How to avoid fraud with cryptocurrenciessteemCreated with Sketch.

in cryptocurrency •  7 months ago


The growing market linked to virtual currencies has led to the creation of various structured truffles through offers for the purchase of non-existent money.

After looking for some interesting ICOs, I wanted to warn you about the possible scams in the network related to cryptocurrencies.

October 14th 2017 - The cryptocurrency market is in its peak phase. Only in September 2017 are 39 new offers of virtual currencies and 33 start-ups have been registered in this sector. Come often, however, the interest of users has pushed up the number of scam attempts.

The cyber criminals, in fact, have immediately "sniffed the deal", putting up +computer frauds* whose sole objective is to cheat users and subtract Bitcoin, Ethereum, LiteCoin and other cryptocurrencies in their online accounts.

Or, alternatively, cheat all those who would like to make money with Bitcoins, their cryptocurrencies below the price and market price. As noted by some experts, in fact, the most common is the only one: cyber criminals are always ready to take advantage of every slightest distraction.

Bitcoin below cost

As already mentioned, the most common scam in the world of virtual coins is that of "discounts to scream". With the Bitcoins that now sail towards $15,000 (even if, for some, it is a speculative bubble destined to burst sooner than you think) many hackers create portals that would allow you to buy cryptocurrencies at bargain prices.

In this way, the "lucky" buyers would immediately realize strong earnings, taking advantage of a far higher official rating. Needless to say, this is a well-designed computer scam: the Bitcoins, in fact, can be compared to a stock in a stock market, with a regulated exchange market (from the blockchain, in the case of cryptocurrencies) and a well-defined value. In short, it is impossible to find offers for Bitcoins.

False virtual coins

In addition to false offers there are also false virtual coins. As happened with OneCoin. In Mumbai, a network of cyber criminals had generated fraud by selling non-existent cryptocurrencies around the world.

Using encryption as they pleased, the hackers convinced the victim that they could earn and pay for any item with the coins they sponsored.

The criminal network has been unmasked and revenues of two million dollars have been recorded.

The chains of St. Anthony

The current trend in the area of ​​crypto currency is the Initial Coin Offering (ICO) which translated means Initial Offering of Money.

The idea of ​​pre-selling cryptocurrencies developed using a blockchain has now evolved into an efficient fund-raising tool for the development of new applications.

But often behind these systems there are hackers. Their intent is to earn and not to develop apps. For this reason on the Net it is not difficult to come across offers, obviously fake, of ICO.

Hackers invite the victim to invest and advise the investment to their friends and relatives, creating real chains of Saint Anthony like those that circulate on social media or on WhatsApp.

How to defend against cryptocurrency scams

Anonymity is one of the basics of virtual coins. But information about a company that makes cryptovalute is the best tool to understand if it's a scam or not.

If we notice that the offer we found comes from a company that has no references and stories passed on the Internet let's think twice more before completing the purchase. We look for the names and surnames of the creators or the team behind the virtual currency.

The cryptovalute series do not overlook these aspects. Attention then to all ICO offers that promise a guaranteed return. Nothing on the Internet is given, just like in everyday life. The question to ask then is: does this coin have its own ethics? Yes, because every cryptocurrency was born with a purpose.

Bitcoin, for example, was created to solve the specific problems of real-money inflation. Monero was designed to provide the relative transactional privacy that was missing in Bitcoin. Litecoin instead is the silver equivalent of Bitcoin gold.

And as he advised me @lighteater :

And, of course, as in anything crypto, don't invest money you can't afford to lose.

Each new cryptocurrency has been shown to support its own fundamental value. So we have to be cautious about any virtual currency that has no clearness of its usefulness.

New of bitcoin world? Try to learn what is it

Besides the bitcoins there are countless new parallel projects, among which you could find some successful projects from here to a few years, I have collected for you some projects in which I believe if you are interested

And you? Have you invested in some ico recently? Do you have any advice to give me to improve this article?

I would be very grateful if you left me your opinion below in the comments!

A hug from Antonio


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Good Advice, it's important to do research before you invest and not get scammed. The best defense against scammers and cybercriminals is using your brain.


Hello @chamil 👋👋 Glad you liked it.

On the other hand, it is an article calibrated for those who use the brain.

Those who do not use it would not even read this article 😅🤣

There are fakes, criminals, crooks and fraudsters everywhere.
We just need to take care of ourselves, and hope for the best.
Thank you for a hug.
Hugs back.


@aschatria Thank you for commenting here too.

So many profiteers that ruin the evolution trend and the image that hovers in these electronic instruments.

Yes, a hug to everyone! In the age of indifference (due to the fact that we are all behind a PC thanks to the Internet) no one is denied a bit of humanity 🖖❤️

Thank you for the article! Very important indeed. I am resteeming this post!


Thanks a lot for the resteem @juv79505 ! It is a real pleasure to be useful. I wish a good start 2018


Oh sure no problem! :) And I wish you a good start of the year as well!

Some good points here.

The ICO is meant to mirror the more corporate IPO, but actually it's closer to crowdfunding. And, as @aschatria says, there are fakes in all walks of life. I've not yet participated in an ICO, though I'm keeping an eye on a couple right now. I think the way to avoid the scams is through basic research. Who's on the team? Do they have a track record? Have the created anything yet? Have they launched? Are they solving a real problem? Do they have a workable solution?

And, of course, as in anything crypto, don't invest money you can't afford to lose.


Thanks for the comment @lighteater ! I have to add the last sentence you wrote to this article!

I wish a good start of 2018


You're welcome - glad to be quoted occasionally ;-)

Thank you so much for giving you such important information, many do not know, thank you, thank you brother, I am coming to the new one, let me make a follow up


Welcome to steemit @mamun123456 ! Remember to follow the rules of ethics and good behavior to emerge! And remember that the only way to emerge is to start writing content that may be of interest to the public.

Here on my account you can find many tutorials and guides on how to get feedback on steem. Enjoy 🤙


I am new to this all Steem & crypto so I am just starting to accumalate a bit of Steem Dollars obviously I don't want to get ripped off. Is the wallet I have on here safe? Do I need an online wallet & which are the best ones? How do I transfer from wallet to cash that I can hold in my hand? Thank you for post.


Thanks for your comment @professorhob

I have not even tried to do it myself, you should go to the wallet area (top right of your menu), then you have to transfer to saving, to do so see that next to the steem and steem dollard there is an arrow, if you open a menu with the item 'transfer to savings', after you have steem on the saving part you can make wildraw, always pressing on the arrow next to the number of steem you have, and then 'wildraw steem'.

I think after this step will ask you to specify a wallet address, I noticed that steem provides its applications here: