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Tips To Avoid Getting Scammed When Trading in Bitcoins

By February 27, 2018 No Comments

Internet scams are nothing new. There have been several instances of cyber scams in the past that have cost both individuals and businesses massive amounts of money. In this day and age of digital currencies, Bitcoin—and other cryptocurrencies as well—are also not an exception as far as internet scams are concerned. Though Blockchain, the technology that backs Bitcoin, is totally safe and secure, scams still occur due to mistakes committed by the users. Today, Bitcoin has unprecedentedly established itself as a global phenomenon, a mass revolution, and hence, it attracts people in large numbers. The masses, mostly because of their lack of awareness about the ‘ethics’ of Bitcoin trading, are greatly vulnerable, therefore, they easily fall prey to fraudsters running rampantly all over the internet. But if people practise caution, take some time out to do a bit of research, and apply preventive measures to safeguard themselves, they have nothing to worry about. Here are some useful tips to avoid getting scammed when trading in bitcoins.
Phishing Scams
There is no high-level technology involved in phishing scams. These scams basically trick people into giving their personal information, such as account details and passwords. Especially in the case of Bitcoins, phishing scams can be highly dangerous, as Bitcoin trading transactions cannot be modified or reversed. So, if someone unknown has your personal information, your money is gone forever.
Phone calls and SMS, claiming to be from renowned Bitcoin mining sites asking for account details as an excuse for verification, emails from anonymous sources, and look-alike fraudulent websites that appear to be genuine, are the most common phishing scams used to dupe people. Some precautionary measures that you can adopt are –
* Never divulge your account details over the phone, no matter whatever reason the caller is seeking the information for.
* Update your account on a regular basis, and routinely change the password.
* Carefully check the URLs of emails and websites you visit.
* Enable smart security features such as PINs and two-step verifications, available on leading Bitcoin exchange platforms like Belfrics
Mining Scams
Never ever trust anyone who offers to help you mine Bitcoins. Such offers usually come through social media, and many, till this date, have succumbed to it. Generally, scammers stalk new traders and then lure them into schemes that don’t exist. Once people agree to join, the crooks encourage them to make transactions on social media or fraudulent websites so that their account information can be easily obtained. The moment these swindlers have your account details, you can be assured, your money is gone. The lure of ‘easy money’ makes people fall for these type of ‘get rich quick’ offers, and frauds know how to use it as a weapon to take advantage of them. Here are some tips to secure your account against mining scams –
* First and foremost, learn to be suspicious of something that seems too good to be true.
* Be aware of brokers offering lucrative schemes over social media or any other online platform.
* Never engage in financial transactions on social media or through direct messages.
* Desist from visiting websites with offers that seem too good to be true.
* Verify the URLs of websites you visit.
The Scam of All Scams—User Scams
Every Bitcoin scam reported till now has occurred because of mistakes made by users. Be it selecting a dubious Bitcoin exchange, instead of registering with trusted platforms like Belfrics, or disclosing account information on social media, over the phone, or on shady websites, unfortunately, all major Bitcoin scams that have happened have been committed by users. For instance, even if you have a super-secure digital wallet with end-to-end encryption, such as the ones offered by Belfrics, it won’t help if you make the mistake of revealing your personal information to unknown people. That way, you’re simply asking cheaters to steal your money.
It is the job of scammers and hackers to find easy victims, and it is your job to responsibly safeguard the account where you have your hard-earned money. So, recheck and verify any offer, deal, or agreement that looks too good, and don’t ever share your PIN or account credentials with a third party, especially a stranger.
If you want to take your first step into secure Bitcoin trading, register with Belfrics today!

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