CoinSutra » Exchanges » YoBit Exchange Review: Legit or a Scam?
Investing in Bitcoin is one of the latest buzzes around the tech world.
There is definitely high risk involved, but the potential for rewards is also high.
Even though there are many people who feel Bitcoin is a bubble, there are users who are using this potential bubble as a way of making a lot of money.
Another aspect of the Bitcoin boom is the other new coins which make up the entire “cryptocurrency ecosystem”.
Here at CoinSutra, we have covered many of these “altcoins”. The altcoins found on CoinSutra are technically sound based on the projects’ white papers, the considerable amount of work done, and the firm foundations these projects are built on.
Recently, I talked a little bit about Bittrex and Poloniex, two popular cryptocurrency exchanges. However, as these exchanges become more and more popular, getting an altcoin listed on them takes time.
This is why other cryptocurrency exchanges like Cryptopia, YoBit, and CoinExchange are becoming popular. Using these not so popular exchanges, you can get access to some new coins that big exchanges like Bittrex and Poloniex have not yet listed.
One great thing about getting a coin on a less popular exchange is that when one of these coins gets listed on BIttrex and/or Poloniex, you can expect a huge price surge.
Disclaimer: This is not investment advice; rather this is helping you to understand the mediums you can use to invest in cryptos.
In this guide, I will share with you a review of YoBit.net, a less popular cryptocurrency exchange which frequently adds new and lesser-known altcoins.
YoBit Exchange Review
YoBit is not a new name in the crypto world.
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In 2020, YoBit was introduced on the BitcoinTalk forum. It offers many of the same features and characteristics of other cryptocurrency exchanges.
Here’s how their dashboard looks:
The interface looks a little outdated compared to something like Bittrex, but it is still good enough to easily trade cryptos.
Security of YoBit
YoBit offers two-factor authentication and a login verification email security feature.
Enabling two-factor authentication is optional, but it’s something you should enable as soon as you create an account. Regardless of which platform you use, this is one feature every cryptocurrency investor should use from day one.
YoBit also supports a ‘Freeze withdrawals’ feature in case you feel you are under attack. This feature can be accessed from the profile settings page.
One thing that I don’t like about YoBit is the lack of documentation offered about how to use the exchange.
For example, they have something called “InvestBox”, which is something similar to a lending program like the one Poloniex offers. But it lacks details…
Invest your free coins to InvestBox! It’s a tool for devs to promote their coins. It’s NOT Pyramid/HYIP, all payments are made from the special fund. InvestBoxes can change status from Active to «No coins», but you can close your investment any time, it’s 100% safe. To get InvestBox Payments for BTC, ETH, DOGE, LTC, DASH, WAVES – you need to Play minimum 5 Dice Games / day at these coins.
If you understand how InvestBox works, you can probably earn a decent amount of money. However, at this stage, I’m not a huge fan of trusting YoBit with too much of my money unless they improve their overall customer experience.
The best part about the YoBit exchange…
My favorite part of the YoBit exchange is how fast they list new coins.
This gives ample amounts of opportunity for smart investors to get these new coins during the initial phases. This also solves the problem of a new coin needing a wallet (because you can store them on the exchange). Note: As soon as a wallet comes out for a coin, you should move your coins there.
One important thing to know:
Any company can list their coin on YoBit for a small fee.
This is important to know because many “scam coins” can easily be listed on this exchange.
So, you have to be extra cautious because having a coin listed on YoBit does not make it reliable. So if you see a coin which is proudly promoting itself as being listed on YoBit, don’t get too excited.
Also, since YoBit keeps adding new coins, they often don’t have the support needed for those coins’ wallets. This means that you won’t be able to withdraw some of your “shit coins”.
I know it sounds risky and I hope it doesn’t happen to you, but it’s an important thing to know.
YoBit Dice: A gambling feature where you can bet with any coin of your choice.
Support: They offer support via a ticketing system which you can access from your dashboard.
Language: The site is available in English, Russian, and Chinese language.
Conclusion: Is YoBit A Legit Exchange?
YoBit is definitely not a scam exchange, and you can safely use it to trade cryptocurrencies.
However, they are not as polished as other options like Bittrex, Cryptopia, and CoinExchange (to name a few).
If you want to get ahold of certain cryptos which are only available on YoBit, you can certainly do that.
