âHow can I protect myself against Bitcoin scams?â is a guest post contributed by Aaron Lillie, writer and editor for Daily Cryptocurrency.Bitcoin users should remain confident and optimistic about their investment in the coin.A scammer may ask you to perform a number of deceptive âfavors,â such as sending funds to bail a relative out of jail, cashing a fraudulent check or money transfer at a Bitcoin ATM, or acting as their âpersonal shopper.â As soon as the Bitcoin is sent, the individual is gone without aÂ trace.
How can I protect myself against Bitcoin scams? was originally published in Bitcoin Brains Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.[That Altcoins Bitcoin Sites And Travel Accept]
Store your Bitcoin in a physical hardware wallet. If you donât have a trusted brokerage handling your investment, purchase a hardware wallet to store your coins.Those of us who recognize the benefits of Bitcoinâââboth financial and practicalâââknow that these scams are just a reminder to utilize extraÂ caution.
Distribute your Bitcoins in multiple different wallets or accounts. In the event that one of your wallets or accounts is compromised, only those coins will be jeopardized.[Market ATM 2018 Dynamics October Bitcoin]
With all of the growing interest surrounding Bitcoin and blockchain technology, it has truly become the âWild Wild West.â Everybody wants to join in on the apparent âgold rushâ in an effort to make a quickÂ fortune.
In fact, this brings up one of the benefits of working with a Bitcoin brokerage.[Coin 2019 Binance BNB Price Prediction]
Here are a few basic recommendations that can protect you from falling victim toÂ scams:
Use âdouble-authenticationâ to increase the difficulty for hackers to access your account. This typically involves providing a unique, randomly-generated verification codeâââtypically provided through a phone callâââthat would be difficult for malicious intruders toÂ guess.
Watch for phishing attempts from hackers seeking to steal your personal information. Do not enter your personal information, even just a username or password, unless you have verified that you are using a secure connection.Just yesterday, law enforcement revealed that a Pennsylvania man had exploited a software bug to divert $50 million CAD of Bitcoin from unsuspecting users.[ETH Ever Top Block Quits Daily Rewards Lowest Dev]
Only exchange Bitcoin with individuals you know and trust. Scammers are using increasingly complex schemes to exploit unsuspecting victims.These types of overnight success stories have prompted a large influx of new cryptocurrency users.[Plans Fork March For To Monero In Resistance ASIC]
Unfortunately, cryptocurrency scams are also on the rise.
An 18-year-old American entrepreneur revealed that he had become a Bitcoin millionaire after converting a gift from his grandmother into Bitcoin.Looking for even more Bitcoin-related content after reading the Bitcoin Brains blog? Follow Daily Cryptocurrency on Facebook orÂ Twitter.[ To Changellys Unocoin Namaste New Partner Say]
Meanwhile, malicious hackers act as modern-day thieves and bandits, siphoning money out from poorly-protected wallets.However, one can never be too diligent in protecting their digital identity and financial portfolio.
During this same timeframe, cryptocurrency has found itself receiving media attention for reasons both good and bad.Be cautious when clicking links, especially those included in emails, and make sure you are using an HTTPS connection (you will see a green lock in the address bar) before entering your information.[Friday Earner Power To Be On Black How A]
With so many cryptocurrency scams prevalent in the world today, does that mean you should avoid Bitcoin and Ethereum altogether? For the everyday individual, these security concerns might be enough to dissuade one away.When you leave your Bitcoins in an online accountâââlike that used for an exchangeâââyou are relying a third-party to protect your account against invasion.
Following the recommendations above is a great start to help you avoid Bitcoin or other cryptocurrency scams.Bitcoin Brains has already developed reliable technology and partnerships to save you from dealing with the fear and uncertainty that a new Bitcoin investor may otherwise have.As is often the case, the bullish market created a new batch of wealthy Bitcoin owners as many investors saw their portfolios triple over the course of a fewÂ months.[Symbol Bitcoin Apple Devices Now On Google Keyboard On Available]