With the increase in demand for bitcoins, the bitcoin frauds are also increasing at an equal pace. Bitcoin is an achievement in the world of cryptocurrency. You cannot create a duplicate form of bitcoin. This is the reason why the value of bitcoins is increasing briskly. The price of bitcoin is increasing day by day. People from different walks of life are seeing worth in investing in bitcoins. However, the bitcoins are also eye-catchy for scammers. The scammers would also want to make profits from the bitcoins through nefarious ways. They would target the victims who are not prepared and steal the bitcoins stored in the wallet.

The common types of bitcoin scams that are hatched by the miscreants as per thenewsspy.technology  include:

Fake bitcoin exchanges

Many people lure bitcoin lovers by offering them attractive and unbelievable deals such as to get bitcoins 10% less than the market value. It is a marketing trick that is used by fake exchanges to garner the attention of people to land on their page. When you land on any exchange, the first and foremost thing that you have to check is whether the site has HTTPs protocol or not. The site would encrypt the web traffic and never let the hackers compromise the site and steal the customer data. If the site has just HTTP, it is a red flag. You have to think twice about it.

There is another red flag that you have to look is for the fake exchanges which would offer you bitcoins through PayPal. The counterfeit sites would ask you to enter the PayPal email and the amount that you want to use to buy bitcoins. When you submit the details, you will get a QR code through which the bitcoins are sent. However, you would never get the money. The fake exchanges will exist for a day, and when you go and check for the same exchange, you won’t find any traces of them. Many pop-ups appear on the social media pages but would disappear soon. You should do the due diligence of the exchange before you spend money to buy bitcoins or want to sell bitcoins.

Fake bitcoin wallets

It is a big tough to detect the fake bitcoin wallets. The wallets are just used to store the bitcoins or transact the bitcoins, but you cannot use them for buying or selling. The fake bitcoin wallets that are available in the virtual world are the malware that would compromise the system to steal the private key or password. You choose the wallet that is for desktops. Similar to the fake bitcoin exchanges, even the fake bitcoin wallets have some red flags. You have to keep a close watch on those areas to detect which wallet is genuine and which is not. The wallet site you are using must use HTTPs. You also have to check whether the wallet site is impersonating the other wallet site. It is challenging to detect the fake bitcoin wallets. You can check with your peers to find out the best bitcoin wallet that suits you.

Phishing scams

Phishing is the common attack that is used by the scammers to trick the users. They would create the web pages that look similar to that of the genuine site with minor differences, which are hard to detect. The phishers would get in touch with you through email and ads. There are chances of you landing on the phishing sites and getting the system infected by malware. You may also lose bitcoins for the fake sale. You would be receiving emails from the exchanges or wallet provider which you are using. Instead of clicking on the link mentioned in the email, you should go the website and carry out the trading directly. The hyperlink that the hackers would send will look like a real one, but when you hover on the hyperlink, you get the fake URL. You also have to check from where you are getting the email.

Cloud mining

Cloud mining is trending, and there are a few cloud mining operations who do the scam. You should be wary when you are using the cloud mining where you would share the hash power, and people pool the money to get the mining machines for rent. You have to check whether or not the site is HTTPs, if not move away from it.