How To Avoid Common Bitcoin Scams

7 Ways To Avoid Common Bitcoin Scams

Bitcoin scams are nothing new, but they seem to become more common as cryptocurrency becomes more popular. The most notorious scheme is when scammer try to convince you to send them bitcoins or other cryptocurrencies and then disappears with the money.

These schemes often take the form of fake websites or emails that claim to be from a legitimate company or individual but are created by scammers. Luckily, in this article we'll show you what to do if you lost money to crypto crooks as well as trustworthy ways of recognizing legit platforms. Let's begin.

As bitcoin grows in popularity globally, so does the number of scams targeting cryptocurrency users. So, it is essential to beware of ways to avoid such scams. Here are seven strategies to prevent getting conned by a scam.

common bitcoin scams

1. Don't Trust Anyone You Don't Know

This is possibly the most crucial tip to remember when preventing bitcoin fraud. If you don't identify who or what is behind a process, don't put your confidence in them.

If you feel a website might be suspicious, feel free to verify it using our unique Scam Detector website validator below:

2. Be Careful When Clicking Links

Many bitcoin scams involve phishing emails or websites that masquerade as legitimate exchanges or wallets. Don't click on any of the links received in suspicious emails or open attachments. Always check the URLs before entering any personal information.

3. Keep Your Bitcoin Wallet Safe

Your bitcoin wallet is the key to your bitcoin wealth, so make sure you keep it safe and secure. It is a great idea to start by getting your wallet from legitimate services like Ledger, which we personally tried and vouch for.

4. Check The Legitimacy Of An Exchange Or Wallet

Before depositing any bitcoins into an exchange or wallet, make sure you check its legitimacy. After the FTX major collapse news, we’ve been asked several times “what are THE legitimate crypto exchanges” on the market. After trying many platforms, we could only vouch for a few.

However, given the volatility of the niche, we refrain from recommending any.

5. Use Two-Factor Authentication

Two-factor verification, or 2FA, is an additional degree of protection for your bitcoin account. The more technology advances, the more chances there are that you are exposed.

6. Beware Of Fake Bitcoin Wallets

There are many fake bitcoin wallet apps out there, so be careful when downloading or installing any software. Only use wallets that reputable sources have verified.

7. Be Vigilant About Phishing Attacks

One of the most prevalent methods to defraud bitcoin owners is phishing operations. Be vigilant when receiving emails or messages that ask for personal information or contain links to dodgy websites.

Bitcoin frauds are getting scarier by the day. It seems they keep popping up all over the internet with all sorts of horrible-looking schemes.

Some people have been lured into sending bitcoins to people claiming to help them with money problems, while others have fallen victim to someone trying to get money by making an outlandish claim. Whatever the reason, there are tons of reasons that people should be suspicious of these scams.

Bitcoin scams are becoming increasingly common. As bitcoin becomes more popular, scammers are taking advantage of the cryptocurrency's popularity to try and steal people's money.

What Are The Four Common Bitcoin Scams?

1. Fake Bitcoin Exchanges

Numerous websites claim to offer bitcoin exchange services, but many are scams. These sites will often ask for personal information and payment details before providing a link to download the bitcoin client software allegedly.

2. Bitcoin Mining Scams

Bitcoin mining scams are investment fraud that promises investors high profits through special software or hardware. However, these schemes almost always fail as the mining hardware can't generate the promised returns.

In some cases, the scammers will even take control of the victim's computer to mine bitcoins without their consent.

3. Bitcoin Wallet Scams

Bitcoin wallet scams are phishing attack that attempts to steal the user's login credentials and password. These attacks can be very successful as many people use the same login credentials for different websites.

One of the most notorious methods used to steal login credentials is to send a fake email that looks like it's from a legitimate service, such as Coinbase or Blockchain.info.

