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

[nakamura12]

Thank you boss . I will ensure to heed to this piece

The reason why it is preferred or recommended to download from original source or from original website is that if the app is downloaded from another source then there's a chance that it may contain a malware that will steal all your data. Being greedy is one of the reasons why a person will become a victim of such schemes. To have more security is that you should learn on how to make your security strong. Also make sure to check the url if you ever visit a website where you connect a wallet.

[CryptoHeadlineNews]

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 .

To be frankly speaking, I must say that over 80% of the people who have actually got scammed with Bitcoin is either as a result of greed (i.e wanting to get rich overnight) or total ignorance of how Bitcoin works. Because i can see in your comparison above, you did actually mention "airdrop" as one of the ways people gets scammed with Bitcoin, which is actually wrong, because there is a distinctive difference between Bitcoin and crypto. Of which crypto happens to be the general phrase been used to describe all digital assets that are similar to Bitcoin.

So, one of the easiest way to spot Bitcoin scam is when a person or exchange tries to sell their coin far more cheaper than the average market price. (i.e assume the actual price of 0.001 BTC is $100 at current rate, and then a person or exchange then claim to be selling 0.001 BTC at $70). At that point, just run away. It is a scam. And this method was very common back in the days when it never had exchange who offers direct sells into their local fiat currency, which gave room to many scams. Unlike today that you can find many reputable crypto exchange that offers direct p2p into multiple fiat currencies.

[Miles2006]

Privacy is a common tip, scam attack can either be a physical one or internet but from my observation people talk about their investment a lot especially in public areas. The first time I started bitcoin journey secondly this space helped a lot about privacy and the important step anyone can take for example the internet scam is the top and this involve sharing your private information mostly the seed-phrase, without anyone’s advice a person must be knowledgeable enough to determine a scam pratice because no one will ask for private details except scammers meanwhile suspicious link online can result to losing your coin, lastly don’t store funds in an exchange.

[Cookdata]

Thank you boss . I will ensure to heed to this piece

The reason why it is preferred or recommended to download from original source or from original website is that if the app is downloaded from another source then there's a chance that it may contain a malware that will steal all your data. Being greedy is one of the reasons why a person will become a victim of such schemes. To have more security is that you should learn on how to make your security strong. Also make sure to check the url if you ever visit a website where you connect a wallet.

Not all the time greed may be the cause. Most often, it's a result of misinformation.

Impersonation is one of the biggest scam in the world, you see hackers disguising a different phishing link for people that want to use a real website. There has been reported cases of Electrum.org with similar domains trying to lure people to download fake electrum wallet. This is about need to me than the greed you said.

You never can tell, the simple hardware wallets has a lot of scams, they don't run away with your money, instead they collect your money, ship the goods your other but they already have a way they tweak your seed phrase that has already been pre-generated, scammers are one hell of people.

[Donk1]

Well firstly you are welcome ,you said you have been doing alot of reading which is very good with time you will learn more both from out side and inside the forum ,just keep learning because I believe when it comes to learning no knowledge is lost. That said in the crypto space you have to watch out for scammers because there are every where ,and the fact that you are a crypto enthusiast simple means you are responsible for your money there is no body to call if you get scammed or if you lose you seed phrase ,that's why it good to know that every one in this space is anonymous we all learn from each others experience and regardless of that you must on no account post anything that is related to you or your personal  information on the forum .why because everyone is anonymous lastly  beware  of fake news that just it...... I will suggest you  check out this link on how yo avoid common scams on crypto......
https://www.investopedia.com/articles/forex/042315/beware-these-five-bitcoin-scams.asp

[Iamgoat]

Thank you boss . I will ensure to heed to this piece

The reason why it is preferred or recommended to download from original source or from original website is that if the app is downloaded from another source then there's a chance that it may contain a malware that will steal all your data. Being greedy is one of the reasons why a person will become a victim of such schemes. To have more security is that you should learn on how to make your security strong. Also make sure to check the url if you ever visit a website where you connect a wallet.

