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In as much as there is a lot of profit to make investing in crypto currencies in a long term, one needs to be very careful on which wallet, exchange he or she chooses to store assets. As technology evolves, scammers equally are getting advanced technically, making use of the crypto space to blackmail, and fraud users.
Well, this occurrence may keep on this way so, let's take a look briefly on how you can avoid some common bitcoin Cash Scams and how you can store your Crypto Currency safe.
Crypto Currencies such as Bitcoin Cash is created to offer anonymity to its users and in such case, it becomes very difficult to track the locations of transaction. This opportunity becomes so convenient for fraudsters to dwell in given the fact that they can't be traced.
Bitcoin Cash has a decentralized nature which allows you to be in full control of your investment. In as much as this is favourable to all, it makes it more difficult for transactions to be governed by a regulatory body. With that, if unluckily you fall into the traps of a scammer who eventually gain access to your private keys, your bitcoin cash may be lost forever and there is definitely nothing you can do about it.
Having known this, it is crucial to understand how scammers work and also necessary to learn how to identify most of its tricks. There are plenty of Bitcoin Cash scams to look out for, but some are more common than others. For that reason, we're going to take a look at six common Bitcoin Cash scams and how you can avoid them.
As the name implies, fake exchanges appear to be a real version of a crypto exchange but with an intention of stealing your money. In most cases, this scams are being presented in mobile apps but you can equally find them on desktop applications or fake websites.
Most times, these fake exchanges offer crypto traders free coins, competitive prices, low exchange fees, and even gifts as a bait to lure users into their scam traps. And unfortunately if one falls into this trap without caution, all money stored in such exchanges will be lost forever.
In order to avoid this, ensure that you cross check the url to the original exchange or if possible, bookmark it to ease safe log in. Also, you can make use of the Binance Verify to verify if such exchange is a legitimate one or a fake one.
This is a trending pattern employed by most Crypto Currency scammers recently. Most of disguise as popular user on the Crypto space (with user names like Elon Musk) offering to double your coins if you make a deposit of a certain amount to their public keys. Example, Send 1 BCH to recieve 3 BCH. Once you fall into making such transaction, you get nothing in return.
Fake giveaways are mostly observed on social media platforms such as Telegram, Twitter and Facebook. Please note that we are not limiting this to the three mentioned social media platforms as they can carry out this fraudulent activity on as much platform they could lay their hands on.
To avoid such, stay away of any giveaway that comes in such format and never participate in them. If one must giveaway, they wouldn't request you to give them first.
Direct P2P Trading
On the peer to peer space of trading, alot of users have lost their Bitcoin Cash while trying to trade them out for local currencies. If you must perform a Peer to peer trade which involves a buyer and a seller, ensure that you know the person whom you are sending your Bitcoin Cash to otherwise you'll get to bear the risk if you get scammed.
To avoid such scams, you can register on legitimate platforms such as Local.bitcoin.com, Binance to perform P2P trading because these platforms offer trustless services and you can appeal if you notice any fake Transaction on them.
Blackmail is a very common way of scamming others within and outside the Crypto currency space. This set of scammers gather some sensitive about you and Request you pay them in Bitcoin Cash or any other form of crypto currency.
In such case, one must be careful on whom they expose their informations to and also be careful with selecting, login credentials and which sites you visit online.
Fake Bitcoin Cash Mining
Mining of Bitcoin Cash can only be processed on high profile machines but still, a lot of scammers create sites on the internet claiming to over a cloud Mining service where a user will be requested to pay a certain fee in other to purchase a mining hash.
This form of scam may be rewarding on it's initial state in order to secure more Investors to the platform and once their target is being reached, they vanish into the thin air with users funds.
To avoid this, Do not Participate in any cloud Mining site and note that mining of crypto currencies such as Bitcoin Cash requires a high profile machine and cost for electricity is expensive.
Have you ever observed a mail sent to your inbox from an unknown address tricking you to download or visit a site that looks real? These emails are more dangerous especially when they imitate a product or service you frequently use.
In most cases, they include a message demand you can take an urgent action in other to secure your account or fund. In such case, their major aim is to collect your login credentials to try and hack your account.
Once such red flag is observed, avoid clicking on such links and if you must log in to your accounts it is preferable to type in your url directly and search.