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Identifying Bitcoin Scams And False Promises

January 27th, 2017 | by BTC News

Identifying Bitcoin Scams And False Promises

One of the most important things to learn for anyone who is considering using the new digital currency Bitcoin is to learn about how to avoid Bitcoin scams and make sure that you are always getting what you pay for and never getting ripped off or having your money stolen. Years ago when credit cards were being accepted online as payment by merchants for the very first time, this was also the heyday of online credit card fraud because online purchasing with credit cards was such a new industry that it was impossible to adequately address all security concerns before they led to fraud.

The Same Problem Exists Today With Bitcoin

The types of scams that are being operated today using Bitcoin are eerily similar to the types of credit card scams that existed on the internet less than 20 years ago when people started making online purchases with credit cards for the very first time. Since it is the introduction of a new payment method that the market is just getting accustomed to but is not necessarily completely familiar with, it is always the computer hackers and scammers that line up first to try and sucker people out of their money who are either ignorant of cyber security or who make a critical mistake that can endanger their money online.

Many Bitcoins Operators Have Been Shut Down

There are a handful of Bitcoin exchanges today that are considered reputable and have a large number of positive reviews, but there are over a dozen Bitcoin exchanges that have been shut down and no longer exist because of their shady business practices and their reluctance to implement industry standard money laundering prevention practices. Certain Bitcoin exchanges were alleged to be scams from the very beginning that were basically designed to prey on naive investors who did not know enough to keep their funds safe, so if you are going to use a Bitcoin exchange today then make sure you take the time to check its reviews and establish that it is a legitimate business.

Bitcoin Digital Wallet Safety Tips

Securing your digital wallet where your Bitcoins are stored is of paramount importance when it comes to maintaining the integrity of your funds. If you ever reveal your Bitcoin address and you have not changed the setting on your digital wallet software to be encrypted with a private key then it can be possible for a scammer to try and steal money directly out of your account. By taking the time to educate yourself about the potential Bitcoin scams that are out there, you can make sure that you can steer clear of those of focus only on the legitimate uses of Bitcoin as a currency.

The Bitcoin digital cryptocurrency has been gaining popularity and is used by more and more people. Discover the secrets of Bitcoin power users by reading about this fantastic opportunity.

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