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4 common scams in bitcoin and other cryptocurrencies.

           Many people,companies,ponzi schemes run different types of scams with the advantages of bitcoin popularity. So the post tells you about 4 types common scams in bitcoin. From when bitcoin gain popularity the number of scams around it is increasing. And different types of scams are come to vision of people. 

4 common scams in bitcoin.

          Some people or companies launch their own cryptocurrencies. Thus some people launched their own cryptocurrency,named Kashhcoin. And to promote the kashcoin they arranged seminars in differnent cities like jaipur,nagpur,ludhiana etc. They also made some videos and posted in social media. They told people that the price of bitcoin will be more than the price of bitcoin and they promised to give 10% monthly return of their cryptocurrencies. They attracted the investors telling them that now the price of bitcoin was very high and the cost of bitcoin mining became very expensive. They told this type of excuses to the investors and promised to pay monthly fixed returns. They also promised to give expensive gifts if investors added others in this cryptocurrency. As a result investors got excited and started to invest in it. Thus kashcoin was promoted in multi-level marketing scheme and investors joined their friends and family members in this scam. Because in multi-level marketing scheme commission or incentive is got. So the investors who invested in kashcoin aggressively promoted the kashcoin and a chain was made. After some months when many people joined kashcoin then the promoters of kashcoin ran away with the investor's 50 crore rupees. But they were arrested by Delhi police. 


           This is now a common thing for fraudsters to do fraud promising investors to pay good monthly fixed returns. Fraudsters give people regularly their fixed returns and thus they accheive people's trust. Now the people promote the fraud scheme and as a result more people join the scheme. And when many people join the scheme then the fraudsters run away with the fund of investors. There is also running scam in bitcoin mining. Such there are many mobile apps that run scam in the name of bitcoin mining. Firstly,the fraudsters tell users to give five stars to the app to do bitcoin mining. And thus they store fake ratings on play store so that it is seemed that the app is genuine and most of users trust on the app. This fake free bitcoin mining apps show a trick so that users spend their most of time using the app. On this time period the fake apps continuous show you advertisements and the fraudsters earn from advertisements. Most of time the fraudsters tell you through the app to mine Satoshi. If you don't know about satoshi then you should know that 1 bitcoin is equal to 10 crore satoshi. So you need more time to mine more satoshi. For this you have to stay active on the app and obviously there is running advertisement. Thus the fraudsters earn from advertisements through the app. You can see the bitcoin mining in the screen of app but actually there happens nothing. This is just a counter. So you don't step into the trap and save your valuable time. In simple words,bitcoin mining is very expensive and to do bitcoin mining expensive hardwares are needed. Then how and who give you the bitcoin free? 


       Now bitcoin cloud mining scam is discussed. The bitcoin cloud mining provider companies have the remote mining centre where the expensive hardwares are kept. Investors can get bitcoin from the bitcoin cloud mining provider company after paying fees. Some companies do fraud in the cloud name of bitcoin cloud mining company. Thus the fraud cloud mining companies have not any remote centre and they just do to fool the investors. The fraud bitcoin cloud mining company tells the investors to invest bitcoin or rupees on the company and they promise to give monthly 10-20% fixed returns on their investments. They run it as a multi-level scheme and they promise to pay commission for joining others to do invest in the company. Believing upon the fraudsters people join their family members,friends into the scheme. This company firsly give regularly their promise returns but gradually they show their own colour. And they do fraud one time when they get a chance. All the bitcoin cloud mining companies are not bad. So before investing you should fully check and analyse the bitcoin cloud mining company. Now the time is next type osf scam.


            Generally you should open a account with bitcoin wallet provider company or bitcoin exchange to invest in bitcoin. As you know that bitcoin has no regulator. So to start bitcoin wallet provider company anyone does not need any license. Then some fraud companies start their business of bitcoin wallet service. And thus a fraud wallet provider company achieved the trust giving good services. And next they started to give excuses like employees were in leave,their system was facing problems etc. And they forbid to withdraw the bitcoin to the investors. And when any customer placed a withdraw request they did block his account. Thus the company escape with crore rupees.


               Indian goverment and RBI do not give any legal tender to any cryptocurrencies and there is also no regulator. So if anyone escape with your bitcoin then there is a very little chance of getting back your bitcoins. So risks of bitcoins are too high. There are also many good bitcoin wallet provider companies. So when you choose any bitcoin wallet provider company then you should fully inspect the company and make your decision. Fraudsters come with new ideas and try to do fraud. So before investing anywhere please analyse that fully.


          If you have any query related to bitcoin scam please comment below so that the topic can be covered.


Best wishes to invest.


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