The Bitcoin cryptocurrency has been surrounded by controversy and constantly increasing interest since its launch in 2009. Back then, the release of a digital open-source and peer-2-peer payment system was a really surprising and unexpected event, therefore many regular traders and financial specialists treated it with mistrust. Now, a decade later, Bitcoin has become a major factor in the financial sector as its value increases on a regular scale.

Some countries have already accepted it as an official payment method while others release their on cryptocurrencies (for example you can read about Venezuela’s Petro). And this proves the significance of Bitcoin and the other Altcoins. They have an expressed effect on both the cryptocurrency market and the stock exchange.

Currently, more and more traders and regular people are willing to become a part of the cryptocurrency trading business. This means that they are ready to handle the high risk this brings as there are many Bitcoin and Altcoins scams. Their sole purpose is to make people sign up for their services and place an initial investment amount. Thankfully, the experienced investors have learned how to protect their funds and how to stay away from the scams. Still, the newbies will need some help and guidance in order to avoid falling into a fraudulent situation. This is why we recommend the various reviews that are available in the Internet space. They will help you get the most important information related to each of the existing cryptocurrency trading platforms.

Is Bitcoin Legal? – The Best Cryptocurrency to Invest in 2018!

Due to the fact that it is still not clear whether the various authorities and countries are going to recognize and accept Altcoins as a valid payment method, many people are asking the question “Is Bitcoin Legal?”. An of now, the answer to this question is not simple as it all depends on who and where you are asking. This is not a one-sided matter but a more complicated situation which is still to be clarified.

As a result, the Bitcoin scam matter is going to stay relevant at least for a while. After all, the facts are that the first digital currency is still pending recognition from the most countries. And this makes many people consider cryptocurrencies as not legal and legit payment method.

The peculiar situation comes from the fact that at the same time, users are able to purchase almost everything with the top Altcoins. This shows that cryptocurrencies are really valuable after all. Otherwise, you wouldn’t be able to buy anything with them.

Don’t Do This When Dealing With Bitcoin Trading!

Facts are that even professional investors are prone to making mistakes when dealing with cryptocurrency trading. This is completely normal considering the fact that every single financial transaction carries out some risk level.

Now, we are going to take a look at the main things you should take into account when trading with cryptocurrencies:

  • Learn What Cryptocurrencies Are and How They Work;
  • The Transactions Are Anonymous Which Makes Tracking Scammers Harder;
  • Cryptocurrencies Are Not Regulated;
  • There Are Some Fake Initial Coin Offerings;
  • Take The Necessary Precautions (Crypto Wallets, 2FA, Dealing With a Legit Crypto Exchange Platform, etc).

Commonly Met Bitcoin Scams

1. Fraudulent Trading Systems

One of the most commonly met method frauds use is to present a fake crypto trading platform to the online investing audience. They are fully incapable of generating positive results for their members so you should stay away from them. In order to check the legitimacy of a particular online trading solution just read some of the available products reviews. Also, you should only trust reliable information sources to make sure that the data is correct and objective.

Lately, there are some scammers that can directly steal your financial transactions data. So, keep your personal data safe and share it only when you know what it is going to be used for. This means that you shouldn’t sign up for any crypto trading platform before making sure that it is legit, trustworthy, and authentic.

2: Crowd-Funded Initiatives

When we talk about this kind of initiatives we don’t mean the legit ICOs and cryptocurrency exchange projects. Besides them, there are some dubious Bitcoin scam events where you are supposed to send your funds to the creator of the particular system in order to let it re-invest them. Still, there aren’t any proofs that your investment will be invested properly, so do not fall into this scam but avoid it.

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All this brings us to the conclusion that online traders should not deposit anything unless they are 100% sure that the given platform is legit. Being extra cautious is the only way to make sure that your funds will be safe and that your trading experience will be successful.

3. Fake Cryptocurrencies

Nowadays, it is really difficult to get a Bitcoin token as its price is really high. Even the professional crypto miners and experienced online investors meet difficulties on the way of acquiring a single token of the first digital currency.

This is why it is now modern for new cryptocurrencies to be released as they are said to be able to take the place of Bitcoin. The frauds behind these projects advertise them by claiming that they will be the next big thing in the cryptocurrency field. Of course, soon enough it becomes obvious that these are nothing but hyped-up balloons. So, you should better opt for a popular and successful Altcoin.

4. Malware

This scam method enables frauds with the ability to get users’ personal information. This includes the private keys and the public addresses of their wallets. You can protect yourself by keeping your crypto tokens in separate e-wallets.

If one of your wallets is attacked and gets hacked, the others will be still active. In addition, you should apply 2FA (2-Factor Authentication) as it will make your storages more safe and secure.

If you want to know where you can find malware it can be in social media, spam emails, or websites that don’t follow the SSL standards. You should also avoid clicking on ads or banners that want to promote something to you.

Trade Wisely & Avoid Dealing with Bitcoin Scams!

Based on the shared information, it is clear that the best way to start dealing with cryptocurrency trading is by making sure that you have selected reliable, authentic, and trustworthy online investment tools. Make your own research before signing up for any particular trading platform. For example, you can read some of the available cryptocurrency exchange reviews to get the needed information for your chosen product.

Take care of your investment’s safety and make sure to stick to the best trading platforms on the market. This will increase your chance to achieve the desired success.

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