How do I identify Bitcoin scams and ways I can avoid falling victim?

[7juju]

There is no rug pull when it comes to bitcoin itself, you only hear about rug pull in altcoins or you get rug pulled when you are investing in altcoins. I needed to clear you on that. Bitcoin is decentralised so there's no chance of someone getting rug pulled when you invest only in bitcoin. Moving forward, any website promising you that you will claim free bitcoin, stay away from that website and don't do anything with them. Anyone promising you to bring one bitcoin and get 1 or 2 bitcoins free is a scam. Just knowing that there is no free bitcoin anywhere will help save you so much troubles.

[Mahiyammahi]

So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

Here's a quick and short answer for you to avoid all of these.  Do not Touch your Bitcoin Wallet , rather than deposit & Cashout. this is the main thing you need to follow. Also you there is a chance that your device can get compromised, so it's upon you to maintain your device security. Cause if a device get hacked not only wallet but also all your personal information along with banking data gets leaked.

It's better to use a hardware wallet. But if you dont have than just don't do anything excessive with your main wallet. Always use spare wallet if you're going to do airdrops

[Coyster]

How do you generally avoid getting scammed, either in crypto, fiat or anything of value? By simply not being stupid or greedy, and through being smart enough to know what is too good to be true. If you are truly a newbie, then you must understand that you cannot learn everything in one go, you'd keep garnering knowledge the longer you stay here and read what others post.

That said, start by understanding what wallets are and the best option to use, then next should be how to properly back up a seed phrase. As for scammers, you'd naturally find out that it is easy not to get scammed, but first you must understand basic stuff and do it right.

[RockBell]

Quite a lot has been said on the technical side, in addition to all that’s been said, I think it is important you learn to be very skeptical in this space. Question everything and do your due diligence before you engage. If it sounds too good to be true then it’s probably a scam.

True that a lot has been said about things that are frequently popping up when it comes to scams, and there things that whee you see them you don't agree with them they are just very unreal so there different ways that this identifications of scams can be made first you need to verify what ever information that is passing across you and people need to also ask questions and not just diving into anything without proper confirmation and people don't ask question because i have seen how people will reach out on telegram just to convince you to invest on a unrealistic investment.

And the number of people who are losing their funds to scams is just surprising. How people fall victim to these guys, and since a lot of people are learning to be better every day, there are things that people need to start taking seriously instead of turning a blind eye to certain things.

[Issa56]

I have been doing a lot of reading and I just got on knowing that people also get scammed in Bitcoin in cases like fake airdrops, Walker app and crypto apps, impersonation , fake investment platforms , rugg pulls etc.

 So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

When it comes to crypto space, you just have to be smart, you should have to ability to identify a scam strategy even if you haven’t come across it before. It’s good since you already know some scam strategy, but you should know that all the scam strategy cant be mentioned to you, because the scammers are always coming up with new strategies to defraud people. If they notice that people are no longer falling for the strategy which they are using, they going to look for another strategy or improve the current one which they are using, so you just have to be so careful.

Also as a newbie, I don’t know maybe you will have lost any coin before, always avoid all those crypto recovery scheme. Anyone that tells you they can help you recover your stolen bitcoin is likely going to end up scamming you.

[HONDACD125]

Bitcoin mining at no cost has ended since 2012 I believe, so any platform promising you that you can mine bitcoin on their platforms with little subscription and virtual machines rolling to represent ASIC machines is a big scam, I've seen it myself, do not connect your wallets to those kind of sites with the intention of claiming the proceeds, if you've funds in such wallets it would be drained ASAP.

Are Bitcoin Cloud Mining sites still available in the market? And do people still believe such platforms can provide them with profits? Only someone with absolutely zero knowledge about Bitcoin mining will trust such a website because if you know anything about mining, you would know that the mining difficulty is touching the sky, and a platform cannot give you profits, that too considerable profits, on any investment after all the costs and everything of mining because only the electricity and maintenance costs are too high, the equipment and other stuff are far too expensive.

Even someone who tries solo mining might have a hard time making any profits unless they have free electricity and quite a few mining hardware, because without enough hashpower, it's not possible for a solo minor to be able to mine any blocks, and it will only be a waste of time and money if they try it with only one or two machines while also paying for electricity that they will consume.

[Churchillvv]

Quite a lot has been said on the technical side, in addition to all that’s been said, I think it is important you learn to be very skeptical in this space. Question everything and do your due diligence before you engage. If it sounds too good to be true then it’s probably a scam.

There is no two ways about this! Always remain skeptical, suspect everything until its verified not to be what you suspected to be, infact in my opinion what ever that is too good to be true should be rigorously monitored and infact be avoided at all cost because it’s definitely a trap. Things are not free and when people offer you some kind of things for free or with lesser requirements Shan you should immediately be suspicious and seek help if you can’t so for you.