But you should always be aware of the risks involved in crypto investing.
Have you used YoBit to exchange cryptocurrency? How was your experience? Share your review of YoBit in the comments section below!
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6 Easy Ways To Start Investing With Little Money
Modified date: April 6, 2020
I’m here to tell you: You don’t need to be the Wolf of Wall Street to start investing. It’s okay if you’re more of a mouse of Main Street. Even if you only have a few dollars to spare, your money will grow with compound interest.
The key to building wealth is developing good habits—like regularly putting money away every month. Swap out the barista-made cappuccinos for coffee at home and you could already be saving more than $50 a month.
Once you have a little money to play with, you can start to invest.
In 2020, you can get a date, a ride or a pizza with the swipe of a smartphone screen. Investing is no different. If you can automate your bills, why not your investments? It’s just as easy.
With a robo-advisor, you can make your money work while you play. And just like Halloween costumes, investing comes in many different forms. It shouldn’t be a scary word.
Whether it’s opening a savings account, investing in your retirement or the real estate market, investing for beginners is simpler and more straightforward than ever before.
Soon you’ll see how addictive growing your money can be.
Here are six simple ways to get there:
1. Try the cookie jar approach
Saving money and investing it are closely connected. In order to invest money, you first have to save some up. That will take a lot less time than you think, and you can do it in very small steps.
If you’ve never been a saver, you can start by putting away just $10 per week. That may not seem like a lot, but over the course of a year, it comes to over $500.
Try putting $10 into an envelope, shoebox, a small safe, or even that legendary bank of first resort, the cookie jar. Though this may sound silly, it’s often a necessary first step. Get yourself into the habit of living on a little bit less than you earn, and stash the savings away in a safe place.
Discover Bank currently offers a strong 1.50% APY on their online savings account. There is no minimum deposit required and no monthly maintenance fees (or other fees) associated with a Discover Bank online savings account so the yield is earned on all balances.
The brand also offers high-yield CD’s, checking and money market accounts so if you want to diversify your deposits portfolio a little bit, Discover Bank has a lot of what you need.
The electronic equivalent of the cookie jar is the online savings account; it’s separate from your checking account. The money can be withdrawn in two business days if you need it, but it’s not linked to your debit card. Then when the stash is large enough, you can take it out and move it into some actual investment vehicles.
Start with small amounts of money, and then increase as you get more comfortable with the process. It may be a matter of deciding not to go to McDonald’s or passing on the movies, and putting that money into the cookie jar instead.
Prefer that money to be invested right away? Consider an online discount broker like You Invest by J.P. Morgan. You Invest offers fee-free stock trades, fee-free options trades and fee-free ETF trades. Plus, they’re also offering up to a $625 cash bonus for new accounts.
You can link your Chase You Invest account to the variety of other Chase products (deposits, mortgages, credit cards etc.) so that all of your important financial accounts are in the same place.
2. Let a robo-advisor invest your money for you
Robo-advisors were created to make investing as simple and accessible as possible. No prior investment experience is required and set-up is easy. Let their automated intelligence track your investments in the background, and pay lower fees in the process.
A robo-advisor that I highly recommend to first-time investors is Wealthfront. Their fees are reasonable at 0.25%, but the kicker is that you can get your first $5,000 managed free (specific to MU30 readers).
So if you’re looking to start investing with little money, Wealthfront could be the way to go. You will need $500 to get started though with Wealthfront so keep that in mind.
If you don’t have that $500 starting balance, there are still great options for you in the Robo-advising space. M1 Finance charges no commissions or management fees, and their minimum starting balance is just $100.
You can choose from one of their pre-made diversified portfolios or customize your own by purchasing stocks and ETFs through their platform. The user interface is super easy to use.
If you’re starting out with less than $100, you may want to consider Betterment, which has no minimum starting balance whatsoever. Like M1, it’s also great for beginners as it provides a super simple platform and a hassle-free approach to investing.
3. Make your first steps in real estate market
Real estate investing does not have to be for the very rich. There are many options for real estate crowdfunding and though this may seem like something you’d be nervous about looking into – it actually can be an intriguing investment.
With Fundrise’s really easy-to-use online platform, you simply need a starting minimum investment of $500. So if you’re an unaccredited investor, you can buy properties without paying those very large fees that end up being a deal-breaker if you want to start dabbling in real estate. By managing your own portfolio, the fees come to just 1% and Fundrise always offers a 90 days satisfaction guarantee.
