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How Not To Get Scammed With Bitcoin Exchange

/, SCAM ALERT, SELLING BITCOINS IN NIGERIA/How Not To Get Scammed With Bitcoin Exchange

What do we mean by “Bitcoin Exchange”?

A Bitcoin exchange is a digital market where merchants can buy and sell bitcoins with different currencies. A Bitcoin currency is an online platform that mediates between buyers and sellers of currencies.

Trading in bitcoin combines the person that buys and sells. As a bag of traditional values, traders can choose to purchase and put Bitcoin on sale, enter a market order or a payment order. When a market order is selected, the merchant authorizes the bag to change their currencies for the best price available on the online market. In a limited order, the trader takes the bag to exchange currencies at a lower price above the actual bids, depending on whether they buy or sell.

Bitcoin online markets generally refer to Bitcoin subscribers as Creative Operators. When a buyer or seller places a limit order, the stock market inserts it into its order book until the other operator liquidates it at the other end of the transaction. If the price matches, the buyer or seller who sets the price limit is called the manufacturer. A tenant is a merchant who places an order in the market that is filled immediately.

Getting Scammed With Bitcoins

A few years ago, as the price of bitcoin rose steadily, many people turned their attention to the nature of alternative money. Many of them soon realised the benefits of the decentralised monetary system because of problems with a typical banking system, such as bureaucracy, high fees, the impact of external factors on the exchange rate, etc. Even multinationals have decided to work with digital money.

With the great success of Bitcoin in the international market, investors have grown considerably. This surge in investors has led technology giants to provide trading platforms to keep pace with the investment. Although this increase in the value of BTC and investors also attracted many scammers to cheat the less intelligent part of investors. There are several tactics thieves use to clean up their Bitcoin Wallet. But, here are some ways to avoid Bitcoin scams.

Ways To Avoid Getting Scammed When Trading Bitcoins

  • Beware of Computer hackers

The first tip on my list is that you need to make sure the computer is properly backed up at all times. This means that every bitcoin user will do well to install an antivirus program on their computer, as well as a firewall and optionally, a tool that can detect spyware, adware and malware.

Today, hackers are trying to break into computers in every possible way, and devices with a bitcoin wallet can be a valuable target. If someone sends you a link that you do not trust, do not do it.

Doubtful internet connections are the most common way to infect a computer with malicious software, and this is the sole responsibility of the end user. Dealing with personal finances means assuming full responsibility for all actions, even if it means losing money. Never trust something people tell you, unless it’s from official sources. Inexperienced users may be led to believe that their Bitcoin Wallet has been blocked, and they may receive a link to verify their identity to restore access. Bitcoin portfolios can never be suspended or closed even though the online wallet services are different. However, no one will ask a registered user to click directly from an email on a link to perform a particular procedure. If you want to buy or sell something in exchange for Bitcoin, there are several things that need to be considered.

  • Trust your instincts

The most obvious tip that bitcoin users can give anyone is to trust their instincts. While Bitcoin is another way to pay people for the good and the service, intuition can do a lot. Some people will radiate a “negative environment,” and if they do, they will not proceed with the agreement, no matter how lucrative it may be.

Reputation is widely used on the Internet and even more important when it comes to buying and selling bitcoins. It is not always possible to judge someone’s reputation in sight, so novice users of Bitcoin must conduct a thorough investigation before concluding an agreement with another party.

  • Avoid people with the “too good to be true” behavior.

Last, but not least, is the old saying: “If it seems to be true, it usually is.” This statement has great value in the digital currency world because people are not always aware of the consequences of their actions. Any transaction, offer or agreement that seems too good should be avoided at all costs. While this may delay the purchase or sale of an item or service, it also reduces the risk of cheating someone.

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