Bitcoin Forum

Why mostly the victims of scam, are newbies?

When we saw a post of a person saying they got scam , what we always see is that they have no ideas what is crypto
they are always been the target of this people, if you have a friend that is new , give them an effort and educate them
specially if they don know anything, largely they has been the target of this culprits, taking advantage of their zero knowledge
and promising them of a big return, then suddenly this people disappear, here an article showing how to dodge a scam
https://www.thebalance.com/warning-signs-of-money-scams-315824 stay safe newbies, never trust anyone promising you
something that is too good to be true

By default, crypto is not something simple, which can be understood immediately after someone engages in it.
However, it takes some time and experience to better understand things and more easily identify fraud.
However, the main reason why people are deceived is not their inexperience but greed.
When new people hear about crypto and see examples of past earnings, they sometimes get impatient and wants to make such big profits in the short term, without long waiting, and then greed can lead them to fall victim to fraud.

Well, not only newbies but also the experienced can get scam in crypto. Also if a newbie account post in bitcointalk and tell you about his story, it does not mean that he is newbie in the crypto world. He may be Newbie on this forum, but could be much older in cryto-currencies.

Because they are newbies,they don't have enough experience with investments on schemes so they trust random advertisements and ends up getting scammed but not only newbies even veterans also get trapped due to negligence.

Newbies should avoid plans like these:

1. Bitcoin doublers -  you can get your bitcoins doubled in a day or week.

2 Cloud mining

3. Deposit bonus - deposit 0.1BTC and get 1BTC in return.

You chose to "Be Your Own Bank" don't get complacent and scammed, I did. (https://bitcointalk.org/index.php?topic=5201992.msg53092154#msg53092154)

Not always newbies, though I did get scammed walking in the door so to speak in 2017, before I found the forum. When this most recent experience happened, another veteran member also got scammed through a different method, and a third almost got tangled up in something but managed to avoid losing anything besides time.

Honestly most scam attempts in crypto are no different than the schemes they employ with Fiat or Gift cards. What is more common is that a newbie will post about their scam, either to share the story or to find out if they had been scammed. With anything though if you are new and have questions shitty people will see this as an opportunity to exploit you so there is a higher risk for them.

An alternative way, if you're busy and don't have much time to put too much effort to educate your friends or even acquaintances, you can tell them to let you know and confirm if they're about to join something or put some money into something in this cryptocurrency world.

Also with this way, they will have more impactful experience and get better picture of scam cases. Sometimes if you educate/tell people in the beginning, they wont understand enough or not get a clear picture of it.

At least this is better than doing nothing if you dont have much time to help them.

Cause they have a get rich quick mentality? They rush into it without properly educating themselves about the responsibilities that come with being your own bank.

It's not just newcomers, even veterans can fall for it. While you could blame naivety, greed is also the driving factor.

In 2017 when I was a newbie I was scammed as well
I invested in the ICO of 2 scam projects and lost all the money invested. The coins are now worthless.
I invested in another 3 which are zero now as well, and 1 invested in one which is about 2000% now.

I don't invest in altcoins anymore. Imo they are not worth the riskt and most of them are scams. Even if one of them goes up 2000%, if I had bought only btc I would be better now (or almost the same), without any stress.

Just invest in btc  , move them to your nano and don't try to get rich quick. It won't work.

Like you said one of your investments in coin is 2000%. That is huge and if you have invested equal in all four ICOs, your loss would have been covered and you will be in good profit. Bitcoin investment is safe but altcoins investment is like gambling. It can give you much more returns than bitcoins provided you invest in a altcoin which is good one.

Most of the time they're taking advantage of their greed. You do not need in-depth knowledge about a concept in order to avoid scams, you just need to stop looking for get rich quick schemes. Every financial venture is rife with scam attacks so one should always be wary when using the internet. And do not come in with the money first, knowledge later mindset.

Admittedly, there are also well veiled scams which can trap even the most experienced person if they get complacent enough. I always advice one to view everything as a scam until proven otherwise.

Not entirely if we removed phishing sites, downloadable malwares, and other careless ways of  losing your account you will see that most newbies are being victimized by fake investments that provides high yield payments. They are easily blinded by the payout that they don't even see that they are fake to begin with, they don't do bakcground checks and don't approach it realistically all they see is the fake payout these sites are paying. Some people I see are even more than willing to join another scam when what they are investing is over and the bad thing is they'll recruit other persons for a referral commission I call these peopl “willing victims” as they don't care if the investment site is fake they just want to earn the easiest way possible.