4. Enroll in your employer’s retirement plan
If you’re on a tight budget, even the simple step of enrolling in your 401(k) or other employer retirement plan may seem beyond your reach. But there is a way that you can begin investing in an employer-sponsored retirement plan with amounts that are so small you won’t even notice them.
For example, plan to invest just 1 percent of your salary into the employer plan.
You probably won’t even miss a contribution that small, but what makes it even easier is that the tax deduction that you’ll get for doing so will make the contribution even smaller.
Once you commit to a 1 percent contribution, you can increase it gradually each year. For example, in year two, you can increase your contribution to 2 percent of your pay. In year three, you can increase your contribution to 3 percent of your pay, and so on.
If you time the increases with your annual pay raise, you’ll notice the increased contribution even less. So if you get a 2 percent increase in pay, it will effectively be splitting the increase between your retirement plan and your checking account. And if your employer provides a matching contribution, that will make the arrangement even better.
Blooom is a great tool for hands-off investment management of your 401(k). They’ll give you a free 401(k) analysis, telling you where and how they can optimize your investments. Check out our review of Blooom; if you decide to use their services, you’ll be charged a reasonable $10 per month.
And Blooom has got a special promotion right now: get $15 off your first year of Blooom with code BLMSMART
5. Put your money in low-initial-investment mutual funds
Mutual funds are investment securities that allow you to invest in a portfolio of stocks and bonds with a single transaction, making them perfect for new investors.
The trouble is many mutual fund companies require initial minimum investments of between $500 and $5,000. If you’re a first-time investor with little money to invest, those minimums can be out of reach. But some mutual fund companies will waive the account minimums if you agree to automatic monthly investments of between $50 and $100.
Automatic investing is a common feature with mutual fund and ETF IRA accounts. It’s less common with taxable accounts, though its always worth asking if it’s available. Mutual fund companies that have been known to do this include Dreyfus, Transamerica, and T. Rowe Price.
An automatic investing arrangement is particularly convenient if you can do it through payroll savings. You can typically set up an automatic deposit situation through your payroll, in much the same way that you do with an employer-sponsored retirement plan. Just ask your human resources department how to set it up.
6. Play it safe with Treasury securities
Not many small investors begin their investment journey with US Treasury securities, but you can. You’ll never get rich with these securities, but it is an excellent place to park your money—and earn some interest—until you are ready to go into higher risk/higher return investments.
Treasury securities, also known as savings bonds, are easy to buy through the US Treasury’s bond portal Treasury Direct. There you can buy fixed-income US government securities with maturities of anywhere from 30 days to 30 years in denominations as low as $100.
You can also use Treasury Direct to buy Treasury Inflation Protected Securities, or TIPS. These not only pay interest, but they also make periodic principal adjustments to account for inflation based on changes in the consumer price index.
And as is the case with mutual funds, you can also arrange to have your Treasury Direct account funded through payroll savings.
Bonus idea – Consider a 5% return with Worthy Bonds
For as little as $10, you can invest in Worthy Bonds. Worthy Bonds are fixed interest bonds that fund loans for creditworthy American businesses. The bonds have a term of 36-months, but interest is paid weekly and you can withdraw your money at ANY time, without penalty. Buy as many $10 bonds as you’d like.
The simple idea is that Worthy is going to take the money you use to buy bonds and invest it into companies with a greater return than 5%. They win, you win and it’s a fixed rate so you know the rate of return every day.
The platform is open to all U.S. investors and can be a great way to diversify your portfolio with a low-risk solution. Worthy only invests in fully secured loans (liquid assets having a value significantly greater than the loan amount), so the quality of loan and investment is always high caliber.
There are plenty of ways to start investing with little money, with many online and app-based platforms making it easier than ever. All you have to do is start somewhere. Once you do, it will get easier as time goes on, and your future self will love you for it.
Start Investing with Little Money
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$100 Minimum M1 Finance gives you the benefits of a robo-advisor with the control of a traditional brokerage. M1 charges no commissions or management fees, and their minimum starting balance is just $100. Visit Site
GetBitOne Reviews: is Get Bit One a Scam or Should I Invest?
