Cryptocurrency Transaction Mode & Crypto Scammers Activities

Many new ways have been introduced to the world that helps people to make them financially stable. People normally invest in stock market trading activities, real estate properties, banking FD, insurance policies, or other things. They choose the options based on their risk and goals. Nowadays,  cryptocurrency is emerging around the world and attracting a big base of investors towards it.

Different types of cryptocurrencies are available in the world. But before proceeding with the crypto exchange you should gather some information about it so that you can prepare yourself for every thin and thick situation.

Cryptocurrency transaction advantageous side and dark side

Cryptocurrency is a sort of electronic currency. There is no involvement of cash or any bank authorities. All transactions are made through a mobile, computer, or simply in digital or online mode. Bitcoins and Ethereum are the two most popular cryptocurrency brands.

One of the reasons why people are attracted to crypto investments is that there is no additional charge included on transactions like bank transaction charges. Also, it allows quick transactions in digital currencies.

You can purchase these cryptocurrencies from the online crypto exchange platforms, apps or can go for the mining methods. 

To hold the physical currency or cash we have banks, and their apps, that give the ease of transactions and holding. Similarly, we have crypto digital wallets to keep the cryptocurrencies secure and manage the transactions. Understand that crypto is available in digital currencies and transactions are also managed quickly through digital mediums and machines. Crypto investment is advantageous but also has a tough side.

  • If the cryptocurrency exchange app or wallet apps are facing running issues or are out of service.
  • To access the digital wallet we have a pin or password. If you forget it, you can’t manage the account or transaction activities.
  • If you transfer the cryptocurrency to an unknown wallet owner. 
  • If someone makes access to your wallet.

Cryptocurrency vs Physical currency/ cash/

  • It is neither a rupee nor a US dollar, it is a different one. It is not managed by any government authorities or bank therefore, no records of active users, investors, and their transaction details. 
  • In case of any inconvenience, banks have no idea where your digital currency or investment has gone. Many third-party crypto apps or exchanges are available in the market if they restrict their services or someone else gets access to their business, you don’t have any way to access your money back.
  • The cryptocurrency value has a dynamic behavior so it isn’t constant at one point. Many factors are responsible for this fluctuation. A normal individual can’t predict the value of cryptocurrency. You may earn thousands of dollars in a day or next the value gets decreased.

When we have physical money, credit cards and debit cards are available to manage the transaction managed by the legal authorities. If you want to cancel your order of purchase, the card operator will make things possible and help you to get a refund. In crypto transactions, it is not possible. 

Before making any crypto transactions, the sender should confirm the seller, their location, or mode of access, or how to reach them to avoid any type of inconvenience. A little research may save your cryptocurrency transaction from untrusted people. In case you want to access the refund the info will help you to reverse the crypto transaction.

The cryptocurrency transaction details are recorded by a blockchain that is called a public ledger. It contains both information sender and receiver, including the amount of transaction, wallet address, sender information. 

The wallet address is associated with the crypto wallet. The address is a combination of letters and numbers. You can make your account on any crypto wallet by any name and access it for any crypto transaction activity. As you shop from an e-commerce site, they collect the buyer’s info at their end, the same is with crypto wallets, they also access the transaction address to verify the transaction and receiver.

How to identify Cryptocurrency scams?

You may have heard about online money fraud. These scam events also happen in the crypto exchange market. Some of the crypto scams are performed by gift cards, links, cashback, wire transfer, etc. Be attentive to these scam techniques to save yourself from the trap.

  • Cryptocurrency scammers offer you a quick earnings method through crypto investment.
  • Crypto scammers ask you to deposit some amount of cryptocurrency to select other participants and earn the rewards. It’s a trap activity performed by the crypto scammers when you oblige their statement and deposit the money on the name of the program policy to receive additional money, you are trapped. By this activity, scammers may access your account and steal the currency from your account.
  • Some scammers act as investment managers and try to connect with crypto investors to make them financially secure by growing their money. To do this act, they ask you to deposit the cryptocurrency in their account. When you sign in to their accounts they ask you to pay a definite amount of money to get back your cryptocurrency.
  • Some scammers act as cryptocurrency exchange recruiters. They ask you for the designation – if you are interested to work as a crypto sales executive and possess the responsibilities of cryptocurrency deals, selling, cryptocurrency mining method, cryptocurrency conversion process, etc.
  • They publish advertisements for crypto sales executives on different job sites, recruitment sites. They’ll access your details and ask you for money but it’s all a scam. 
  • If you find any of the activities you should be attentive and share the details with others. Scammers create fake profiles, advertisements, and websites that ask you to earn the guaranteed benefits by investing the money.
  • Scammers offer assured gifts, rewards, or cashback in a while.
  • Scammers ask to convert your cryptocurrencies without any cost.
  • If they are scammers, they won’t share any information regarding their business functionalities, source, address.
  • Sometimes scammers claim by email that they have sensitive information about you. If you don’t sign the cryptocurrency transaction deal with them, they will disclose it publicly. It’s a fraud attempt performed by them to trap you. 

To save yourself from such fraud must verify the details from where it is functioning. Scammers always hide the details of transactional addresses. The investor isn’t aware of their transaction destination address.

To spot the scams, check the operator’s details, name of the currency you are dealing with. Also, check how you can reach them for queries or info. Check the reviews, comments.

Complain about crypto fraud

In any type of fraud activity, you should complain to the FBI for needful action.

You can also connect to the cryptocurrency exchange operator,  FTC to file your complaint on or

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