How to Avoid Bitcoin Scams by Artur Hochberg

Over the last couple of years, Bitcoin has taken everyone on quite a rollercoaster ride. While detractors are convinced that Bitcoin is a fraud, veteran investors are equally confident that this is the future.

According to Artur Hochberg, one thing is for sure, when the Bitcoin value increases, many savvy investors turn a few thousand bucks into millions.

So should you avoid risking investing your money for fear of scams or focus on the possibility of potentially high returns?

Artur Hochberg on Four Scams to Watch Out For

Cryptocurrency is not regulated by the government, which makes it ripe for fraudsters. As its popularity grows in the market, so does the number of scams.

Let’s have a look at the top four Bitcoin scams.

1) Fake Bitcoin Exchanges

Posing as an affiliate branch of a legitimate company is one of the easiest ways to scam investors. It is what Bitcoin scammers do.

An example is the South Korean BitKRX scam. The fraudsters presented themselves as one of the biggest trading platforms. They claimed to be a legitimate branch of the real Korean Exchange. It was fraudulent. And people were robbed of large sums of money. 

2) Malware Scams

Many online scams have had malware as their hallmark. It poses a significant threat to cryptocurrency. With your Bitcoin wallet connected to the internet, you could easily fall prey to these scammers. The fraudsters use the malware to get access to information and drain funds. 

3) Old School Scams

In this case, fraudsters contact the victims and demand that they transfer Bitcoin to their wallet. Some will threaten with exposing your embarrassing adult site search history to the public. They could also threaten to release compromising pictures from your computer. 

4) Fake Cryptocurrency- My Big Coin

This trick is one of the classic scams used by fraudsters – the use of counterfeit currency. The scammers will claim that the coin is currently trading actively on several platforms. Many big investors have fallen for this scam. Artur Hochberg Malta, a crypto trader, says that carrying out extensive research is one way to point out false information. 

How to Avoid Bitcoin Scams

With the growth of Bitcoin, it is vital to be on the lookout for scammers.

You need to be keen on the following to ensure you are safe.

  • Stay informed by reading the latest Bitcoin information
  • Double-check sources before you invest
  • Diversify your portfolio- digital currency is unpredictable.  No one can foretell whether a trade will close profitably.
  • Keep your information private to ensure you don’t lose your assets.

Though technology makes the above possible, you will be in a better position if you adhere to these tips. 


Final Thoughts

Bitcoin scams are on the rise. Scammers have been able to entice their victims by using familiar names and platforms. But with the right information, you can avoid getting duped. According to Artur Hochberg, learn how the scammers operate, and you can avoid becoming a victim.  

Stay informed, carry out adequate due diligence, protect your information from hackers, and keep your portfolio diversified. Practice this, and you are sure of remaining safe. 



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