[AYOBA]

When it comes to crypto space, you just have to be smart, you should have to ability to identify a scam strategy even if you haven’t come across it before. It’s good since you already know some scam strategy, but you should know that all the scam strategy cant be mentioned to you, because the scammers are always coming up with new strategies to defraud people. If they notice that people are no longer falling for the strategy which they are using, they going to look for another strategy or improve the current one which they are using, so you just have to be so careful.

That’s why it is good for those who want to involve themselves in the crypto space to be smart enough so that they won't fall victim to the scammers. We know that every day they are searching for different strategies so that they can get people’s wallets and accounts hacked, but if we’re smart, they will find that very difficult to do. Especially those newbies that are introduced into the crypto space without much knowledge and are expecting to escape from the scammers who are trying to scam people with different strategies.

[Asiska02]

Hello everyone , just got on this platform and I have been on this space for quiet sometimes now .
I am still a Newbie and I'm still trying to get acquainted to the forum .

I have been doing a lot of reading and I just got on knowing that people also get scammed in Bitcoin in cases like fake airdrops, Walker app and crypto apps, impersonation , fake investment platforms , rugg pulls etc.

 So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

When it looks too good to be true, that’s a sign of a red flag in the crypto space. The crypto space is not a get rich quick investment place, you’ll need to get yourself into the whole thing and then grow with it overtime.

Bitcoin scams are many and another good way for you to avoid them is by asking questions on what you don’t know, be very inquisitive especially in what you haven’t heard of. Get acquainted to latest developments in the crypto space that scammers use to scam their victims. You’ll be able to have first hand information on how scammers get into their victims and scam them, so you’ll be a one step prepared at all time.

[Ultegra134]

Generally, scams aren't directed towards Bitcoin, they aren't "Bitcoin" scams. Most of them are trying to steal your private keys or seed phrases, or try to lure you into depositing money on some kind of platform yourself. If anything sounds too good to be true, avoid it, or if you're still unsure, ask, either here, Reddit, Google etc. Don't talk to anyone in so-called investment groups on social media that will contact you for "investment opportunities" and be always careful of phishing scams and fake exchanges.

[FinneysTrueVision]

If an airdrop is legitimate, there will be people talking about it on social media. Only visit airdrop links if they are posted by an official account of the project. Use a good adblocker that will protect you from phishing links.

If a website is offering returns that seem to good to be true, you should assume it is a scam until you have done very thorough research. Even legitimate DeFi platforms like Euler and Morpho can have high risk vaults managed by unverified or irresponsible curators.

[Die_empty]

I have been doing a lot of reading and I just got on knowing that people also get scammed in Bitcoin in cases like fake airdrops, Walker app and crypto apps, impersonation , fake investment platforms , rugg pulls etc.

 So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

First you should know that the days of getting free or cheap Bitcoin through airdrops or performing easy tasks are over. So any body or platform that is offering you cheap or free Bitcoin is a scam (you could earn few sats in this forum through predictions and other exercise). Note that you can get Bitcoin by mining, buying or earning. Mining using powerful and expensive machines. Buying from exchanges or through P2P. Earning by offering services to receive payment by Bitcoin. Another platform that promises to give you Bitcoin should be handled with caution.

Hackers and scammers also target you Bitcoin. So you should learn how to protect you wallets. Never save you seed phrase or password online. And don't ever allow anyone have access to it, they are the keys to your vault.

[Bitcoin Maxi]

Hey OP welcome to the forum you've got the right idea asking this early on because the crypto world is like the wild west full of traps waiting for newbies like us

One big thing not mentioned much yet is watch out for those fake support messages on social media or email scammers love pretending to be from big exchanges like Binance or Coinbase saying your account is locked or something and you need to click a link to fix it that's classic phishing and it'll steal your login or seed phrase in a heartbeat always go directly to the official site never click random links

Also enable 2FA everywhere and use a password manager so you're not reusing passwords that gets hacked easily

Another tip if someone's promising you free BTC or insane returns just for sending them a little first that's a total red flag run the other way no legit deal works like that

Stay safe out there and keep reading the forum it's gold for avoiding this stuff

Thank you boss for your contribution.

[Hyphen(-)]

I have been doing a lot of reading and I just got on knowing that people also get scammed in Bitcoin in cases like fake airdrops, Walker app and crypto apps, impersonation , fake investment platforms , rugg pulls etc.