Welcome to GetBitOne. We are a team of experienced professionals focused on strategic planning and Analytics of the global currency market. Our goal is to find profitable deals on currency exchanges around the world to get the best results from participating in them. Attracting investments will give us a powerful tool to achieve our goals. Honed tactics on transactions with floating exchange rates, as well as tools obtained by years of experience in the analysis of cross-exchange rates to predict trading major currency pairs, allows us to minimize risks and provide you with a guaranteed profit.
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The amount of 10.21 USD has been deposited to your account. Accounts: U20910335->U2750066. Memo: API Payment. Withdraw to cerberus from GetBitOne.. Date: 06:56 27.02.19. Batch: 248155671.
Bitcoin Scam Guide – Avoiding Theft and Fraud
By: Ofir Beigel | Last updated: 11/14/19
There are numerous ways to lose your Bitcoins – scams, fraud, and theft are getting more and more common these days. This post will describe how to keep your Bitcoins safe, plus give you some practical tools to use.
Bitcoin Scam Guide Summary
There are numerous types of Bitcoin scams out there. Here’s how to avoid them:
Never expose your private key / seed phrase.
Use the Bitcoin Scam Test before using any unknown service.
Make sure you’re not logging into a phishing site (explained below).
Have strong unique passwords to all related accounts.
Enable 2FA on related accounts.
Use a VPN or secure network to connect to your Bitcoin accounts.
That’s how to avoid scams in a nutshell. If you want a more detailed review about how to identify scams and avoid fraud or theft, keep on reading. Here’s what I’ll cover:
Don’t Like to Read? Watch Our Video Guide Instead
1. The Bitcoin Scam Test
Use this simple 12 question test to evaluate any unknown Bitcoin service or website. Some questions require a specific tool that are located on the right sidebar. If you don’t know the answer to a specific question you can choose to skip it (however the results will be less accurate).
Share the quiz to show your results !
2. Is Bitcoin Safe?
Bitcoin, the currency and the technology behind it, has proved to withstand numerous attacks throughout the years. The weakest link in Bitcoin’s security (as is the case with most other technologies) is usually the people who handle it.
Whenever you hear that Bitcoins were stolen, it wasn’t because there was a problem with Bitcoin’s technology, but because whoever was holding those Bitcoins wasn’t careful enough.
Saying Bitcoin isn’t safe because you hear a lot about stolen Bitcoins is like saying the dollar isn’t safe because you hear that there are a lot of robberies going on.
With great power comes great responsibility, and as long as you follow the steps in this post your Bitcoins will be safe and sound.
Before we get started, here is the most important rule you should remember:
You, and you alone, should know the private key to your Bitcoin wallet. The private key, or seed phrase, is like the combination to a safe. Whoever knows your wallet’s private key can take control of your Bitcoins.
No website or person should ever ask you for your private key – just as no one should ask you for the number combination of your safe. So keep that in mind as a red flag if you ever hear that request.
3. What Should I Do if I Got Scammed?
Here are some of the options at your disposal:
Share your experience in the comments section of this post so others can learn from it.
Report the website or service to the relevant authority.
Report the website on review sites like TrustPilot, BitTrust and BadBitcoin.
Take legal action against the site or service – this might not be worth your time or money (depending on how much money was taken from you).
4. Bitcoin Scams and Fraud Examples
In Scams and frauds, attackers exploit the weakness of the human factor to put their hands on your Bitcoin. Usually this is done by the fraudster claiming to be someone or something he’s not. Here are some common scams and fraud schemes:
Nigerian prince scams
Similar to emails that popped up when the Internet was just gaining mass adoption. The emails were sent by a person claiming to be a Nigerian prince that wants to share his wealth with you. This is a general term for all email scams where people ask you to send them Bitcoin.
The reason they ask for Bitcoin is because:
Bitcoin is somewhat anonymous.
Bitcoin transactions can’t be reversed.
How to avoid – Don’t ever send Bitcoins to someone you don’t know, and when you do send Bitcoins to someone you know, double check that you’re actually speaking to who you think you’re speaking to.
Private Key Scams
This type of scam involves people accessing your wallet’s private key or seed phrase (i.e. the password to your funds). There are several ways this scam can take form:
Persuading the user to send over his private key / seed
Persuading the user to give remote access to his computer and getting the private key through that access (example). This is usually done by pretending to be someone respected in the community / someone that can help you with an issue.