It is also important to tighten up the security of your laptop or your phone. I think apple products are less susceptible and more resistant to data leaks through malicious websites or web links than the windows laptops or android phones. The first thing I think we should always try to run proper checks on our devices and be extra careful with the files we download from external websites. Sometimes being so reluctant with what you allow into your system or the kind of webpages you visit could be dangerous as these scammers are always targeting the loose ends, so you must be on guard if you must protect your data and keep them safe from intruders.

[Ivystar5]

Thank you boss . I will ensure to heed to this piece

The reason why it is preferred or recommended to download from original source or from original website is that if the app is downloaded from another source then there's a chance that it may contain a malware that will steal all your data. Being greedy is one of the reasons why a person will become a victim of such schemes. To have more security is that you should learn on how to make your security strong. Also make sure to check the url if you ever visit a website where you connect a wallet.

Your right sometime ago it was very high the rate of hack's or wallet compromised some are merely for the reason of downloading from the wrong website, this days id you search for an app on the internet Google or any browser you find out that sponsorship ads shows up first, this lead people to think it was a good one when they downloaded. one thing we must have in mind is that the internet is not so let's safe guard our information so it doesn't get out.

[KingsDen]

 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 .

If you really want to avoid bitcoin scams, you really need to understand scam as a whole before you'll focus on the bitcoin scam.
Scammers generally have identical tactics and when you master the basics of this tactics, you will avoid them.

Number 1 and the most important is, Don't be greedy "
It is only when you are greedy that you will begin to connect your wallet randomly online in order to reap where you did not sow.
If you are greedy, you will like to double your bitcoin very fast and that will make you send your bitcoin to scammers.
Just don't be greedy and don't believe strangers online, you will be fine.

[Out of mind]

The increasing number of fraud traps on online platforms is a big problem for beginners. When a new person is a victim of fraud, he does not understand well, due to which he easily falls into the trap of fraudsters and faces losses. Since you are a new person, you should always be careful because if someone messages you personally on online platforms, you should avoid them. Because no one will give you an easy way to earn money easily, those who are fraudsters will message you first, you should avoid them. If you fall into the trap of all those fraudsters, then surely you will lose your money and you can face huge losses.

Currently, a large number of scam projects have spread, and many users are attracted to them because of the way they advertise on various platforms, and they make various promises and compare them to Bitcoin, as a result of which many new users who do not understand fall into their trap.

So you always have to be careful and you will never be inspired and interested in the words of any person if he shows you greed then you will come back from there. Moreover, Bitcoin is a limited supply and those who advertise different projects outside the name of Bitcoin are definitely fraudsters. You can get all kinds of information from this forum so you should avoid all those fraudsters rather you keep learning here well. If you can continuously follow the fraudsters then you will be not successful, besides you can definitely face losses, so you always have to work carefully on online platforms.

[TypoTonic]

You need to be aware how the most common crypto scams work. Here's a section (pestered with ads ) from a short article that you might find helpful. To save you the trouble, here's a short summary with everything referenced from it:

Navigating the dynamic world of cryptocurrencies requires vigilance, especially with the growing presence of crypto-related scams. Understanding and avoiding these scams is critical to maintaining the security of your crypto assets.

Phishing scams

• Imitating legitimate entities to trick individuals into divulging sensitive information.
• Attacks often come through emails or social media messages that contain a link to a fake website resembling a real crypto exchange or wallet provider.
• To avoid falling victim, always double-check the URL for any inconsistencies and ensure that the communication originates from a verified source before clicking any links or entering personal information.

Ponzi schemes

• Often promise high returns with little to no risk.
• Red flags include guaranteed returns, overly consistent performance, and a lack of transparency about the investments.
• Always conduct thorough research and verify the credentials of the individuals and companies involved before making any investment.

Fake ICOs

• Fake projects popular for scammers to exploit the crypto hype.
• Usually presents a well-designed whitepaper and marketing materials to lure investors into buying a new cryptocurrency.
• To protect yourself, investigate the team behind the ICO, review the project’s technical details, and look for credible third-party reviews.

