Bitcoin Scams how to detect them and protect yourself 2023
Over the past few years, more and more people have become interested in Bitcoin and other cryptocurrencies . We can even say, without too much risk , that virtual currencies have now entered the field of mainstream finance. This is a good thing, since we are witnessing the democratization of a field that was once reserved for a few specialists.
The problem is that it is sometimes difficult to navigate for beginners. Which sites, which platforms, which offers are legitimate, and which fall into the “ Bitcoin scam ” category? There is no ready-made answer to this question: as we will see in this article, Bitcoin scam methods are as numerous as they are diverse.
Certainly, it is possible to make profits, through reliable and regulated platforms. Our favorite example?. Are the crypto platforms that we always recommend, because we know it well, and we know that it is as transparent as it is secure .
The problem is that alongside these kind of legitimate platforms, there are a large amount of examples of fraudulent sites and other scams. In order to help you see more clearly, we have concocted this guide for you. Want to know everything about Bitcoin scams other cryptocurrencies ?
In the following paragraphs, we present the main scams, and, above all, the best ways to avoid them. Indeed, if investing in bitcoin may seem wise to us, it does not offer too good to be true, mining scams, phishing, spam, Bitcoin scam on social networks , villainous trading robots… You want to know all the tips to avoid being fooled, follow the guide.
Different scams and strategies
To guard against cryptocurrencies scams , the first step is to know what we are talking about. if you’re reading this article, you’re already on the right track. We will now introduce you to some of the strategies used by scammers, and other hackers, to help you recognize them at a glance. Because, as you will see, many of these scams are, fortunately, very easy to spot.
Promises too good to be true
When you are new to the world of cryptocurrencies , you risk being fooled by unrealistic promises. The scammers are the first to know this, and therefore they do not fail to abuse this strategy.
This is one of the great classics of the scam : an Internet user contacts you to tell you about such and such an investment opportunity, which will “definitely bring you big profits”. But not just once: every month , day , without the slightest exception.
If you are promised this kind of return “every time”, beware: there is a good chance that you are dealing with a scam . Because on regulated and official platforms, you will certainly be able to win sometimes substantial gains… But never every time, nor with a regular return, which is planned in advance.
Typically, when you’re promised these kinds of regular “100% reliable” earnings, it means you’re dealing with scammers who use the notorious Ponzi scheme . Without going into the details, which you will easily find online, this well-known scam consists of scamming not a single Internet user, but a whole chain of investors.
BTC mining scam
In the field of cryptocurrencies , mining is this computer process that makes it possible to secure BTC transactions . Those who perform this activity are logically called miners . In return for their “services”, miners are paid in virtual currencies .
There are many cloud mining sites on the net , which promise you mountains and wonders… But which are in fact counterfeits . To recognize them, it’s very simple: if the site in question promises you to earn money without investing in the powerful computer equipment necessary for mining, but “just” by making an initial investment, there are very strong chances are it’s a scam. Again, we recommend that you run away and use an official platform instead.
Cryptocurrency scam by MLM
Another well-known scam is the MLM scam . What is that ? “MLM” is the acronym for
“Multi-Level Marketing”. this can be translated as “Marketing at several levels”.
The MLM scam system is very simple. As part of this scam, internet users approach you and offer to invest in cryptocurrency simply by clicking on affiliate links. In general, these structures do not even have any real activity related to cryptocurrencies.
Phishing y sitios fraudulentos
Phishing , This well-known scam consists, for hackers, in sending you an email pretending to be an organization whose services you already use, such as a bank, an administration, or an online payment service (Paypal, etc.).
These types of emails then ask you to click on such and such a link, or to provide confidential information, such as your password. Fortunately, these emails are easy to recognize: you just need to check the exact email address, and compare it with that of your usual organization. If you have the slightest doubt, it is better not to answer.
In the same vein, there are fraudulent sites, which pretend to be official sites. For example, such a site pretends to be the platform , or the Binance platform, and so on. To avoid coming across such counterfeits, always check the URL in your search bar, and avoid clicking on links from sites you don’t know.
When customer service is suspect
The customer service of a platform contacts you, by email or Telegram, to ask for your password or your identifier. Attention ! This is a well-known technique for hackers to extract information from you and steal your money.