When i was newbie in crypto. First time i create wallet in blockchain and i think this is boring and difficult.
When i login i must accept login notification in email. So, i find bitcoin wallet in extension chrome.
I don't know if that extension is phising then i login my blockchain account in there and my email.
After i withdraw bitcoin to my wallet in few minutes my bitcoin send to another wallet.
After i check the extension review in Google, this is phising.

Agreed.

I was a beginner (completely newbie to crypto), and what I got from my instructor at that time was that crypto had high volatility, if I was lucky I'd have benefited faster (get rich quick). I realized that this is all about money, and scammers won't miss their chance to act. Previously, I've seen scams almost every day (not in crypto) experienced and told by people on the internet. I thought it wasn't impossible to see me as a newbie in the realm of cryptography, I'm their next victim.
Read any tips or ways through the beginner's board to avoid them and start applying it even though it requires extra time and is boring. As I once said, "I'd better waste a little time each time doing crypto activities for security reasons, rather than faster but at the end I've to start again from 0".
However, I'll still be a newbie who can be scamed at any time. I'm not very good at researching any scams/frauds. This is just a coincidence or luck that I've never experienced. And maybe, one of my biggest luck comes from "Scam accusation" (https://bitcointalk.org/index.php?board=83.0) and "Reputation" (https://bitcointalk.org/index.php?board=129.0). Newcomers, I strongly recommend visiting these sections regularly.

ok, everywhere is scam and on this forum too

This happens because they are in a hurry to make money and they are not aware the many scam methods scammers are using to scam people, and of course are targetting newbies, becaus ethey know old timers knows what to do if they encounter one situation, they will ask the community or they will do a research.

And now it is time for us to see that there are many newbie who try to cheat in various ways, submit phishing websites and become gift managers and many others.

I think most newbie are very vulnerable to fraud because of their minimal knowledge and experience. But the real attempt at fraud is when a beginner tries to fool people who have extensive knowledge and lots of experience.

I remember, some time ago one of the members of this forum got a loss because the assets of bitcoin and altcoin were stolen in his wallet because of email hacking. The user is a member of a hero with a lot of experience and a good reputation, phishing is the main weapon that is often used to hack, and I think the victims are users who have been fooled by several types of phishing websites.

So I think not only newbie must be vigilant, but higher members must always maintain security and raise awareness about various types of fraud.

don't fall in mistake.
scammers are targeting all user types.
Obviously, the major rank of scammed users is the lowest one!
But this, just because newbie users, usually, are the most inexperienced.

Most newcomers enter the cryptocurrency market for the profit that cryptocurrencies bring, so they are easy to get scammed and FOMO.
The crooks just need to fake some proof of profit then show it to new people and cheat their money.
Besides, new people often click on shady links so their computers are easily attacked.

Everyone thinks that cryptocurrency is very easy to play with and there is no prior knowledge required to get started with crypto. When a new comer comes with this mindset along with huge capital, he got scammed by experts of this field. If you spend some time in this sector before investing you can surly get aware of how to tackle scam.

@akirasendo17 it’s not only the newbies that get scammed sometimes even experienced people like me get scammed out here. I’ll keep my story short: I had to send some $1000 to a friend bank account in USA and accordingly I found a exchange owner out here, and I felt for his sweet talks and send him funds in advance only later on I realised that I was scammed. It was at that juncture I realised that never to send money in advance especially when you’re dealing with crypto’s, and never to stop doing one’s due diligence irrespective of that persons trust.

Scammers are targetting newbies because newbies tend to believe what they've instructed to do because they want someone to teach them the in and out of investing here, and these scammers are like wolves in sheep's clothing ready to impersonate, trusted traders and they are good at making them looks and trusted, but if they will only ask here in this forum they will be enlighten.

Be aware of scammers which means to check everything before taking decision. I mean everything, nearly fell on a scam yesterday.

It's easier to scam newbies and beginners because they are still lacking when it comes to knowledge so others are using that as an opportunity to manipulate and control them, making them believe that those scammers are there to help them. When in fact, they're trying to scam newbies. Newbies are easy to get swayed because when they think opportunities are coming to them.
It's really advisable for beginners to put extra cautious when dealing here in crypto. And since we are not new to this, we can help them to avoid scammers. That's the only thing we can do to help them, educate and aware them about the scams they can encounter here in crypto

Because they lack in knowledge on how to handle situation like scam attempt or joining HYIP scheme but will exit-scam after thsu gathered a lot of bitcoin and other altcoin. This is why some of new investor are backing out once the've been scammed aftef making a transaction of crypto loan.