Social engineering attacks

• Exploiting human psychology to gain access to personal or financial information.
• Attacks often involve personalized messages or calls that create a sense of urgency or fear.
• To prevent falling victim, be wary of unsolicited communications and never disclose private information or transfer funds under pressure.

A cautious and critical approach is essential when dealing with potentially lucrative opportunities in the crypto space. Verify the legitimacy of investment opportunities by checking multiple credible sources. Recognize red flags such as unrealistic promises, lack of transparency, and unofficial communication channels. Maintaining a healthy skepticism can safeguard your crypto assets against ever-evolving threats.

[reagansimms]

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 .

Always avoid offers that are too good to be true because there is no such thing as a free lunch without something to look forward to afterward. Don't be too hasty in accessing unclear websites. You need to identify them first before visiting them. You also need to use a trusted and reputable platform to buy and sell Bitcoin.
Always avoid making hasty investment decisions, especially if you have no previous experience in Bitcoin investing. You also need to avoid any offers that come via email, Telegram, and other social media because usually these kinds of offers indicate a scam.

[Joy- maker]

To identify Bitcoin scams is not deficult as you think, just avoid any platform offering you free Bitcoin for there is no free Bitcoin anywhere you have to buy it from an exchange unless a friend of yours decide to gift some Bitcoin's. Secondly only buy your Bitcoin from a recognise exchange, avoid buying Bitcoin in an exchange you are not familiar with to avoid getting scammed. Thirdly don't give out your information if you get contacted by anybody claiming to be a representative of the exchange you are using they are scammers trying to steal your information so that they can get access to your Bitcoin using the information you will give out to them. Further more don't click any link sent to you with verifying the source, so always verify wether the link is from a reliable source or not, Because There are a lot of phishing scam out there so be guided to avoid falling prey to them.

[Cyber_warrior]

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 .

You can’t know all the scam strategies you should know that, forum members won’t be able to mention all the scam strategies for you, because as am typing this message, am sure scammers are still cooking up something which nobody knows yet, which might be tasted on you. When you are in crypto space, you should be able to sense scam which you see one.

But just make sure you don’t trust anyone, don’t store sensitive informations on your phone, avoid anyone promising high return on investment, or anyone asking you to invest in a particular platform or things like that. If you are downloading apps, make sure you get links to download the app from there official websites. Seriously there are lots of scam strategies, so we just have to be smart.

[iBaba]

Thank you boss . I will ensure to heed to this piece

The reason why it is preferred or recommended to download from original source or from original website is that if the app is downloaded from another source then there's a chance that it may contain a malware that will steal all your data. Being greedy is one of the reasons why a person will become a victim of such schemes. To have more security is that you should learn on how to make your security strong. Also make sure to check the url if you ever visit a website where you connect a wallet.

Sometimes it is our negligence that make us vulnerable to these mistakes that later lead to being attacked. Sometimes it is our greed that make it possible for some random people out there to swindle us and sometimes it is even our ignorance. The reason why we fall for traps are always different and not necessarily the same so you need to first identify what exactly is your problem so you can plan towards solving it in your own way. If you are someone who usually careless about the outcome of some steps you take online, you will need to adjust by being extra careful when you access platforms that can lead to you losing your money or that request your logins.

So many people have cried to me on several occasions that their digital assets have been lost to hackers, some complain about their email address or social media platforms, whichever one, just identify what's your weakness and if it warrants you taking some free online courses on how you can secure your data more online, pls go ahead and learn it to be able to protect your data in the internet.

[KiaKia]

The only Bitcoin scam I know is always from the owners side, meaning someone or something tricking you into downloading malicious stuff or the wrong wallet.

1. Make sure you download wallet software from official websites.

2. Avoid looking for ways to double your Bitcoin, there is no ways to double your Bitcoin, don't listen to too good to be true offers online.

3. Make sure your recovery seed is saved offline, avoid copy pasting in a cloud storage or on your PC, because PC can be infected with Trojans and malwares at any time.

