What are the bad currency practices you need to know?

Cryptocurrency scams have shaken the financial industry since the day Bitcoin gained prominence and unfortunately it is estimated that more than a billion dollars have been lost in these scams. At the same time, millions are lost every year for these scams. We hope you are not taken by these scams and therefore we present you this article which will help you in one way or another to know many of the cryptographic scams that exist.

These are the types of cryptocurrency scams:

Gift scams

It’s incredibly unlikely that someone will have a legitimate gift that requires you to send your own money first. On social media, you need to be careful with these types of text messages. They could be derived from accounts that may look identical to the types that an individual knows and really likes, but this will be a section of the trick. As for the many answers that appreciate the accounts mentioned for their particular generosity: they are just fake company accounts or deployed robots included in the gift fraud.

Fake mobile applications

Once the client installs a malicious application, it may appear that everything works as intended. On the other hand, these programs are specifically designed to steal your cryptocurrencies. Inside the encryption room, there were many cases where customers downloaded malicious applications whose developers had forged as a major encryption company.

In this scenario, when the user is presented with an agreement to normally fund the portfolio or to receive payments, it actually sends cash to a fraudulent address. As for the course, when cash is transferred, there are no undo buttons.

Pyramid and Ponzi schemes

In a Ponzi scheme, you might notice an investment opportunity with certain benefits that is the first red flag. In general, you will see this particular scheme disguised as a portfolio management service. In reality, there is no magic formula in the office, where the “returns” acquired are just money from other investors.

In a new pyramid scheme, there is a little more work required by the people involved. At the top normally, the pyramid will be the coordinator. They will recruit a specific number of men and women in order to work at the particular level of these people, and each of the people will get their own number of people, and so on. As a result, you will end up with a substantial structure that grows exponentially and produces results as new levels are made and pyramid disguised.