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Beware of These Top Bitcoin Scams

If you're interested in Bitcoin, be aware of these potential scams:


  1. Fake Bitcoin Exchanges (To avoid this type of Bitcoin fraud, stick with popular, well-known Bitcoin exchanges and forums so you get news of fakes quickly)
  2. Ponzi Schemes (Bernie Madoff may be one of the most well-known Ponzi schemers. He did it with mainstream investments. But the principle of a pyramid scheme, in which you take money from new investors to pay previous investors, can be applied to Bitcoin scams.)
  3. Fake Cryptocurrencies - A common scam is to present a new cryptocurrency as an alternative to Bitcoin.
  4. Old School Scams - The best way to avoid this scam is to be skeptical of phone calls or emails that say they're from a government agency. Legitimate authorities wouldn’t contact you that way—and they won’t ask for bitcoins.
  5. Malware - It has long been a way for hackers to get passwords needed to access computer networks or steal credit card and bank account numbers. Now they’re using it to conduct another one of the most common Bitcoin scams. If your Bitcoin wallet is connected to the internet, they can use malware to get access and drain your funds if you're not protecting yourself from malware. / If you're not sure of a website or email's legitimacy, contact the company involved directly. If you can't find the company's contact information easily on social media or on its website, that's a red flag.
  6. Pump-and-Dump Scams - Pump-and-dumps have been around as long as the stock market has. A group of scam artists will get together and buy up a bunch of penny stocks. This drives the price of those stocks higher, and on the back of these rising prices, they get outsiders to invest in the stock—using big promises of easy money. You can protect yourself by avoiding single tip purchasing and knowing when something sounds too good to be true. You should also avoid joining groups that are doing pump-and-dump trades and people who tell you there’s no risk.

There are the most common methods, but there are more, so be careful and attentive!

More information you can find on Google by searching "Top Bitcoin Scams"