And i think when creating a new account there should be a thread they need to read first before they will be able to be in outside again. And I've experienced getting scam for many times but i learna lot of from past experiences that can be used in the future about our life.

Not all newbies creating a thread that they are scammed are all true or did happen. Some of them have experience already and are only wants to scam people by promoting their scam website. There is a thread like that where a newbie lose btc in a site that the newbie provided but thanks to good people who searches the website's information and they found out that it is a scam and only promoting it in this forum for scamming purposes. Anyone who doesn't very cautious enough with their security can be scammed even the higher ranks.

because new comer hasn't more knowledge and feel to get rich quickly make new comer easy to get scam. my advice for new comer is always learn more about cryptocurrency if you want to invest please make sure about that is real. preveously you should to search and read about more information about project you want invest.

Obviously, the main reason why most of the newbies are prone of getting scammed is because they lack knowledge about what they are doing. It is a dangerous thing actually, entering something without having enough idea about its system or benefits and even danger. You should make yourself more knowledgeable on what's in crypto and on how you can evade scams that you may possibly meet in the future during your investments.

As long as they have given a warning, they should also be vigilant with the things they are experimenting.

I've seen newbies that doesn't want to listen to our advise that don't invest to something they don't know and yet they have invested to a scam scheme because they think it's easy money and thought that we're not serious giving them warning.

The answer to this question is simple because they are "newbie" to a certain things. Stuff that they dont know like you said lack of ideas or knowledge. Some persons might abuse this weakness. The only thing we need to remember is when the offer involves money, we need to be careful review it many times, find feedbacks from other users before trying anything.

Indeed there is no better answer than that but that reason are slowly dying because we are in a world where information is just a few clicks away so better to research about something you want to get into before really getting into it so that you won't look like an easy target for scammers. Money isn't that only thing you need to invest here in crypto, time and effort as well.

I guess like website's projects who really look professional, for example Bitconnect they had a good story, professional looking website and team, they even had meetings where they would talk you in to Bitconnect, they had a pretty professional scam going on, a lot of people would fall for it and did.

Probably even people who where in Crypto for a longer time thought it was legit for a while.

People who make youtube video's with succes story's will talk new people in to a scam and that is a pretty bad thing I think.
You really need to check everything some of the scammers are quite smart and will try to trick you, and especially if you are new it is easy to fall for the scam.

Scammers are caught within the trap of creating an excessive amount of profit during a short period of your time, which isn't right. If most are aware then they're going to avoid being scammed because we aren't aware.

If you found that someone is offering an unrealistic profits which is not possible to earn in short time, then it may be a scam attempt and beware of it.



What do you mean scammers check everything ?

It will be better if you can tell what exactly happened yesterday so that others are also aware of it.

Most newcomers have no knowledge of the cryptocurrency market so they cannot protect themselves. Besides, most new entrants in this market for profit should not be able to escape the temptation that the fraudsters offer.
Imagine when a person is blinded for profit he can do anything.

Not only newbies even long time members of this forum get scam for not getting the latest update on how these scammers works, have you read the latest scam tactics of scammers where they poised as the official channel Youtube channel of reputable projects and exchanges and they offer giveaways, I almost fell to that because they looked legit with their thousands of subscribers.

Scammers do also improve over the years if certain modus or method becomes saturated or known then they would make another one that looks legitimate and havent known yet even
with the oldest members and yes even these people get victimized even they do have enough experience on various things.This is why even youre still a newbie and you do find
something which is too good to be true then it doesnt really cost much time to make a simple google search but people are just too lazy on doing such thing.

In addition, an alternate newbie account can be used to create such a theme by a legendary forum member. And this is because an experienced participant is ashamed to admit that he was deceived as a Newbie. I would have done the same in that case) But newbies suffer more because they know less about cryptocurrency.

Haha
I once got an email offering me 30% of my btc within 24hours and sadly enough, some newbies will fall for it easily.
This space is filled with lots of scammers, and until a final resolution has been put in place to curb all of that, a lot of scammers will still fall victims.

