Source: coinmixed.eu

With the increased popularity of Bitcoin and other cryptocurrencies, we can see that the adoption rate has risen along with it. It comes naturally because many companies around the world have found out just how much money they can earn by adopting it as a method of payment.

In the beginning, there was a lot of skepticism from the official institutions. However, we can see that a lot of it is now gone and that official institutions, like the government, think about imposing taxes on these transactions. Surely, this will change the whole picture we have in the future.

As you might know, these transactions are irreversible. It means that they cannot be reversed whenever they are sent. Also, the payment cannot be stopped. Therefore, every trader needs to think carefully about all the most important elements before sending Bitcoin.

Naturally, traders need to be aware of what these elements are. Plus, it is crucial to understand all the advantages of this approach. If you would like to take a look at knowtechie.com you will be able to see what are the crucial ones. But many people are not aware of the fact that they can be scammed.

There are a lot of different ways it can be done. All of them look like each other, but they can be widely different sometimes. Now, we would like to talk about a couple of ways it is done. Without further ado, let us take a look at some of these ways.

Technical Support

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One of the commonest mistakes, but still overlooked by many people, is technical support scams. The reason why they are so overlooked is that many traders simply don’t expect this to happen. In fact, no trader should be surprised to experience this kind of scam even when calling the most credible firms.

However, it needs to be said that these companies are not guilty of these. Why’s that? Well, sometimes frauds can impersonate these companies and cheat traders out of their money. It needs to be said that they are highly skilled and that seeing right through their intentions is not always easy.

Thankfully, there are a couple of ways you can prevent these. For example, you should never provide the support staff with remote access to the machine you are using, not giving any of your personal information to anyone, and not sending any Bitcoins on behalf of any third party.

Exchange and Wallet Hacks

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Many traders don’t understand that previous exchanges are one of the most important sources of crypto wealth for scammers. But the attention changed in the last couple of years, and now they are looking for hacking e-wallets, which was unthinkable until recently.

There’s even an example of it. Last year, we can see that a group of hackers managed to steal $1 million. It was done through email addresses through the e-wallet, supported by a credible company, Ledger. Despite this occurrence, the company is still credible, but they haven’t been able to retain these Bitcoins.

Furthermore, we can see that personal information for roughly 9,5k traders. But it is not the only time it happened. Two years ago, we can see that another credible company, Poloniex. Surely, these two examples are not the only ones, and companies will need to upgrade their security levels.

Ponzi Schemes

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No person has an access to the internet who hasn’t heard about Ponzi Schemes. We are talking about a pyramid scheme that managed to cheat millions of people of their hard-earned money. It is important to be said that it was done through mainstream investments.

We are talking about a scam that takes money from current investors to pay back the previous ones. How it ties to Bitcoin scams? Well, it is pretty simple. The same method has been used by hackers who have been trying to cheat traders out of their Bitcoins.

The best example of this scheme occurred back in 2019 when three hackers have been arrested. When the investigation was finished, the whole operation amounted to $722 million. Naturally, the money was never returned to the previous owners. When you know how these transactions work, you shouldn’t be surprised.

Malware

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It doesn’t matter what kind of scams we are talking about, malware is always going to be part of the operation. The same can be said when we are talking about Bitcoin scams. When you know that, you know that they are one of the commonest ones.

If your e-wallet is directly connected to the internet, it makes e-wallets an easy target for malware. Whenever the trader makes a withdrawal or buying Bitcoin, there’s a chance for them to reach out and steal some of them by sending them to other addresses.

Common folk doesn’t understand how easy is to pick one of these up. You can download one of these to your device just by making a bad choice of what email you will open. Plus, you can download them for a wide array of platforms, like social media.

Social Media

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Whenever you look around you, there’s no chance that you will not see at least one social media platform. Nowadays, we can see that the popularity of Bitcoin can match them. When you connect these two facts, it is easy to understand that why so many hackers see it as a pretty good chance to do so.

Naturally, the most important one of these scams occurred back in 2020, when some Twitter accounts have been hacked by a team of a hacker. They have infiltrated the main console of the platform and asked some users to send their Bitcoins to certain addresses. Within just a couple of minutes, more than three hundred transactions were made.

In Conclusion

As you can see, it is possible to be scammed when making Bitcoin transactions. Surely, you can see that the majority of them are pretty common. Sadly, many traders are too comfortable with using these that they forget that a certain level of protection is needed. Therefore, you should arm your device with at least one quality anti-virus software. It is the only way of prevention.