Can you spot Crypto-currency scams? Do you know what the Ponzi scheme is? I'm going to share some Crypto-Currency fraud you should note. I have been a scam countless times when I started investing in Crypto-Currencies, so sharing my experience will make you aware of Some Crypto-Currency scams. The below three tips will help you identify what those scams are.
Tips To Spot Crypto-Currency Scams
1. The Billion Coin (TBC) - Many people have bought into TBC. The currency isn't traded on any crypto exchange, and there is no way to sell the coin once you buy it except to other unsuspecting victims. The creators claim it is a coin whose value only goes up (which is comical), and after purchasing the cash, they give you an account to monitor your supposed profits. I won't go into all the details. Just know that it is a massive scam headed for the wrong end.
2. Any Scheme promising to pay you a certain percentage or double your money after you send them your money. It's all a scam. You have taken the course and now know how crypto-currencies work. You should understand by now that trading currencies is inherently risky, and you are just as likely to make a loss as you are to make a profit. Anyone who says they can trade your Bitcoin for you or double your money is scamming you. If they could do that, they would be fine without your money. They would double their own money infinitely until they became billionaires. I cannot stress this enough. It bothers me whenever I see someone fall for schemes like this....and it happens every day.
3. Fake coins - Like TBC, many other fake coins are out there. So many people wake up only to realize that the creators of the cash they bought have disappeared, and the price is nearing $0.These are difficult to tell because, unlike TBC, which makes it obvious, some of the coins have the look of legitimacy. Some are not even scams, just destructive projects that fail. In the same way, a regular business can collapse. The same thing can happen to Crypto-Currencies.
Final Thought
All I can say is to do due diligence and research a project before you put your hard-earned money into it.