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Author Topic: What are the main Bitcoin scams and how do you protect yourself against them?  (Read 3578 times)
bitcoinsolicitor
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June 06, 2017, 02:45:11 PM
 #1

https://www.selachii.co.uk/Blog/What-are-the-main-bitcoin-scams-and-how-do-you-protect-yourself-against-them.html
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June 07, 2017, 08:09:24 AM
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The best way one can protect himself best from scams related to bitcoin, is to learn from experience which I have had my own share of where I needed to convert the little coins I have gotten to cash but ended up in the hads of a scammer who used delay tactics on me but I was still immature then. But now, I just don't deal with anybody anyhow. I have a list of trusted guys to help with that and even before transacting I do a lot of ground work confirming nothing has changed since our last transaction.
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June 07, 2017, 04:32:52 PM
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The best way one can protect himself best from scams related to bitcoin, is to learn from experience which I have had my own share of where I needed to convert the little coins I have gotten to cash but ended up in the hads of a scammer who used delay tactics on me but I was still immature then. But now, I just don't deal with anybody anyhow. I have a list of trusted guys to help with that and even before transacting I do a lot of ground work confirming nothing has changed since our last transaction.

No need for experiences if you already have some knowledge, still the best is to know better about awareness for scams. The one thing about scams that usually being seen and they obviously does is they make deals that are so good to be true, so it is easy to notice that it was a scam, I never been scammed before and I don't need any experiences in able to avoid being one of their victim. This blog is helpful to does who doesn't have enough knowledge and information about scams, good luck and keep it up.

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June 10, 2017, 12:39:46 PM
 #4

Maybe a few months ago I lost a small value, but it has provided a very useful lesson for me regarding bitcoin transactions.
And frankly knowledge that I get in this forum, after some forum members advise to be more careful before making transactions bitcoin delivery, and will better always control PC that we use to anticipate trojan virus sent by the thief.

   
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June 11, 2017, 06:31:17 AM
 #5

it's very easy to deal with all these actually, about exchange just don't leave a big amount there, only small one for trading, against malware i have a dedicated machien that will never install anythign other than bitcoin

just be carefull to install the version from official source on bitcointalk check the checksum, i'm more worried about soemthign they didn't mention there, and it's being scammed in real life

if they know you have  bitcoin someone could murder you to steal your money....
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June 11, 2017, 06:34:29 AM
 #6

Very informative article.

If you don't want to get scammed when using bitcoin its really easy. Use your damn common sense and don't get greedy. Because if you get greedy then you've alreday picked up the scammer's bait - they want you to be greedy so that they can work their techniques on you to suck you in further.

Since you are a bitcoin lawyer - i was wondering are you involved with suepoloniex.today at all? A lot of complaints against them recently and even that site was launched. Maybe you could reach out to help some people who lost big amounts.


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June 11, 2017, 07:13:55 PM
 #7

The very way easiest way to keep away from scam is not to get greedy and not too impatient. When you want to buy or sell abs someone is offering to buy from you at an unnecessary premium or in the case of wanting to buy someone is willing to sell at a discount and still making overtures to ensure you do it fast, there is likelihood it will end up in scam and there is nothing anyone can do about it. Other scams can be avoided by being extra careful.
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June 11, 2017, 08:23:45 PM
 #8

it's verye asy to deal with all these actually, about exchange just don't leave a big amount there, only small one for trading, against malware i have a dedicated machien that will never install anythign other than bitcoin

just be carefull to install the version from official source on bitcointalk check the checksum, i'm more worried about soemthign they didn't mention there, and it's being scammed in real life

if they know you have  bitcoin someone could murder you to steal your money....
If you're unlucky you can get screwed up anyway. You send money to an exchange with an intent to sell and withdraw, but the transaction gets stuck for a day due to network overload (spam) and you go to bed tired of waiting. On the next day you wake up, go to work, in the evening you check your balance... and boom the exchange was hacked or raided or whatever. People were sending money to gox and trading, all was fine and one day when they wanted to withdraw nothing was coming out. They messaged the support and heard that there are delays...

I'd e more afraid of someone attacking me to steal my fiat than bitcoin. Wallets are useless without a passphrase. Bitcoin still offers a much better security than cash, crooks have to blackmail or torture you to get it.

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June 13, 2017, 02:53:53 AM
 #9

using common sense is the best way to protect you against bitcoin or any other scams
exercise same caution online as you would offline: you do not give money to some unknown dude in a tent by the road
even if he offers you "the best price"
usually,if the offer is too good,it is likely a scam,try to deal with established companies that have good reputation (doesn't help in  case of exit scams)
do not be lazy and search the net and read about the company or site you are planning to do business with
there is a specialised site that deals with bitcoin related scams: badbitcoin.org

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June 13, 2017, 09:17:19 PM
 #10

The one I know that is most common is failing to deliver as promised whether its for services promised or for goods to be supplied in my own case when I want to engage in such, I will always use escrow no matter how appealing or time conscious the agreement is depement upon, I will not be too hurry and at the end of the day blame myself and then wished if only I had exercise that extra care of taking things slow.

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June 14, 2017, 02:25:34 AM
 #11

Even being very cautious we are still in danger when dealing with Crypto-Currency online. Some menaces are easy to avoid, like the malware downloads, the Ponzi HYIP schemes (Cloud mining), but some are hard to predict sometimes, like the exchanges and investments.

There are good and reputable exchanges, but at some point they can disappear without warnings and there is nothing you can do. I know I can let my money out of there, but if I'm trading, I need to have some money there and no one knows exactly when the scam will happen.

The investments are good too, but no one know eith 100% sure if they will last forever or not, so it's always risky to join one, but necessary at same time.

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June 14, 2017, 03:26:55 AM
 #12

I think the best way to avoid Bitcoin scams is to use common sense while remembering that this is still currency. Money is money, regardless of the form, and scams dealing with money will almost always look the same.
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June 14, 2017, 01:37:09 PM
 #13

Perhaps to be more selective in making payment transactions or trade and investment transactions against companies that have a bad reputation, of course including preventive action against the possibility that will happen to us from responsible party.

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June 19, 2017, 07:56:44 AM
 #14

Scammers are one of the most creative and adaptive creatures in the whole world. When it was all Paypal when we talked about making money online...scammers were using Paypal to push their own selfish agenda. When Paypal started to tighten their ropes, scammers were rejoicing to know that now they can use Bitcoin and easily get away with it.

What should we do to protect our hard-earned money? You should train your nose to smell scams even from afar. Victims of many scams are already aware of these things. I am sure you don't need to be victimized to learn big lessons here...just read those horrifying scam stories and you can see how they got victimized so you can avoid the same experience.

It is all about doing your due diligence before opening your wallet and parting with your money so you can avoid tears and some heartache -- and headache as well.

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June 29, 2017, 12:48:43 PM
 #15

I've heard a lot of mining sites that are scam and illegal. These site just want to get your money and after you started investing, they never pay you back. You can protect yourself from these type of scams by digging deeper. Checking the status of the sites and checking reviews from other people who has started investing. You should also consider other people's experience from these sites and be aware.
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July 04, 2017, 05:41:44 AM
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The best way one can protect himself best from scams related to bitcoin, is to learn from experience which I have had my own share of where I needed to convert the little coins I have gotten to cash but ended up in the hads of a scammer who used delay tactics on me but I was still immature then. But now, I just don't deal with anybody anyhow. I have a list of trusted guys to help with that and even before transacting I do a lot of ground work confirming nothing has changed since our last transaction.

I have never been scammed before but ever since I joined this site, I learned about ponzi, HYPI(?) and other altcoins that are scams, and because of this knowledge I was able to avoid scams. I've read somewhere on this forum that you shouldn't deal with newbies. Not to discriminate but it is highly possible for them to trick you.

 I always look out for red flags and research first before engaging on something. Thankfully, I've never been scammed or lost any money online. Just always be on the lookout!

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July 04, 2017, 08:19:55 PM
 #17


The best way one can protect himself best from scams related to bitcoin, is to learn from experience which I have had my own share of where I needed to convert the little coins I have gotten to cash but ended up in the hads of a scammer who used delay tactics on me but I was still immature then. But now, I just don't deal with anybody anyhow. I have a list of trusted guys to help with that and even before transacting I do a lot of ground work confirming nothing has changed since our last transaction.

I have never been scammed before but ever since I joined this site, I learned about ponzi, HYPI(?) and other altcoins that are scams, and because of this knowledge I was able to avoid scams. I've read somewhere on this forum that you shouldn't deal with newbies. Not to discriminate but it is highly possible for them to trick you.

 I always look out for red flags and research first before engaging on something. Thankfully, I've never been scammed or lost any money online. Just always be on the lookout!
Well this is the only forum that can help us a lot and learn about ponzi or any scam site related in bitcoin. .that is why i came here before because i was one of the people who scam in ponzi scheme and i was looking for help before in this forum just to know how to recover my bitcoin in ponzi scam but almost all comments saying that i will never recover my bitcoin in ponzi site..
Now i learn this and never trust any site and there are no free bitcoins that you can get daily fast. except for micro earnings which is faucet..
Now if there are some site that i want to invest i always ask here in this forum before i invest so that i don't experience any scam again..

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July 06, 2017, 03:45:26 AM
 #18


The best way one can protect himself best from scams related to bitcoin, is to learn from experience which I have had my own share of where I needed to convert the little coins I have gotten to cash but ended up in the hads of a scammer who used delay tactics on me but I was still immature then. But now, I just don't deal with anybody anyhow. I have a list of trusted guys to help with that and even before transacting I do a lot of ground work confirming nothing has changed since our last transaction.

No need for experiences if you already have some knowledge, still the best is to know better about awareness for scams. The one thing about scams that usually being seen and they obviously does is they make deals that are so good to be true, so it is easy to notice that it was a scam, I never been scammed before and I don't need any experiences in able to avoid being one of their victim. This blog is helpful to does who doesn't have enough knowledge and information about scams, good luck and keep it up.

There are so many scamming programs online and with the advent of Bitcoin many scammers find a new avenue to accelerate their business of fooling people. Most of the scams using Bitcoin are investment-type which turn out to be just another pyramiding or ponzi scheme. To paraphrase a popular saying, something that is too good to be true may not really be true.

Right now, the trend is  going into cryptocurrency trading. There are many sites offering guaranteed percentage of earnings and they are claiming to be in trading. While it is true that maybe some of them are telling the truth, I am sure that many are also just doing the same old ponzi thing...later on the program would just collapse at the weight of pay-outs. Ponzi means that pay-outs are just taken from pay-ins.

I have been into many scams too and I know that indescribable feeling upon realizing that your trusted program is literally gone and not paying anymore.

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September 19, 2017, 07:03:30 AM
 #19

Just remember to trust no one but only yourself. Hyips and investments are all scam so stay away from it. If you ever want to do trading, don't put all your assets in there.

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September 19, 2017, 10:36:34 AM
 #20

Thanks for the article, can be useful to keep than in mind.
Anyway, aside the common sense and experience in the crypto, there's no way to prevent against scams. It seems to me that scamers are becoming better and better. Stay tuned and be careful!

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