Sending you a private key to use in your own wallet and then stealing the funds from that wallet (example).
How to avoid – You should never share your private key or seed phrase with ANYONE, and you alone should be the one generating it.
These scams usually include sending a fake email to the user from a known service (e.g. Blockchain.com) telling him he needs to log into his account for some strange reason by clicking on an attached link.
When the user clicks the link in the email he’s brought to a phishing site – an identical site to the original, but with a different URL. The sole purpose of this site is logging the user’s username and password. Once the user tries to log in, he basically transmits his sensitive info to the scammer.
How to avoid – Always be suspicious of emails asking you to log into a specific service. Double check the “from” email address and the URL in the browser you’re taken to. Also, it’s best to always access sites directly from the browser and not from links.
Also, make sure the site uses SSL connection – this means you should see a “lock” icon in the beginning of the address bar and that the URL immediately after begins with “https” and not “http”. Most phishing sites don’t have an SSL certificate, although there may be exceptions.
Finally, most services that you sign-up with know your name and use it in their emails. So if you are addressed as “sir” or “dear customer” see that as a warning.
Oh…and never open any email attachments from unknown senders.
Cloud Mining and Ponzi Scams
A Ponzi Scheme is a scam promising high-rates of return with little risk. The Ponzi Scheme pays out the older investors by taking money from new investors. At some point, the Ponzi Scheme operator usually disappears with the investors’ money.
Most Bitcoin Ponzi Schemes today appear in the form of cloud mining sites or coin doublers. These are sites that will promise you high-rates of return on your coins on a daily basis and will disappear with your money, after a while.
How to avoid – Just use the Bitcoin Scam Test on this page before investing in anything.
5. My Personal Scam Story
A little over 2 weeks ago I received the following email:
At first glance, this seems to be a normal email blast sent out by Coindesk looking for advertisers. As you can see from the recipient line it was sent to the admin address of 99Bitcoins ([email protected]).
The thing is, we don’t have an admin address, it was just captured in our inbox since all email directed to 99bitcoins.com are captured.
Here’s what was suspicious about the email:
The sender’s name – Shakil Khan. I knew who he was, he was the founder of Coindesk. Why would the founder of a huge publication be sending out cold marketing emails? Don’t they have at least a VP marketing or someone else not so high up?
The email was sent from [email protected] – I assume that Coindesk would be sending out emails from their own domain name and not using a general Gmail address.
However, the advertising spots available were actually pretty convincing. First, the email stated specific daily impressions count.
Second, the date at which the banner will be available matched what was advertised at Coindesk. If you were to visit Coindesk at the time the email was sent you would see there was an ad there for Coinsummit that was set to expire on the 6th of July.
Finally, the Facebook URL was also pretty convincing – why would someone be starting a Facebook page that wasn’t their own? I mean if this was a scam this may lower their success rate.
After some back and forth with the (still unknown) scammer I was convinced that this is a good deal and was about to send my Bitcoins until I got the final response:
The grammar mistakes finally aroused my suspicion and I decided to send an email to a verified contact I had in Coindesk. I got the following response:
It seems that this specific email isn’t the only way these scammers try to cheat people out of their money. Some emails even have an actual Coindesk domain “from” address but if you look at the “reply to” address you see it’s the same Gmail address.
The final thing I found out was that the Facebook page mentioned in the original email was not the actual Coindesk FB page. It was a fake page pointing to COLNDESK – but if you don’t write the letter “L” in caps it looks like a capital “I”.
My alertness saved me from losing money in this case. But I think I’ve learned a much more valuable lesson – and that’s how easy it just became for scammers to take your money.
You see, until Bitcoin was introduced, scammers had to overcome complicated barriers when they wanted someone to send them money. They needed to persuade people to wire them the money or send a check.
This would require them to supply an address or a bank account, which could later easily lead to their capture. More than that, these actions require more effort and had a much lower success rate.
But with Bitcoin, cash just became digital, and scam success rates are rising because of it.
I think what I personally take from this story is to make sure I can positively verify the person that I’m sending money to, before actually sending it.
Here’s another example that’s been circling around, this time from the alleged “BitcoinTalk” forum. As you can see below, the same techniques are used here – a Gmail address, stating exact banner sizes, etc.
