If you’re starting in the world of bitcoin and digital currencies it is essential to know some of the scams most commonly used by those who like to take advantage of others. Keep in mind that just as we should have some basic knowledge of cryptocurrencies to learn how to use them, it is also essential to know the ways in which we can be deceived.

For this reason, we decided to make a brief guide to the main scams that arise when trying to sell or buy bitcoin, or any other cryptocurrency, and learn how to avoid them.

1.- Ponzi Scheme or HYIP (High Yield Investment Programs): The first thing you should know is that any Ponzi scheme will fail, some take longer than others but eventually all have the same fate. The basic operation of a Ponzi scheme is to promise their victims high income from an initial investment in a very short time.

The gains made by the pioneer investors, are generated with the money contributed by themselves or by new investors who fall into fraud. The system works as it grows the number of new victims, once the number of people entering the scam is less than the number of people in the highest positions, everything starts to fall apart, incomes are not enough to pay all investors and the problems begin, it is at that moment that the creators of the scam take all the money they have collected and flee having defrauded many people. For this reason, it is common to see represented this scam with a pyramid.

This scam is done with anything, can promise to buy bitcoins is good business and trust your money to them that “wisely” invest it for you, but can also do the same scam with gold, dollars, bonds etc.

2.- Mining investment: The Bitcoin mining involves the validation of transactions and provide security to the public ledger, known as the blockchain. This process requires a very powerful and expensive computer equipment. Scams usually include mining equipment orders are paid in advance and are never delivered.

Before making any payment by a computer mining, make sure you know your vendor, verify your data and information, if possible confirm with others of their existence and credibility, as many scammers use false names and data, verifies their networks social and dates of registration and account creation, if for example a facebook account belong a person who is offering these computers since a few months, is better doubt, it can be a false account.

3.- Scams Wallets: A bitcoins wallet is a software program that is used to store bitcoins. Scammers wallets attract users with the guarantee of greater anonymity in transactions. Once the amount of BTC rises above a certain level, the fraudsters simply move the bitcoins to their own wallet.

To avoid these scams, the most important is have all your bitcoins in different wallets, also be sure before using a new wallet, than is recognized and well accepted by the community, also is recommending join groups and asks, always tries clarify your doubts.

4.- Fraud by triangulation: This is a fairly elaborate scam and that requires special attention.

Three people are needed to carry out the scam: The Trickster, the victim and an innocent third party that mediates between the Trickster and his victim.

This scam is done by selling products on ebay, OLX, or any other Internet sales site. First the Hustler published some quite striking product at a very low price compared with the real value of the object, such as a laptop priced at $ 800, the scammer would offer in its publication by $ 600, an interested person contacts the scammer for the purchase of the product, and this is where the fraud develops.

Well, the scammer had previously contacted the victim (the person selling bitcoins) to buy 600 $ in bitcoins, so proceed to ask for the bank details of the victim, once he has made with the information, contact the third person (interested in buying the laptop) and gives the bank details of the victim, instead of their own, then the third person makes the payment believing he is buying a product. In turn, the victim of the fraudster confirms payment and releases the bitcoins; the scammer comes out victorious with 600 $ in BTC in his wallet, while the victim who has sold bitcoins is stuck in a problem after the third person involved in the scam not receive the product he bought and start procedures for denunciate and search for the individual at which made the pay.

This scam can be easily done when you sell your bitcoins directly to people who do not know, can also happen when you leave your bank details public. It is recommended that before transacting with people you do not know by media such as Facebook or even LocalBitcoin, verify all the information of the potential buyer, and confirms his identity and investigate a little about as their purchase history or sell bitcoins in the community, also, try not make an high volume transaction with strangers.

Finally there is only recommend be very attentive to any activity they deem suspicious or very, very attractive, as they say if it’s too good to be true it probably is, the best thing you can do with any scam is not to be naive, dont believe in everything you see or hear, scams are not only in the world of bitcoin, note that can happen with any currency; be wary and keep your personal information private.

Every day there are thousands for new ways of scams that only manage to generate a bad reputation to bitcoin, so we must unite against these scams and report if you’ve been scammed do not stay silent, raises his voice, share your experience and disclose the maximum information we can to prevent the same thing happening to other people.

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Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.