Bitcoin Pitfalls and Scams

(Excerpt from “Bitcoin & Cryptorcurrencies: Your Roadmap to Wealth”)

I want to you to be aware of a couple of things about the Crypto space and to be careful how you invest your money. As I have said many times in this book you are your own bank and you must be self-reliant.

First let’s take the world as we know it. There are 7 + billion people on this planet and most of them are poor. These folks think of you and I, the ones who can afford this book to be rich. Even though they are poor they are just as smart as you and I. They love their families like we do and would do anything to provide for them. Even steal and cheat you to do it. Yes, that is a fact. Some can justify that you have so much that you’ll not be hurt by being robbed of your Bitcoin. You will recover. Others will just flat out hate you for your good fortune and want to take it from you without one bad feeling. So be assured if you allow yourself to be vulnerable, these folks they will exploit you and rob you of everything.

Bitcoin Scams

Now that we have that settled I want to discuss a few ways they can. One easy way is to use your greedy nature against you. They will make all kinds of claims of doubling your money and returning daily nearly a double-digit interest all in the attempt to get you to join. If you haven’t got much to invest they’ll encourage to have others to join and use your sales ability to scam your rich friends. They will devise an unstainable multi-level investment scheme that’s hard for anyone to refuse. If you bite and put your money into it they will play you and your friends by paying as promised. This will allow them to grow the platform into a mega million-dollar pyramid and one day when you try to log in the site…… it will be gone. You’ll feel like a sucker and worse all your friends will think so too. Don’t be fooled by these stupid schemes.

These are called HYP’s or High Yield Programs or Platforms. Yes, if you get in early you can play it and make some money but if you that they will end in disaster. If you know that these are wrong, and someone will get hurt you need to grow a conscience and quit. These programs are bad for all the legitimate Cryptocurrency investing and will bring government involvement to this space with unrealistic rules and regulations.

Another easy way to get scammed out there is for you not to have good security practices in place like multiple strong passwords, and email accounts, hard storage wallets and multiple other safeguards. For example, there are all types of Phishing schemes going on. That’s were hackers create false sites to catch emails and passwords. They create false websites that look like legit ones and lead you in only to get your username and password. It is simple for them to do this without you even realizing it. You try to use your email and password and it doesn’t work then the submit button and it sends you to the real site and you just think something went wrong. They now have your email or username and password for that site. You never expected it. So please make sure you are on the correct site before you use your username and password.

I just come across a good google extension that verifies sites to be correct and not scammer sites. It’s called METACERT a free Google Extension that sets at the top right corner of your browser on the same level as the address bar. It lights up as a green shield when you are on a legitimate site and is black on something questionable or that has not been evaluated as safe. The app was created by Metacert https://metacert.com who have several other solutions that you will learn about on their site. However, I really like the web browser extension for keeping me from making a fat finger mistake that could take all my bitcoin.