The cryptocurrency boom has created new opportunities for business entities to enter the market and take advantage of the trends in making transactions in virtual currency.

But along with this sudden influx of players are shady individuals who intend to profit from unsuspecting contributors and cryptocurrency enthusiasts through despicable means. To avoid falling victim to these scams, it pays to be armed with the right knowledge and spot fraud from a mile away.

It can be easy to fall for these scams, particularly if you are dealing with those who know how to sweet-talk their way into convincing you that buying cryptocurrency is a smart move. While this may be worth checking out, it is prudent to take caution and do the necessary steps to check the legitimacy of such entities that offer transactions in their own cryptocurrency. Don’t be too eager to jump the gun, as you might regret it.

There are pyramid schemes and referral programs out there that appear to peddle cryptocurrency as their product, but more often than not, these so-called business entities are into scamming you out of your transactions.

They usually start by offering you a handsome package where you are promised huge returns once you find more contributors who would want to sign up. The company would give you the first taste of profits early on, but as soon as the amounts get bigger, they start paying you with what they offered you from the get-go: promises.

There may be a lot of scams out there to prey on the unwary, but you don’t have to be one of the victims. The only way to combat these fraudsters is to be armed with the knowledge of spotting them despite their cunning methods of what is basically stealing money from you.

To find out more, check out this highly informative infographic from Noah Coin below.

Hitesh Malviya

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.