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Author : Bitcoin.com
Bitcoin Core is less usable as money due to much higher fees and delayed transaction times. The Core team has also expressed an interest in keeping these fees high since they view BTC as a “store-of-value” and not something to be transacted on a daily basis. In contrast, Bitcoin Cash’s transaction fees cost pennies and payments can be validated even with zero confirmations. These facts make BCH the ideal cryptocurrency for sending and receiving money anywhere in the world.) “Bitcoin is a remarkable cryptographic achievement. The ability to create something which is not duplicable in the digital world has enormous value. The Bitcoin architecture, literally the ability to having these ledgers that can’t be replicated is an amazing dvancement.” – Eric Schmidt, Executive Chairman of Google, March 2014 at https://www.youtube.com/watch?v=jRrEZbKm3mk. With Bitcoin Core’s price increasing over the years and reaching billions of dollars at https://price.bitcoin.com/ in market capitalization, all kinds of people see its value and appeal. This brings out both the good and bad in human nature. Unfortunately, with the bad comes scammers. The bottom line is scammers also want to profit somehow from Bitcoin Core, but through nefarious means. This typically involves targeting unprepared victims, who end up losing their BTC as a result. In this guide we will walk you through the most common Bitcoin Core scams. We’ll show you how to spot them, and make sure you don’t become the next victim.
Fake Bitcoin Exchanges. Often on social media you’ll see a link saying something like “Buy bitcoin for 5% under market value. Save big!” This is a marketing trick to get you to visit and use their fake exchange. If you visit any exchange site the very first thing you want to do is make sure it’s HTTPS secured and not HTTP. This means that the web traffic is encrypted and secured; if it’s just HTTP without the “S” that is a big red flag and means stay away. Another red flag to look out for are fake exchanges that offer selling BTC for PayPal. On these sites you’ll see a web form to enter your PayPal email and amount to sell. After submitting, you will be presented with a QR code to send your BTC to. But the money never arrives. Most of these fake exchanges are here one day and gone the next. You will see them pop up but will quickly disappear, and then re-emerge with a different domain name later. To be sure you are going to a real Bitcoin exchange, visit our exchange portal on Bitcoin.com at https://www.bitcoin.com/buy-bitcoin?utm_source=get-started&utm_medium=post&utm_campaign=guides&utm_content=How-Avoid-Fraud to ensure you aren’t being scammed. Fake Bitcoin Wallets. Spotting fake Bitcoin wallets is a bit tougher, because wallets primarily are about storing bitcoin and not buying or selling it. It has less to do with money than it does with the software you may use. Typically, fake Bitcoin wallets are just scams for malware to infect your machine in order to steal your passwords or private keys.
To ensure security, Bitcoin.com recommends our official Bitcoin Wallet at https://wallet.bitcoin.com/ for desktop and mobile users. To browse all of the wallets offered through Bitcoin.com, check out our wallets page at https://www.bitcoin.com/choose-your-wallet/?utm_source=get-started&utm_medium=post&utm_campaign=guides&utm_content=How-Avoid-Fraud. Just like with fake Bitcoin exchange sites, you should trust your instincts and look for red flags. Does the wallet site use HTTPS? Is the name of the wallet site trying to resemble another reputable Bitcoin wallet by impersonating it? Outside of the obvious, it may be hard to tell if a wallet is fake. A good practice is to ask your peers if someone has used the wallet before. You can do this on the Bitcoin Forum at https://forum.bitcoin.com/or Bitcoin Reddit at https://www.reddit.com/r/btc/. If the wallet is a downloadable client, another good practice is to check the site for malware. Sites like VirusTotal at https://www.virustotal.com/ are a great resource for checking executables to see if they contain viruses. To avoid scams and to be sure you are getting a real Bitcoin wallet, visit our wallet portal on Bitcoin.com at https://www.bitcoin.com/choose-your-wallet?utm_source=get-started&utm_medium=post&utm_campaign=guides&utm_content=How-Avoid-Fraud or directly download Bitcoin.com’s official wallet at https://wallet.bitcoin.com/.
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