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How to Avoid Fake Bitcoin Wallet Scams

Hackers are always alert to attack online databases & run away with important information

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Hackers are always alert to attack online databases and run away with important information and precious money. They don’t pay head even if you are a giant in your industry. Hackers not only pose threat to your hard-earned money but also to your repute. They are resourceful and well equipped to snatch your money or anything of value. How to Avoid Fake Bitcoin Wallet Scams.

Why worry when Bitcoin is a secure currency?

We have heard that Bitcoin is the most secure currency and built a strong perception that there is no threat to our precious coins. It is true that Bitcoin is safe because of the Blcokchain technology. It is almost impossible for the hackers to reach to your block/information on the chain but there is another way they can steal your money.

How to Avoid Fake Bitcoin Wallet Scams

As we have read in our previous article on wallets, our coins are stored at a location and the address of the location is provided to us in the form of Private and public keys. We have read it in detail that anyone having access to your private key can use your currency with complete authority. Hackers are in search of your private key so that they could access your account and sweep it out.

Where is the lope hole?

Let’s assert that Blockchain is secure so that our perception doesn’t become corrupted about one of the most secured digital ledger. The culprit is our wallet addresses. What hackers do is they play a trick on our belief that Apple store and Google play stores are credible sources to download a legitimate app.

This is not true!

There are fake wallet apps on these stores. People download them without verifying their authenticity and give away their private keys to the hackers by logging into them.

How they do it?

They make a smart move by developing a copy/imitation of few of the most trusted wallet apps and put them to the Google and apple stores. There are more than dozen of copies of the popular wallets such as Coinbase, Armory, Green Address and breadwallets are available on these stores.

By downloading these fake apps, traders send their money to the addresses entered by the hackers and they can never recover it because blockchain technology does not allow reversing a transaction and neither can you track the thief.

One such user has reportedly lost 19 Bitcoins by using the fake wallet which he believed to be Breadwallet. It was the imitation of the wallet stored on the Apple store which they removed it from the store after the efforts of Bitcoin member community but not before denting few of the traders.

They keep the name similar to the real app as well as the design to dodge the users.

Lets discuss some of the counter strategies for such threats below

Only use a Walletap recommended by Bitcoin.org

New crypto traders should must visit Bitcoin.org before choosing or downloading a secure wallet for themselves. However this is not their official website but it is highly trustworthy because it is maintained by Bitcoin Community members.

You should only choose the wallet recommended by this forum.

This is not enough!

They will only recommend you the trusted wallet but they won’t be downloading it for you. so the responsibility of downloading the same wallet lies on you. Remember, there is a copy of every credible wallet available on these stores and they are so sophisticatedly designed that users can’t differentiate between the real and the fake one. So make sure you download a real app.

A Recommended Read: 5 Most Fortunate Bitcoin Traders

The safest way

There is a more secure way of downloading a real wallet and those is by going to the official website of the wallet and download the app from there.

To be more cautious, always check the spelling of the website to ensure you are visiting the right website.

Check App reviews

While observing all the above mentioned practices, you should also check for the app reviews and the number of download.

You will automatically be alarmed if the number of downloads are fewer and the reviews are negative.

By practicing our suggestions you can remain safe from these malicious attempts and carry on with your trading with more confidence

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Tanveer Ahmad

Tanveer Ahmad is an experienced writer with deep insight into a variety of niches. His prominence lies in the detailed attention he puts to unveil the hidden aspects of his subject. His analytical approach to bring to the surface the futuristic possibilities of anything he writes about, especially on cryptocurrencies and politics are commendable. He eagerly wants a space to write about anything that could help humans develop positiveness in their behavior and to fine-tune their thought process to become an ambassador of peace, harmony, and love.

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