 So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

I don’t think there is something like Bitcoin scam, you are referring to crypto scams which is real, and all these can be completely avoided if you have the knowledge and discipline yourself from being greedy because most of these scams come with huge offers that are too good to be real, they use it to get the attention of greedy investors willing to make quick money in crypto space then ask them to invest and they go with the money because most of these newbies that fall for such scams are greedy, they want quick money which is their main reason for joining the crypto space.

To identify crypto scams, avoid any offer from any one that is too good to be real; invest $10 and get $20-50 in return within short period of time it is a scam because no one have money to give you, everyone is struggling to make money so don’t believe anyone that will offer such lucrative offers.

[IjawMan]

My two cents to add to all what has been said will be for you to address all scenarios as a possible scam and do not be ina hurry to trust anyone on this space. Learn to verify before complying on any requests from any platform you are making dealing with cause scammers can come in the familiar faces and channels. I have this colleague who got scammed through a call from his friend's phone line, it did not occur to him it was cloned.

[albon]

When it comes to crypto space, you just have to be smart, you should have to ability to identify a scam strategy even if you haven’t come across it before. It’s good since you already know some scam strategy, but you should know that all the scam strategy cant be mentioned to you, because the scammers are always coming up with new strategies to defraud people. If they notice that people are no longer falling for the strategy which they are using, they going to look for another strategy or improve the current one which they are using, so you just have to be so careful.

Also as a newbie, I don’t know maybe you will have lost any coin before, always avoid all those crypto recovery scheme. Anyone that tells you they can help you recover your stolen bitcoin is likely going to end up scamming you.

I agree with that. Even the strategies that an OP might encounter without knowing anything about when they do the necessary research and verification, red flags will appear, helping them realize they are about to fall for a scam.. Most victims of scams were driven by greed, lacking patience and rushing to trust before verifying, neglecting necessary security measures to protect their wallets and seed phrases. I advise OP to review past scam cases to learn about some of these strategies they might not be aware of. Just follow the scam accusation section on the forum and also reputable news platforms.

As for crypto recovery schemes, this is correct, these services should be completely avoided, and OP should avoid trusting strangers who may contact them through messaging apps or social media. They should also avoid new platforms and new coins, especially meme coins, do their research, and choose the most reputable and popular platforms in the market.

[Obim34]

Focus on wallet security, if you don't have knowledge begin to learn ways to identify standard wallets that is best for accumulation.

If an airdrop is legitimate, there will be people talking about it on social media. Only visit airdrop links if they are posted by an official account of the project. Use a good adblocker that will protect you from phishing links.

Even a legitimate airdrop with social media can still rug pull at the end once they don't meet designated road map for the project. Most of the airdrops and newly created projects that are hyped on social space are the projects hiding behind false legitimacy, I will consider projects that allow their market grow organically other than hype, some well to do alt projects are not those popularly talked about on the internet.

[Zoomic]

Hello everyone , just got on this platform and I have been on this space for quiet sometimes now .
I am still a Newbie and I'm still trying to get acquainted to the forum .

I have been doing a lot of reading and I just got on knowing that people also get scammed in Bitcoin in cases like fake airdrops, Walker app and crypto apps, impersonation , fake investment platforms , rugg pulls etc.

 So now I want to ask "How do I identify Bitcoin scams and ways to avoid falling victim?
Please i need your humbly contributions to this 🙏🙏. Thank you .

There there is no straightforward rule to identify bitcoins scam and the scammers. All You need is self-discipline, when you have self-discipline you will eventually avoid many scams. Before you involve in any project or try to invest in any kind of platform, first know that there is no free money anywhere in the internet. Even if they are giving you AirDrop, you are paying for it with your time.
So, when offers are overly good to be real, consider such an offer to be a scam;
When a stranger first approaches you in the internet for an investment, it is a scam.
Any service that asks you to connect your BTC wallet in order to receive payments, suspect that service.
Whenever you receive money and they are asked to pay some amount of money before withdrawal, be careful that is a scam.
So if you are very careful in this industry and not greedy, you will avoid many scams.

[Wiwo]

Very simple own your own wallet and have all your funds under your control,  that way you can not lose your assets into the hands of third party control or scammers.

Also dont be greedy to trust high profits investment schemes,  99% of bitcoin investment schemes are scam and ponzi in disguise,  stay away from bitcoin investment.

Buy and hold your bitcoin in your wallet, have a long term goal in view and stay focused on that path.

[tabas]

Never trust anyone that randomly drops you a link and tells you to download what they've given you. Most of the scams have initiated through the approval of the victims like in phishing wallets and links that were sent to them. Another way is to always verify things around, don't be too gullible with what they're saying to you. If it's an investment, many of them will give you promises of high returns and that's already a sign. Also search in the scam accusations to find out if that scam you've found out is already existing and someone has encountered it there already.