4. Don't click on random links online, especially when you are running your Bitcoin wallet on your PC.

5. Hardware wallets are always the best choice for optimum security, everything is handled offline which adds extra + + to the safety of your Bitcoin.

[Rustam Meraj]

Most helpful idea to new person is Golden Rule. When crypto offer sounds too good to be true, it is scam, since most scams include promises of guaranteed, huge returns or free coins that are fake to trick people into buying. To stay safe, you should never type your Seed Phrase on Internet or link your wallet to unknown websites, never answer messages first who say they are professionals, and never pay attention to groups that tell you to make purchases right away. Most effective protection is to hold your own keys by writing your Seed Phrase down and keeping it offline in safe place and to keep your crypto offline in hardware wallet such as Ledger or Trezor when you have good amount, DYOR of any project, and taking your time in looking at all your urgent requests.

[qwertyup23]

<..snip..>
 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 .

The great thing about avoiding scams in the cryptocurrency space is that the strategy also applies in real-life situations.

To give you a concrete example, if someone approaches you and asks for money, the proper thing to do is to either (1) ignore; or (2) you give him money. Additionally, if someone randomly approaches you and asks to invest in a certain company promising to give you high returns in a relatively short amount of time, then you ignore and leave.

The examples I mentioned above perfectly fits and applies in the crypto-space. If you receive a random email/message from someone asking you to purchase something; or to even join their investment group which requires you to purchase something, then that should spark a red-flag on your part.

At the end of the day, it is everything about being vigilant and responsible. If something is too good to be true, then it is definitely too good to be true. If someone randomly messages you asking to download a certain wallet, do your due diligence and perform virus scan to at least clear everything out.

[RockBell]

Privacy is a common tip, scam attack can either be a physical one or internet but from my observation people talk about their investment a lot especially in public areas. The first time I started bitcoin journey secondly this space helped a lot about privacy and the important step anyone can take for example the internet scam is the top and this involve sharing your private information mostly the seed-phrase, without anyone’s advice a person must be knowledgeable enough to determine a scam pratice because no one will ask for private details except scammers meanwhile suspicious link online can result to losing your coin, lastly don’t store funds in an exchange.

When you take your privacy seriously, you should not have a problem, and whatever form the attack might come, it is better not to talk about your investment outside, because that is when the physical attacks come in. After all, you will only make yourself a target, and that way you can lose everything, and from phishing messages can also lead to losing your assets. People don't clarify things before they venture into them, so it is very important for us as holders not to believe whatever we see so that we don't make such mistakes.

The internet scam is one of the most popular ways that people lose their assets, because people believe what they are not supposed to believe, and they don't even believe any longer, because the way something is presented, they are supposed to be easy to know. and they are always sending emails, people just need to be more careful about emails, and stop saving things online.

[knowngunman]

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 are several ways to identify Bitcoin scam but trust me you can not master it all because new scam methods are being developed on daily basis that even the experts some times fall victim. Although, the major feature mostly associated with scam is mouth watering rewards, high return or free coins. Once you notice any of these signs on any platform, then be extra careful otherwise you'll get scammed. The most effective way to avoid getting scammed is to control your greed. Have it in your mind, if you don't work for it, you don't deserve it and when you're offer the reward without working for it, kindly ignore. You can not reap where you did not sew. If the rewards are too promising to be real, it's probably a scam and you should think twice.

[8rch7]

Avoid scam in bitcoin I don't think difficult but for beginner or newbie have learn more when downloading platform wallet for saving bitcoin assets, you can hold bitcoin at trustwallet and electrum wallet and always download link based on official of that website. If you get difficulty about guide about wallet you can use CEX exchange wallet for awhile to save bitcoin assets until you understand well about installing wallet, back up seed phrase until which one most trusted wallet to save bitcoin assets.
Scammer trick usually use fake download link and you install not official wallet such as many the similar website wallet appear at the first page of google search key, better don't use or search at google for downloading wallet but prefer checking at official website avoid from scam wallet downloading.