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Paper Wallets: Cryptocurrency Fraud

 

Do Not Buy Pre-Generated Paper Wallets: How The Fraud Works

The cryptocurrency world continues to make victims. Tons of them. Paper wallets are a great solution for offline bitcoin storage as they are very convenient and can be prepared in a few minutes. However, due to new nature of the niche and the lack of objective information, people are still selling and buying pre-generated paper wallets. They could easily be found online, especially on eBay.

Technically, there is nothing wrong with letting someone else make a paper wallet on one's behalf. It is a clear process, which also means it involves many risks. Given how the wallet's private and public keys are transparent during this process, nothing prevents the person generating this wallet from storing a copy of this information. At some point, users of these pre-generated wallets may find their balances missing.

There are still many people selling paper wallets on eBay. While this is handy, it also shows there are a lot of risks out there. Even though some sellers may appear rightful, it is usually a matter of time until they run off with victim's money.

Watch the video below to see how to easily make a safe Bitcoin Paper Wallet:

How To Make a Bitcoin Paper Wallet

The biotcoin industry has its fair share of crooks. Whether or not the victims will be able to file any charges against the sellers remains to be seen as eBay hasn't been too interested in anything related to bitcoin issues.

 

Cryptocurrency Paper Wallets Fraud: How To Avoid

Never trust a paper wallet generated by someone else. Even if you receive one free of charge, you should never use it to store a large amount of money. There are many different ways to generate a paper wallet with a safe method without relying on any third parties. Do your research first.

Unfortunately, with the affluence of beginner cryptocurrency users, illegal schemes like will continue to flourish.

 

Bitcoin Paper Wallet Scam: How To Report

Warn your family and friends about the Cryptocurrency Paper Wallet Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:

Report To The FTC Here

 

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