Tips to recognize some of these scams
There are several ways to spot a fraudulent offer in the world of cryptos . Our first tip? If a BTC project makes you want to, if a sale of this or that crypto catches your eye, don’t jump on it: do some research online first.
There are many sites that offer fake token sales , or investing in this or that crypto project . Some even look very “professional”, with nice embedded videos and nice layouts. That doesn’t mean they’re reliable, though.
How to spot these scam cryptocurrency sites? Here are some signs to consider:
- You are guaranteed abnormally high rates or profits
- We guarantee you benefits “every time”
- The operation of the project is poorly explained
- No info is available online about the project team
- Funds are too difficult to withdraw
- No project member has a Linkedin page
- The computer code of the project is not on Github
Si un sitio o una oferta criptográfica combina uno o más de estos criterios, debe averiguarlo absolutamente antes de usarlo. Cómo ? Puede buscar información del proyecto en línea.Averigüe si este proyecto se menciona en la prensa o en sitios especializados con buena reputación entre los usuarios de criptomonedas.Busque en línea los nombres de los desarrolladores del proyecto.
If your research does not yield results, the least we can say is that it is not a good sign. In this case, the best thing to do to is to use a platform recognized as reliable by the crypto community.
Cryptocurrencies scam by email or phone
A little higher we have already told you about the Bitcoin scam through phishing. A quick reminder: this technique consists of hackers sending you an email pretending to be a trusted organization, so as to extract information such as your passwords.
There is another widespread technique scam by email : that of blackmail. It is very simple. Here, scammers send you an email telling you that they have access to your webcam and browsing history. They tell you that, if you do not send them a certain amount of bitcoins , they will reveal this information to all your contacts (family, friends, colleagues, etc.). Don’t worry, this is a very common scam, and the best thing to do is to report this email as spam.
Should we be wary of social networks?
If you are a fan of social networks, know that Bitcoin scams are not lacking on these channels either. We will now present some of the most cases.
Bitcoin scam on Twitter
The Bitcoin scam on Twitter is one of the most widespread. How it works ? There are two main scenarios.
First case. Scammers use fake Twitter accounts, which are imitations of real accounts.
Second case. Scammers use the “comments” section under an official post.
In either case, you will be asked to send a certain amount of cryptocurrencies (BTC, ETH , etc.), promising you express gains through exceptional performance. Here again, the solution is simple: above all, do not make the requested transfer.
Bitcoin scam on Youtube
The most common scam on Youtube is for scammers to post fake “Bitcoin training” videos to get you “rich in no time”. In general, these so-called “influencers” offer paid training to allow you to “fill your pockets”.
The vast majority of these “trainings” are scams. And even if the Youtubeur in question is making his video from a luxurious house, there is a good chance that he has simply rented it by the day on Airbnb, and that he actually lives in a slum.
Scam on Skype, Telegram, Discord…
On Skype, Telegram, Discord, you will find many paying groups related to cryptos. Again, they promise you easy money if you join them. Often, they promise you a lifetime subscription to the group if you pay all at once. Don’t be fooled: these are, again, scams.
Scam on Instagram
Bitcoin scams are everywhere. It is therefore not surprising that we also find them on one of the most popular platforms: Instagram . Here again, so-called “influencers” promise you quick gains via this or that paid training, or via this or that crypto platform.
Bitcoin scam: trading robots
Does the trading robot mean anything to you? These “robots” are actually computer programs, which allow you to automate the orders you place on the stock exchange or on the crypto market . In other words, these robots are very sophisticated algorithms.
While there are indeed effective versions of such bots, beware, as many of them are actually scams. Here again, beware of those who promise you “for sure” gains!
FAQ: Protect yourself against Cryptocurrency scams
How to avoid bitcoin scams?
The safest technique is to use a reliable, recognized, secure and regulated crypto platform, such as the example given in our article.
Where do you find bitcoin scams?
They can be found everywhere on the Internet: social networks (Twitter, Instagram…), video platforms (Youtube), fraudulent emails, forums…
How to recognize a Bitcoin scam?
Always do your research online before investing or providing confidential information.
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