Negative Events That Have Marked Bitcoin

Negative Events That Have Marked Bitcoin

Written by Deepak Bhagat, In Crypto, Published On
January 16, 2023
Last modified on April 26th, 2023

The investment opportunities offered by cryptocurrencies have been their main attraction, not only for those who want to take advantage of the resources provided by the crypto assets market correctly but also for those scammers whose main objective is to take advantage of vulnerabilities due to ignorance. that this financial market has. To become an independent trader, visit, which offers bitcoin trading characteristics including clear and concise tactics.

The common denominator of scammers

crypto scam

Cryptocurrency scams can occur in some form, but they are all riddled with false possibilities and promises. For example, scammers can set up investment platforms that look real, but later, you’ll find out that you can’t withdraw the money you “invest.”

Others pose as celebrities, like Elon Musk, and dole out generous statements to multiply any cryptocurrency you send. Scammers also use dating websites to persuade people to make fake crypto investments for love.

The cryptocurrency market has been characterized as risky, but this does not imply that it is a scam, much less its cryptographic projects, among which Bitcoin stands out and whose market capitalization demonstrates the trust and reputation of the said digital asset.

On the other hand, it is essential to evaluate cryptographic projects before investing and consider a timely analysis when independently entering the digital market.

That is why, before navigating unfamiliar waters, it is always important to inform ourselves, investigate and educate ourselves on the subject into which we are going to venture; the more we know about how cryptocurrencies work, the less likely it will be to be deceived.

Characteristics of a possible crypto scam

Scammers are always looking for ways to steal money using cryptocurrency. Here are some of the cryptocurrency scams to watch out for and which happen to be the most common:

  1. Investment Scams and Trading Opportunities
  2. Email Blackmail
  3. social media scams

Standard promises made by scammers targeting cryptocurrency users are as follows:

  • Guarantee of obtaining money quickly and in large amounts; if the crypto-asset market is characterized by something, it is its volatility; in addition, the profits cannot be estimated for this very reason, much less double the capital in short periods.
  • Anyone intending to scam usually offers free money; if there is no investment, it does not exist, and free cash and its profits are not real.
  • Misinformation about future clients is the central alarm; scammers never give details of the operations or how the investment works.

A scam is the most widely used system to steal cash from people using sims compared to other ways of stealing money.

The cryptocurrency market does not control properly to keep people safe from scams. Consequently, many people have started investing in crypto assets as a form of future investment; Malicious people are the order of the day to organize their scams through a pyramid or multi-level methods.

When users start investing in cryptocurrencies, they must adequately advise to choose the right Exchange and not take risks of this type.

Hoaxes in which Bitcoin has been involved

Although the cryptocurrency market is decentralized and offers many the opportunity to earn income independently, it has become the target of evil, who designed the perfect plan for crypto users to fall for it.

Some of the events linked to scams and bitcoin are the following:

  • Bitchain, a fraud exposed to the public eye in 2018; In charge of Miguel and Jordi Alcaraz, who sought business investors to support the installation of ATMs in Spain, to then keep the funds and not install any equipment.
  • The Milton group, which to this day is still wanted by the authorities, in this case, made use of social networks to seize their victims. Through advertisements in which they promise to multiply their investment in cryptocurrencies, they get the phone number of the victim, who continually call to sell them the benefits of their platform, promising they will earn more than they invested.
  • Onecoin It worked like a pyramid scheme; it was presented as the competition of Bitcoin in 2016. On the other hand, they tried to give it a more corporate approach by creating platforms such as OneLife, OneAcedemy, and OneWorldFundation, where crypto financial education and charities were promoted.
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