Common Bitcoin Scams Plus How To Avoid Them

Bitcoin scam is an investment fraud where criminals steal or extort money online from investors hoping to join the bitcoin digital currency scheme. For instance, between 2020 and 2021, 80 Million Dollars has been lost to crypto currency scammers including bitcoin.


What Are the Most Common Types of Bitcoin Scams

Bitcoin scammers are always inventing new ways to solicit for money and scam the unsuspecting investors keen to cash in on the Bitcoin craze. But thanks to the 

Here are 5 major bitcoin scams, read on how you can avoid them;


#1 Fake mobile applications

We often see pop ups of enticing apps for download concerning bitcoin on play store or apple store. This is the most common method the scammers will use to lure you into the scam. Research thoroughly on legit Bitcoin apps before downloading just any app that you may think looks genuine. Mostly it will be a mis-spelt name or one letter omitted that you might not realize quickly.


#2 Scam emails that look legit

No matter how genuine that email address appears on your email, be very careful on responding and acting upon it without verification. It could be from that bitcoin scammer hoping to get a dollar or two from your side without sweating for it.


#3 Fake websites from imposters

Does that website look so genuine and professional that you believe it’s a bitcoin site? Consider it twice because scam website developers have graduated to top notch copy-cats! They will design a website that looks close to a genuine bitcoin site and gather lots of money from unsuspecting investors. Always ensure that there is a small lock icon indicating security near the bar, also ensure that the site address has “https”.


#4 Impersonated social media influencers

Did you just see an interesting, enticing post from Elon Musk or Jeff Bezos and you quickly followed him on twitter or Facebook? This is one of the schemes imposters will use to impersonate famous people. They end up soliciting for money from people who sometimes find themselves sending some. Be sure to double confirm any social media post before doing any business online. Also note that famous businessmen will not ask for any money from you through social media accounts.


#5 Token or give away scams

Scammers will often post on social media that you send them a specific amount of money and they will double it in the form of bitcoin shares. It is good to note that this is not realistic and will get you in the list of people scammed in no time.

Here are red flags that you should note in the process of investing in the bitcoin market.

  • A guarantee that you will get rich quickly
  • Urgent requests to make payments
  • You are required to send some amount of money beforehand.
  • A too good to be true offer

Final Thoughts

Never send your money to anyone before double checking and researching on the receiving end.

Thank you for reading through, do you have any questions regarding bitcoin scams? Feel free to Contact Scam Help for help regarding recovering your lost funds. We are a licensed funds recovery agency.

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