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Nov 19, 2021

How to Avoid Bitcoin Scams

Before 2017, Bitcoin was mostly the province of cryptocurrency enthusiasts, with little mainstream recognition. But everything changed as prices skyrocketed. New investors jumped into the fray, eager to make their fast fortunes. Keeping with time-honored tradition in any booming market, scammers proliferated, equally keen to fleece neophyte, under-informed investors.

Cryptocurrency investment may seem like a free-for-all, but using a little caution can go a long way. Let’s review some of the most common bitcoin scams, as well as the steps you can take to avoid them.  

Stolen Wallets

Physical wallets are a popular, secure option for storing private keys – whether made of paper or a hardware wallet, like a USB stick, keeping keys offline adds an extra layer of security to investors’ holdings. Users should be careful to store their paper and hardware wallets in safe places, to eliminate the threat of theft. Additionally, investors should research hardware wallet providers to ensure safety and trustworthiness. Vendors hawking “pre-configured” wallets should be looked at especially carefully – a recent scam involved selling hardware wallets with a seed phrase on a scratch card that, while theoretically hidden, are actually compromised, allowing hackers access to funds as soon as the wallets are activated.

Fake ICOs

ICOs, or Initial Coin Offerings, have allowed companies to raise capital without taking VC money, which also generally comes with loss of autonomy. This take on crowd-sourcing is becoming increasingly prevalent, but scammers have also taken advantage of this popular system to separate investors from their holdings through fake websites and compromised wallets. It is vital to research the companies you are considering investing in – pick over the whitepaper with a fine tooth comb, and perform due diligence on the board of directors and other investors to determine a company’s validity.

Exchange Fraud

Like stocks, cryptocurrencies are traded at exchanges. Unlike the stock market, however, regulatory oversight is relatively minimal with virtual coins. This landscape is changing, but as authorities play catch-up, it is important for investors to pay attention to some basics. Discounted coins, offered as incentives to join and trade on an exchange, are a major warning sign – deals that seem too good to be true probably are just that. Non-encrypted exchange websites, denoted by ‘http://’ instead of ‘https://’, should also be avoided to maximize asset security.

Mining Scams

Bitcoin mining requires significant effort and resource investment, creating a high barrier to entry for the average person. Enterprising companies are offering users a chance to mine coins for a set rate, essentially renting existing mining infrastructure for personal use. But users should beware companies guaranteeing blanket returns on investment; coins become progressively more difficult to obtain as more are mined, leading to decreasing returns. Do your homework on each mining company – look for detailed information about operations, measure the level of transparency surrounding the company, and beware of ‘grand promises’.

Pyramid Schemes

Pyramid schemes (also called multi-level marketing schemes), which offer not only quick returns but also increasingly-extravagant perks in exchange for proportionally larger investments, are becoming more prominent in cryptocurrency. Assurances of too-good-to-be-true earnings usually are too-good-to-be-true. Stay away from companies promising the moon, even if you might get a new Apple Watch out of the deal. Read the websites thoroughly, but also look for outside sources that independently validate a company’s claims.

Doing the bare minimum as an investor can save you a world of regret. Solid research, coupled with a healthy dose of skepticism and an immersion in details, will help minimize mistakes and avoid fraud as you embark on your journey in cryptocurrency investment. Trust your gut, vet your options, and keep both feet firmly planted in reality – the more you do so, the better your chance of maximizing your earnings.

Related Ticker: BTC.X

BTC.X's RSI Indicator recovers from overbought zone

The 10-day RSI Oscillator for BTC.X moved out of overbought territory on May 21, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 57 instances where the indicator moved out of the overbought zone. In of the 57 cases the stock moved lower in the days that followed. This puts the odds of a move down at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Momentum Indicator moved below the 0 level on June 13, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on BTC.X as a result. In of 140 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .

The Moving Average Convergence Divergence Histogram (MACD) for BTC.X turned negative on June 08, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 57 similar instances when the indicator turned negative. In of the 57 cases the stock turned lower in the days that followed. This puts the odds of success at .

Following a 3-day decline, the stock is projected to fall further. Considering past instances where BTC.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

BTC.X broke above its upper Bollinger Band on June 04, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Bullish Trend Analysis

The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 4 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.

BTC.X moved above its 50-day moving average on June 15, 2024 date and that indicates a change from a downward trend to an upward trend.

The 10-day moving average for BTC.X crossed bullishly above the 50-day moving average on May 20, 2024. This indicates that the trend has shifted higher and could be considered a buy signal. In of 19 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where BTC.X advanced for three days, in of 433 cases, the price rose further within the following month. The odds of a continued upward trend are .

The Aroon Indicator entered an Uptrend today. In of 426 cases where BTC.X Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

Tickeron has a negative outlook on this ticker and predicts a further decline by more than 14.00% within the next month with a likelihood of 53%.

Market Cap

The average market capitalization across the group is 1.31T. The market cap for tickers in the group ranges from 1.31T to 1.31T. BTC.X holds the highest valuation in this group at 1.31T. The lowest valued company is BTC.X at 1.31T.

High and low price notable news

The average weekly price growth across all stocks in the group was -4%. For the same group, the average monthly price growth was -1%, and the average quarterly price growth was 52%. BTC.X experienced the highest price growth at -4%, while BTC.X experienced the biggest fall at -4%.

Volume

The average weekly volume growth across all stocks in the group was 46%. For the same stocks of the group, the average monthly volume growth was 80% and the average quarterly volume growth was 8%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating:
P/E Growth Rating:
Price Growth Rating:
SMR Rating:
Profit Risk Rating:
Seasonality Score: (-100 ... +100)
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BTC.XDaily Signal changed days agoGain/Loss if shorted
 
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