How to Avoid a Bitcoin ICI Startup Scam

Avoid being taken in By Bitcoin New Startups Scams.

If you’re entirely new to Bitcoin trading or as it now more commonly called Cryptocurrency Tading, you will probably never have heard of “Mt. Gox”. This was one of the first cryptocurrency exchange which at one point in time accounted for approximately 70 percent of all Bitcoin transactions worldwide.

The Worlds Biggest Bitcoin Disaster

One morning in February 2014, Mt. Gox suspended trading and everyone was surprised by the suspension of what has appeared to all intents and purposes to be a perfectly safe and respected trading system for those trading in Bitcoins at the time. However It was eventually discovered that 850, 000 Bitcoins had been stolen (valued at $450 million at the time, Which in todays termse would be over $3.5 billion as of this publishing) and to this day it remains one of the world’s worst cryptocurrency hacks. As a result of this many traders lost Millions of dollars worth of bitcoins which would today have made them multi-millionairs in their own right.

Fraudulent exchanges and cloud mining services, phishing schemes, pump-and-dump and IPO scams, and more, are ongoing security risks that cryptocurrency users face everyday. This week alone, three cloud mining services appear to have gone bankrupt.

Checking and rechecking if the BitCoin New Startup Is Legitimate

A proof-of-reserves cryptographic audit is a good way to publicly disclose bitcoin holdings in a verifiable manner. The process can assure customers that the company is financially able to deliver on its end of the business deal

“There are many active forums on which users discuss known or suspected scams, and prospective buyers should familiarize themselves with those before making a purchase or investment, ” he said. “It’s also preferable to get in touch with someone at the company via phone, or better in person, wherever possible.” which we highly recomend that anyone checks out before investing any new ICO Startup.

Avoid the Latest Bitcoin Blackmail Scams

If you have been unlucky enought to receive an email like this:

“I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me a $8600 confidentiality fee in Bitcoin”.

Or another recent one has been on the lines of a spam email which looks like the have your email user account details because it will be addressed to one of your private email addresses such “[email protected]” with a message on the lines of “We know your password to your bank account and if you want to avoid us passing on the information to criminals who will use the information for criminal purposes you must pay us $1500 in Bitcoins within the next 24 hours”. or  some other such threat

If you receive anthing like this you should immediately contact the Police and show them the message in the hope that the message souch can eventually be traced to stop this scam from happening

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