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How to prevent bitcoin scams on 1 August 2017

Jul 31, 2017 Posted /  1742 Views

How to prevent bitcoin scams on 1 August 2017

How to prevent bitcoin scams?

When it comes to using and owning bitcoin, security of our bitcoin and bitcoin wallet should be our first priority. These transactions are irreversible and publicly recorded process. If bitcoin holder is aware during and after a fork, there is no need to worry about personal information, it is an untraceable and secure process.

Bitcoin holder can make mistakes when differentiating between two chains. Bitcoin is attracted by lots of thieves and hackers just like banks and other establishments. We should learn more and educate ourselves on the proper use of it if we have decided to invest in bitcoin.

How we can secure our Bitcoin wallet?

 1. We should check everything about our vendors.


 2. We have to check wether our bitcoin that were registered and we must know about the security measures that they take while going through its procession.

 3. We must update our online wallet software: 

If any wallet is updated, it helps in understanding new ideas and feature related wallet software:

 4. On transactions we should use our own computer. We never know what will happen if we use others computer. They can save our information and password, which can be    very dangerous for us.

Use of multiple wallets


 We should keep it in web, desktop, offline and mobile. We should consider paper which must be stored in a safe place. 

Strong password :

 We should make strong passwords which have different combination of letters, numbers and special characters. We must change our passwords regularly.

After and Before August 1 (BCC):

It is expected that the Bitcoin blockchain will split into two fractions as the result of an upcoming “user activated hard fork’’ on August 1. Bitcoin holders will have access to the second chain and its related token is called “bitcoin cash” (BCC). To utilize BCC to sell or keep, people will still have to wait for software providers, exchanges and other third parties to support.


There are many bitcoin companies which are introducing their plans for a possible fork, a few days before August 1. Some companies plan to work with both chains, while in other hand, some will only support the bitcoin protocol. Numbers of noncustodial wallet will introduce infrastructure for the bitcoin chain, and they also listed exchange it as well. So many people are preparing for this event at present because there will be various methods to access the BCC chain.

There will be a great chance of Phony Websites, Spoof wallet and Phishing Scams:

Bitcoin holder should be very careful when downloading wallet and surfing the web. There are lots of methods of stealing cryptocurrency floating around. These are spoof wallet on Apple’s App Store, phishing email claiming to be and many more.

After the fork, people must wait for their service providers to announce how bitcoin holder should deal with their BCC tokens, because during troubling and confusing times, thieves can easily send out some phishing emails to Bitfinex. To solve this problem a blog post has been recently released by the company.

A significant number of fake bitcoin wallet applications have been found on Apple’s store. To the attention of Bitcoin across various forums, community members brought the spoof wallet.


To give the customer an offer of settlement the phishing email explains about the recent hacks and pretends. Regarding a refund towards the losses the business had suffered from, the fake emails also contains an application looking for personal information. It explains losses in “big scale” and   promise that they will help them in full refunds, but customers would not be refunded. Now it is very necessary for bitcoin users to use extreme caution while all the transactions. People should be alert and be very careful of shady websitse and need to keep their informations private.

Be patient and double check everything:

There is a need of extra precaution, during and after every fork, if people are trying to gain to the BCC world. People should double check websites for security certificates, also the wallet they downloaded must be official. Before entering a seed phrase or sweeping private key anywhere, verify firmware, and double check that everything looks legit. The third party provider must be trustworthy.

The main line is the token itself will not exist if until after August 1, if the bitcoin cash fork happened. People should be very careful when trying to move these tokens. Bitcoin and bitcoin wallet security must be our first priority, when it comes to owning them. Most important thing is that, stay alert and be very careful of it. It is a shady website and you should always keep your information private to assure your safety when it comes to transactions.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: Bitcoin 1 August bitcoin fork 2017 Bitcoin wallet scam bitcoin scam

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