With the advent of Bitcoin and other cryptocurrencies such as Ethereum, Dash, Ripple, and Litecoin, a barrage of Bitcoin scams have targeted consumers as savvy online marketers are getting more involved with virtual currency scams. If you are new to Snapchat and have not yet had a chance to use the app then be advised. There is a host of get-rich-quick scams which are targeting innocent victims by promising them easy money without any form of risks. The scam has two versions, the first is a kind of virus which latches on to your cellular device such as iPhone, Mac, Android or even PC, and then inject a virus into it. Whatever happens after that can range between spyware designed to obtain information on your consumer behavior, and all the way to ransomware which shuts down your device and asks you to send over Bitcoin in an anonymous manner.

The second and more troubling version of these Bitcoin scams has to do with enticing pictures of fast cash and text messages instructing users to signup for a “free trial” without having to use a credit card or PayPal account. These types of financial scams have seen a dramatic rise and especially effective at baiting consumers are the Bitcoin Trader scam and Bitcoin Loophole. The internet is ripe with complaints as crypto scams are flooding the internet and mushrooming at an unprecedented manner which has never been seen previously. Consumer protection agencies such as the Better Business Bureau in the USA and Financial Trading Authority in the United Kingdom have issued warnings and are alerting potential victims about this new trend.

However, despite all the their efforts, there will always be someone out there who is willing to risk their money even if deep down they know the chances of actually generating profits are zero or close to it. If you feel you are being targeted or baited, then just ask people who are close to you and trust their opinion because in the end you are responsible for your actions and no one else.