How to Know a Bitcoin Scam


Are you suspecting you’re about to get into a Bitcoin scam? If yes, then you’re at the right place. This article explains everything about cryptocurrency scams.

Learning how to spot and prevent a problem even before it happens is truly instrumental in the cryptocurrency industry. Scamming has been with us since Bitcoin’s first entry into the public space. And sincerely, we would be unrealistic to promise that Bitcoin scamming will end ultimately. Instead, it’s a vice each of us must learn how to handle. Industry statistics reveal disturbing values associated with cryptocurrency theft. 

In most cases, users have lost their Bitcoin assets due to a lack of knowledge on how to keep them safe. Also, thousands have lost their coins because they need to learn what Bitcoin scamming entails. But you can easily avoid such traps by understanding the techniques criminals employ to steal funds online. Additionally, you can prevent the theft of your crypto assets by knowing the red flags regarding scamming. 

Some Popular Bitcoin Scamming Tactics

As we’ve said, Bitcoin scamming can take various forms depending on the primary objectives of the perpetrators. Some criminals will target your login credentials during the activity, while others may try convincing you to send them some or all of your Bitcoins. Here are typical techniques cryptocurrency scammers use in the 21st century.

  • Stealing passwords.
  • Pretending to be some agents from a reputable Bitcoin company.
  • Creating fake mobile Bitcoin applications and websites.
  • Promoting unrealistic philanthropic initiatives, and
  • Starting scam cryptocurrency projects.

Always watch out for the following as you trade Bitcoin or other cryptocurrencies. Doing so will secure your assets and make your investment efforts more rewarding and lasting. 

Fake Bitcoin Exchanges

While it’s advisable to always trade only on official crypto exchanges like, scammers can create fake platforms to confuse you. To make things worse, criminals usually develop platforms similar to authentic ones. So, you should always check the URL to ensure it’s the official one for your exchange. And most importantly, avoid rampant opening emails containing web addresses promoting Bitcoin trading platforms. The best practice is to enter your Bitcoin trading platform’s official web address into the browser and proceed from there. 

Unusually Big Investment Returns Promises

The profitability of a business is really up to some point beyond which the whole idea ceases to make sense. So even in the cryptocurrency sector, only accept a business deal with realistic terms and income expectations. You should never make any deal with anyone promising to invest your assets with them and get back double or triple the original amount within a few days. While it’s possible, such extraordinary outcomes are rare in conventional investment environments. 

Abnormal Transaction Records

Like with your regular bank account, you know all the Bitcoin transactions you’ve made within a given period. So by checking your transaction history regularly, you can tell if everything is okay. Some Bitcoin scammers are clever and would never transfer all your assets, even if they managed to access your digital wallet. They, instead, move your BTC in tiny bits for some time to stop you from noticing. Abnormally small transaction amounts could also mean someone is trying to unmask your identity through hashing techniques.

Fake Cryptocurrency Company Representatives

Fake representatives can approach you online anytime, claiming to be officers from your Bitcoin exchange or wallet provider. They can ask for some of your account details, including the password. We want to remind you that no Bitcoin wallet services provider or exchange company will ever request your private key. You should never share any information with anyone because they’re likely scammers trying to get your password and use it to steal Bitcoins from your crypto wallet. 

The Bottom Line!

You can keep scammers away from your Bitcoin wallet by mastering their techniques. Knowing how cybercriminals steal from unsuspecting users can secure your revenue and grow your crypto empire. Therefore, you must watch out for the following if you want to safeguard your cryptocurrency assets: fake cryptocurrency company representatives, clone websites, too-good investment deals, and abnormal transactions. 

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