Bitcoin Scam

Richard Schueler’s Guidelines on how to protect against Bitcoin scam

Scammers and money are a glued equation, and cryptocurrencies are the new black for scammers. Bitcoin scams are rising, as per the federal government figures. They are becoming more common because of the ability to gain the victim’s trust. As Bitcoin’s value carries on to rise, so does the volume of scam attempts. Understanding the Bitcoin scams you are susceptible to, as well as how to guard yourself against them, is essential to being an accountable Bitcoin owner. At times, these attacks come in the form of malware, but most frequently, Bitcoin is stolen by tricking people, not by hacking PCs.

Richard Schueler’s guidelines for protecting your Bitcoin:

  • Do not believe anyone promising free bitcoin, definite returns or peculiarly high returns.
  • Never offer your wallet seed or online account password to any person, even somebody claiming to be a delegate of a Bitcoin company.
  • When clicking a link, ensure the link before you click and after you turn up at the website.
  • Only open email from addresses you are acquainted with.
  • Only download software applications and programs from well-known sites functioning with a web address starting with “https”.
  • Save your exchange and any Bitcoin websites you visit as bookmarks, and access them from the bookmark directly.
  • Carefully research any wallets, exchanges, or investment opportunities before proceeding.
  • Keep your antivirus software updated.
  • Double-check all addresses before sending Bitcoin.
  • Use 2-factor authentication on all accounts, rather than non-SMS.

How to identify a crypto scam?

  • No whitepaper: All cryptocurrency has had a whitepaper since their creation. It is one of the most vital aspects of an initial coin offer. If the whitepaper does not make sense or does not exist, do not do it.
  • The promise of definite money: Ethereum, Bitcoin, Doge, SHIB, none of them is a solid investment. By definition, cryptocurrencies are volatile, and returns are never safe.
  • Unnamed team members and free money: Secrets are no good for investors. In every functional business, the names of the partners are always backed-up on paper.
  • Marketing hyperbole: A hyperbole is an exaggeration. Excessive marketing is not a healthy sign. It is a tactic to reach as many people, and raise money at a quick pace.

Richard Schueler suggests one should be cautious if the crypto or the site hides the names of the members or gives you money for free.