4. Fake Bitcoin Exchanges And Wallets

Like with fake mining schemes, there are also numerous fake bitcoin exchanges and wallets that scammers have created. Unfortunately, these sites often look very similar to the real thing and can be difficult to distinguish from genuine articles.

Another one of the most common methods used to scam users is to ask for their personal information and then steal their bitcoins.

As bitcoin becomes more popular, more scams will inevitably surface. However, by being aware of the most common scams and taking the appropriate precautions, you can protect yourself from becoming a victim.

How To Report a Bitcoin Scammer

Let your family and friends know about these tips on how to stay away from bitcoin scams by sharing the article on your social media. You can also officially report crypto scammers and any other suspicious activities to the Federal Trade Commission (FTC) using this link:

Report To The FTC Here

How To Protect Yourself More

If you want to be the first to find out the most notorious crypto scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodic emails – we promise not to spam.

Meanwhile, educate yourself with some other bitcoin fraud-related articles right under this paragraph, so that you know how to stay safe online. Last but not least, use the comments section below to expose other crooks.

How To Protect Your Crypto Investment From Scams

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Selma HrynchukSelma is a fraud prevention specialist renowned for her expertise in private eye investigations and a remarkable partnership with law enforcement agencies. Beyond her investigative triumphs, her public speaking engagements and written works have empowered countless individuals to protect themselves and stay ahead of deceptive schemes. Selma's legacy shines as a tenacious agent of change, unyielding in her commitment to battling fraud and ensuring a safer world for all.

12 thoughts on “How To Avoid Common Bitcoin Scams”

  1. After our encounter we couldn’t trust anyone not until we found kaltc0sult. Net to locate our money, they were able to reimbuse us.

  2. Maria, I had a terrible experience with arrontrade, I fell deep for the pig butcherinig scam it was terrible that I lost 55,0000 but was able to get all back with the aid of colonyhorizon.tech. Becareful of how you invest out there.

  3. One of the best ways to avoid common bitcoin scams is by first always verifying where the information is from. Do your research just to ensure the validity of the information, don’t be hasty to make that extra cash. Protect your password, you do not have to share that with tom dick and harry keep it safe as much as possible.

  4. I suspect that a crypto trading platform called ‘Exchange Safe’ is scam but i have been unable to find any evidence as yet – apart from it being on the ‘warning’list of FINMA (a Swiss regulator). Can anyone help?

    Peter

  5. Francisco Jarvis

    I was contacted by a Facebook friend who advised me to get in touch with someone who would change my life. I contacted the person via Facebook messenger. That person sent me text messages about how I could double my investment through cryptocurrency. I don’t know what to think of this. Can someone tell if they had this same experience?

  6. Man I wish I Knew about this Fabulious website A few months Ago I Already Lost $25000 To this Fake Ass Army woman on that Damn Facebook Shit Can Someone Help Me!!! Thanks Like these Scam Videos.

  7. What is the scam when you put in $40,000 and have received all of you money back. Am told it is a legit business deal that will pay off shortly. But at this time have all of my investment returned. With no pressure. What scam could this be. The lady keeps promising and swearing she will meet me in December and get my part of the profit. Have been very slow to advance with this but no issues yet. What could be going on with this.

  8. Here’s how the scammed me
    They first approached me via Facebook, in a group I belong called Stock Option Traders, somebody send me a link for a Telegram group called Peperstone Trading, Then this person Allison Thompson wrote me and after welcoming me to the group, she explains that I had to come with an investment capital and for doing that I had to create an account in this address: https://cutt.ly/FL5EH2R.
    Once I did that, I proceeded to make a deposit of $500 via trust wallet.
    So, 24 hours later they told me that the profit was $19530 and that I had to make the withdrawal of the money immediately, but when I tried, the system wouldn’t let me, in a mail from [email protected] they said that my account has been temporarily restricted due to D-58 system errors. please make a one-time deposit of 30% of your current balance to activate withdrawals and reinvestment on your account.
    I didn’t do it obviously.

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