6. Bitcoin Theft
Unlike fraudsters, thieves steal Bitcoin by circumventing security measures to gain access to their victims’ funds. Online wallets and exchanges are the weakest links in terms of Bitcoin theft. The easiest way to avoid theft from these sites is not to keep any Bitcoins on them.
However, sometimes it’s inevitable to keep funds in an exchange or an online wallet. For example, if you want to trade frequently or if you’re using a certain wallet for online games.
If that’s the case, it’s important to secure your online Bitcoin accounts with a strong enough password.
Generating strong passwords
Here are some general rules for creating a strong password:
The more characters the password has the better. Aim for at least 8 characters.
Try to create a mix of lower and upper case letters and non traditional characters like exclamation marks, hyphens and so on.
Don’t reuse passwords from other accounts.
Of course, the best passwords are the ones that are just a random string of text, numbers, and symbols, but they are also extremely hard to remember. That’s why I strongly recommend you get some sort of password manager to help you generate and keep track of your passwords.
Another way of remembering strong passwords is using numbers instead of certain letters as shown here:
Th!5 i5 a 5tR0ng Pa5sw0rd
These rules should be exercised each time you open a Bitcoin related account, choose a PIN code for your wallet or choose a passphrase for encrypting a file.
For example, if possible, choose a PIN code for your mobile wallet with 8 digits instead of the standard 4.
2 Factor Authentication (2FA)
Another very useful security measure you should use whenever possible is to enable Two-factor authentication for your accounts.
Two-factor authentication, also known as 2FA, is a method of confirming a user’s identity through two separate components. In most cases, it would be something a user has and something a user knows.
A good example for 2fa from everyday life is withdrawing money from an atm; only the correct combination of a bank card (something you have) and a PIN (something you know) allows the transaction to be carried out.
In the case of online accounts, something you know will be the password to the site and the something you have will be a mobile phone that will receive a text message containing a PIN code when you try to log in.
This way, even if a hacker manages to uncover your password he still can’t log in until he physically puts his hand on your mobile device.
HOWEVER, if you use a normal text message, a hacker can still manage to intercept the message as it’s being sent to your phone. That’s why it’s important to use dedicated 2FA apps that are much more suited for this task. Some of the more popular 2FA apps today are Google Authenticator and Authy.
Using trusted Networks
One thing we tend to forget is what network we are using to access online Bitcoin services like exchanges and wallets. Make sure to access sensitive information only on trusted networks that are properly secured.
For example, use your password-protected home or mobile network only and never use a public wi-fi network to access a Bitcoin service. Of course, the password for your router should also follow the rules we just talked about. Public wi-fi networks are extremely vulnerable and hackers can eavesdrop on your session.
If you have to use a public network, make sure to connect through a Virtual Private Network, also known as a VPN. VPNs are programs that hide your online footprint and encrypt your data, making life extremely hard for hackers.
Another very important security measure we already mentioned is to make sure the site you’re connecting to uses a secure SSL connection – this means you should see https:// and not http:// showing up in the address bar.
7. Additional Safety Tips
Whenever you’re sending money to an address, remember that Bitcoin transactions are irreversible. Once the money is sent, there’s no “insurance” and you can’t get it back. For this reason, make sure to always double check that the address you’re sending the money to is correct.
Never type the address in manually since Bitcoin addresses have a lot of characters and you may make a mistake. Either copy and paste the address or use the QR code of the address to scan it. If you send money to the wrong address, there’s no way to retrieve it.
Make sure you trust the person you’re sending money to. If you don’t trust them, you can always use a third party escrow service that you both agree on. One very popular escrow service is Bitrated where you can choose known figures from the Bitcoin community as arbitrators in case of a dispute.
Finally, if you’re conducting small amount transactions, one confirmation may be enough to send over the goods to a counterparty. But if you’re dealing with large amounts, wait for at least six confirmations in order to be sure that the transaction is irreversible.
As you can see there are numerous types of Bitcoin scams, and I’ve only covered the main ones. The important thing to remember is this: Bitcoin transactions are irreversible.
So check as much as you need to make sure you’re sending money to someone you trust. Once the money is sent, there’s not much you can do about it.
Have you used the Bitcoin Scam Test? Have you been scammed or fell victim to a fraud? Let me know in the comment section below.
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