Bitcoin is the Pandora’s Box in terms of investment – it can be either good or bad, depending upon how careful you are about where you are investing.
Ever since its launch in 2008, controversy has not left Bitcoin’s side. It has fuelled hundreds of rags-to-riches stories, but at the same time, it has enabled scammers to earn millions from unsuspecting buyers and investors.
Bitcoin prices have been hovering around $9,000 for quite a few days making it a lucrative investment opportunity for thousands of Indians. If you are among the thousands looking forward to investing in the future of crypto, you must find out all about potential Bitcoin scams and the ways to steer clear of them –
i. Fake crypto investment platforms
Fake bitcoin exchanges are a real threat! Back in 2017, a South Korean fake exchange was operating under the name of BitKRK. While it looked legit and presented itself as a part of the crypto trading community, it swindled investors and buyers out of millions of dollars before it was intercepted by the South Korean financial authorities.
You must avoid all fake cryptocurrency exchanges. Stick to the reputed and recognized bitcoin exchanges only. Check Bitcoin forums and subscribe to authentic RSS feeds or notifications so you receive the news of fake exchanges on time. or, stick to trustworthy Bitcoin platforms for genuine investment opportunities.
ii. Others less credible cryptocurrencies
After the success and skyrocketing demand of Bitcoin, several new cryptocurrencies have been mushrooming across the globe. It is indeed difficult to keep an eye on the authenticity and performance of each one.
New altcoins can be cheaper, which makes them more of a lucrative investment opportunity to most new investors. The selling idea behind these new currencies is that it’s already too late to invest in bitcoin and one must seize the opportunity to invest in one of the new and upcoming ones to make more money!
Well, that’s not at…