Even when newcomers have no idea about crypto they come to work on crypto because of greed they are more prone to scams. If work was done without any experience everyone could be rich That's why we need to be aware of crypto and then work.

In my early days in this industry, I got scammed too. in my case, it was a cloud mining site that promises to give you passive income if you invest in their so-called mining machine. The same year those kinds of scams are trending many investors who want to try their luck in investing in BTC often fell to that kind of scam. Thankfully, with the help of the others, they are all got busted and as you can see, no cloud mining company has managed to survive this far. only proving that none of those is a real investment platform to make some money with Bitcoins.

We all experience that since hyips are been much introduce on social media platforms and I been scam for that since I think those cloudmining sites are legit especially when they show some what they called live feed for their miners. But I think those kind of scams are lessen up these days since provably many people are been educated and can teach newbies to stay away on those platform and I actually notice the changes today compare to the other year.

Newbies tend to trust and believe scammers fake promises, they get easily manipulated because they are not even analyzing the possible outcomes of their decisions and actions. Some of them chooses to disregard the advice and experiences of other people that can help and guide them on deciding which is the best for them, they don't even acquire from their own experiences that's why they always end up facing the same problem and having the same mistake. It's difficult to get rid of scammers particularly these days, you can't just trust someone's words without researching because you can't easily say people's true intention, you don't know how they mind works when it comes to money. There is a huge possibility that they will take advantage of you knowing that you don't have enough understanding on protecting and securing your own funds, they will used it against you and to deceive you so they can get the benefits they wanted.

Newbies don't want to learn. They don't want to read. All they want is do. It's the same with other things. You don't want to get a driver license but you want to drive right away. You don't want to risk money but you want to take profit. You don't want to go to school but want a good paid job.

With that attitude you will get burned trying to invest in a shitcoin, a ponzi scam, or trading with high leverage.

Without proper investigations they invest their money for getting high profit.
Another tendency is newcomers want to make more profit in less effort.

Newbies can prevent this if they read and be very active here on this forum and on reading the latest news about Cryptocurrency, if only people will just read those threads on the scam section on Bitcointalk, many things will be avoided, because everything you want to know how these scammers scam people are posted here.

People get scammed easily because of greed in them. It doesn't matter how ranked or influential you may be in cryptosphere. Once there's greediness in you, you can be easily deceived

Cloud mining is still a scam. Except a few sites which gives very less ROI, the rest paying cloud mining sites will scam one day, so beware not to invest too much in those.
Rest Newbies think all the bitcoin investments and doubling methods are real one and they will get rich and hence they get trapped by the scammers.

Scammers will never fade away as long as stupid greedy people who wanted to make money more easily.

One pro tip, making money is not that easy if it is then everyone will become a millionaire in few months.

Nowadays anyone can be scammed but newbies are scammed soon because before knowing anything they jump to conclusions and due to lack of knowledge regarding the project. Before joining any kind of project do your own research and make sure that you are on the right platform.

Newbies get scammed because they only think about the possible profits that they can make. Greed and stupidity in combination with a lack of common sense.
Stupidity not in the sense that they are idiots, but stupidity in the sense that they have no idea what crypto is. They have heard that it is possible to profit from it and that is all they see.
If you are cautious and believe that people will not give you anything for free, you will not become a victim to most of these scams.
Apply the same logic you use in real life to the online world and you will be safe. If a random person on the street asks you to show him your wallet because he wants to buy a new one and he wants to see the design, will you do it?

I do have lot of friends who already got scammed with crypto and everything and I am thankful that I am not getting scammed up to this date. I asked them all on what happened and IMO, the main reason that they got scammed is because they lack of knowledge on what's real and what's not. Like they were literally believing what someone is saying.

It is so easy to get scammed in the cryptocurrency world, so it's good to stay wary. I often see that people expect to buy btc the cheapest and anonymous. Both statements are wrong. It's impossible to be completely anonymous or to buy btc completely for free... Do not trust this kind of websites. I also recommend to check this video, great content when it comes to cryptocurrency scams and safety in the crypto industry:https://www.youtube.com/watch?v=83JnxuUUJ5o (https://www.youtube.com/watch?v=83JnxuUUJ5o)

I have heard this kind of scenario to one of my friend. It happens when he is a newbie in crypto he doesn't know anything. Lack of knowledge indeed that's why mostly got scam easily. They think that as a newbie it's easy to handle without knowing and learning the process in crypto.

