How To Lose All Your Hard Earned Bitcoins?

How To Lose All Your Hard Earned Bitcoins?

There are several cases in which cryptocurrencies just vanish! It may sound funny but for the people who have bought and accumulated those, it is no less than a tragedy! It may happen because of your fault in some cases while in others you may have no hand in what happened! Here are a few ways by which you can become virtually broke in seconds! Let’s know about them in detail!

Paying No Attention While Porting Phone

This one is the most common mistake done by almost each one of us. While we are changing our phone or SIM, we pay attention to only physical bank accounts and thus restrict all the messaging services for a day, but it does not stop the SIM hackers from hijacking the users’ identity. They use calling services and because the digital wallets are not entirely protected, the commodities within them can get lost! So take special precautions while updating your SIM card services and save your Bitcoins and stay away from Bitcoin mining scams!

bitcoin mining scams
Source: steemit.com

Ransom Demands Are Satisfied

In this, you are partially responsible for your miseries. People fall into trap of hackers who demand ransom amount when they have not taken proper precautions for securing their systems. So, if you fall for such tricks then you have to pay in cryptocurrencies, mostly in Bitcoins and this is yet another way of losing all your Bitcoins!

Exchange Issues

It appears as though consistently another cryptographic money trade says it’s been ruptured by programmers who’ve kept running off with client reserves. Financial specialists can likewise lose cash on trades due to innovation glitches or record holds that stop supports and counteract purchasing or offering amid huge market developments.

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Fraudulent ICOs

People have emptied billions of dollars into starting coin contributions, just to discover later that their investment funds have been depleted. For example, in April two authors of an ICO advanced by boxer Floyd Mayweather were raised on government charges of raising more than $25 million for arranged computerized cash without enlisting the advertising.

bitcoin mining scams
Source: YouTube

Overhyped Stocks

Dozens of coins were recently declared dead! A few of them were really shocking because they had a really strong marketing team and they were advertised like anything!  But eventually they all turned out to be scammers and people lost their money and Bitcoins buying them. That’s why we suggest you conduct an in-depth research before putting in your time, money or Bitcoins in it!

Losing Keys And Other Important Credentials

This is entirely your fault as the credentials are the most important things! Do you ever forget your banking credentials? Certainly not, right?  Then you should pay similar attention to the digital wallets as well. If you lose the passkey and login credential, then no matter how many Bitcoins you have in your wallet, all are lost, and you can never retrieve them back! Although nowadays there are certain methods with which you can retrieve them, but in that scenario as well, a few things are mandatory to enter! So don’t lose the keys or passwords else you’ll have to forget about your Bitcoins! Also, if the passkeys reach hackers, you may become victim of illegal Bitcoin mining scam or Bitminer scam without even knowing about it!

bitcoin mining scams
Source: theinquirer.net

Trusting Too Much On Social Media

Whenever a new cryptocurrency is launched, people without properly researching and reading the white papers, rush to buy it in initial stage with their already existing cryptocurrencies. But eventually, only a few coins perform up to the mark and rest just fade into the darkness. So don’t trust blindly whatever you read on social platforms as they can be utter lies as well. As you can now buy any new crypto coin with bitcoin, you can fall for the scams who have a huge and talented marketing team!

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These are not the only ways with which you can lose your Bitcoins; there will be certainly more of them. However, try to stay away, especially from Bitminer Scams. Do you know any more? Do let us know in the comments section below!

Varsha Tiwari is a blogger at Systweak. She loves reading, traveling, and trying new cuisines. In spare time, she plays Table Tennis or strolls around listening to music. Besides these, she is also interested in playing video games and teaching underprivileged students.

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