lived. While people lost their money, Youbit investors were only on the hook for the return of their initial investment. It was a scheme, pure and simple.

How to avoid falling for scams

If you have fallen into a Ponzi scheme or a cloud mining scam, it’s possible that you lost a lot of money. So it’s best to know how to avoid bitcoin scams so that you don’t lose anything more. Here are the Top 5 Online Bitcoin Broker Scams, and how to avoid them. Mobile Mining Company This type of scam is very common in India and the Philippines. The scammers offer you a contract for creating your own mining farms and you can earn money by computing your own bitcoins. In reality, all they do is switch off your computer and sell it to someone else in another country. Also, as the web application name suggests, you don’t get a lot of access to the servers.