Many things that fraudsters can do, the softest target beginners get, with a lack of knowledge about cryptocurrency and investment sites offered by fraudsters.

With the amount of money promised by fraudsters, by carrying out instructions in cheating beginners.

The goal will have a psychological impact on beginners, there are dozens of methods that can be done.
For example:
1. direct communication.
2. The lure of rewards from very high yields on investment returns.
3. Trying to convince beginners as if the original identity is fake.
4. Be very professional.

In this case will make the beginner tempted, sangking tempted what is offered for beginners without thinking logically.

I can only suggest for beginners who are very minimal knowledge about cryoto, be careful in making decisions, on what is on offer.

In my opinion, the referral system is the main problem, new investors in the crypto field become the victim of it. Most the time Promotors will get their reward, but those new investors lose their money , as long as the referral system exists, this problem occurs, especially in new projects like airdrop.

You can remain anonymous by never using centralized exchanges and using only decentralized exchanges. Using TOR and quality VPNs that don't keep logs. Never fill out any KYCs, mix your bitcoin to cover your tracks and don't reuse addresses. Anonymity is possible but it's not easy and not everyone can follow all the rules of the game.   

Well there is nothing to be ashamed of, if you were scammed while you were a newbie in the crypto world and on this forum too. People do mistakes and more important they learn from it. Yeah, if you are again getting scam on the similar event, then you should be ashamed that you keep repeating the same mistake.

The most common reason of newbies' scamming is that they rush in that business almost blindly, but with big expectations. That's why they become victims in hands of big crypto fishes who earn their coins on scamming of such low educated people, I mean in the sense of cryptocurrencies.

Project profile is too specific and hitech, plus you have huge lack or regulations globally. And one comes from another and current mess is pretty much understandable.

even when i was newbie i was scammed too why because inexperience how things work and there are people who specifically take advantage of this  and scam , we must spread our experience and prevent scams happening , and newbies also must be careful and not fall for this scams and nothing comes for free and in crypto online scams are more and there are many ways of scamming even some experienced people fall for it

The important thing there is we learn from that mistake and hopefully next time we will not became a easy victim for another scam attempt again and we should learn the pattern use by them so that we will be away from bad platforms. And we should remember that to good to be true offer is absolutely scam especially if they tell is you can earn while sleep by just investing in their platform.

New in the market are easily get scammed because of their not enough knowledge. They are still beginner where they do not fully understand the information in the market. Scammers are smart that they can easily attract newbies by their skills. For those newbies, try to invest in your knowledge first before you make an investment in projects or in trading of cryptocurrencies.

Newcomers to the cryptocurrency market not only do not have enough knowledge to recognize fraud, they are also gullible. Therefore, they believe that an investment can bring them hundreds of percent of the profit in just a few days. Once they learn more about scams, they can easily identify it as a Ponzi scheme.

in New comer mindset its easy to get 1 bitcoin , its easy to double our money in bitcoin, thats why newcomer easy to get scamed, first time in 2013 i know bitcoin, someone scam to me by sell his 1.3bitcoin only $20 i send him money easily without thinking get scamed, after 1 week i not get my coin and now i know get scamed

Experience is what newbies should get first, profit is not yet matter because they can earn it if the have the experience and the right information. They are easily get scammed because they are not yet familiar about the market. Of course they will invest in a project if they see an investment that can give them high profit in short period of time. Greed is also a factor that makes them vulnerable to scammers.

Simply because they don't have much knowledge and experience in the crypto world yet. You need to remind them always to keep in mind that you cannot trust anyone here easily cause there are a lot of frauds nowadays. As long as you show them how dumb and defenseless you are, they will always take advantage to you and will keep on snorting all of the money you have invested. Newbies tend to repeat the same mistake always which is why it is important that they read everything carefully and as much as possible, has a mentor that would guide them of the things they should and shouldn't do here.

I think newbies like myself get scammed because they started to jump right away. As a newbie, I just spent hours reading about crypto, rules, and links from forums before even replying to this thread. It was really tiring to sit down and read while seeing offers that is really promising us of a fast return. It is a disadvantage in the age of Facebook and twitter where we can get informations in a blink of a scroll. The best way to avoid scam is to sit hours reading, learning, researching and double checking. A great investment before jumping into anything.

Thanks for the good read by the way. It is really helpful.