Crypto Currency

Beware of Bitcoin Scams

Since it was introduced, Bitcoin has continued to rise exponentially beyond what enthusiasts predicted at that time. As much as…

Since it was introduced, Bitcoin has continued to rise exponentially beyond what enthusiasts predicted at that time. As much as it is highly volatile and unpredictable, it is fast becoming a globally-adopted digital currency, and unlike normal currencies, there are no central authorities overseeing Bitcoin transactions. Once a Bitcoin transaction has been carried out, it cannot be reversed or recovered which makes it a huge focus for fraudsters.

Because of this, it’s important for you to be able to differentiate between a legit Bitcoin program and a scam to prevent you from incurring a huge loss on a valuable investment. In this article, we will be discussing the three major Bitcoin scams and ways to avoid them.

High-yield investment programs (HYIP)

These programs are also known as Ponzi schemes where people are convinced to invest with a promise of high returns. Here, old investors are paid from the investments of new ones, and this usually goes on for a short time before it crashes. These programs never work out since new entrants do not get anything from their investments.

Fake Bitcoin Exchange

These kinds of scams usually take place on social media where you may run into an ad saying you can buy Bitcoin for below market price. This is just to lure you to visit their website, and once you do, if you are not careful, you can be scammed.

Bitcoin phishing scam

This is when you receive an email that a particular amount of Bitcoin has been awarded to you, but in reality, the link in the mail to claim the award is actually to give the phisher the power to take control of the user’s wallet.

Avoiding Bitcoin scams

  • The first major thing you need to do is to carry out investigations on the company you intend to do business with. Simply visit blogs, read reviews, and check forums to learn more about the credibility of the company.
  • Always trust your instincts, and if a deal sounds too good to be real, simply opt out. Don’t go into a deal because of the high rate of return promised.
  • Make sure you verify facts listed in the advert. Take the time to learn everything that there is to know before you get involved.
  • Invest in publicly-audited companies since they are the only ones that give you the access to read their proof of reserve cryptographic audit. This will make it easier for you to verify their Bitcoin holdings.

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Crypto ATM scams in Australia cause over AUD 3.1 million in losses

Over 150 unique scam reports filed with ReportCyber during the period. Average loss per victim exceeded AUD 20,000. Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025. Australia is facing a fresh wave of crypto-related scams, this time involving the rapid expansion of cryptocurrency ATMs across the country…

Over 150 unique scam reports filed with ReportCyber during the period. Average loss per victim exceeded AUD 20,000. Crypto ATMs in Australia surged from 40 in 2022 to over 1,800 by 2025. Australia is facing a fresh wave of crypto-related scams, this time involving the rapid expansion of cryptocurrency ATMs across the country…
Read More

Continue Reading
Crypto Currency

Bitget brings Web3 knowledge to Lagos in youth outreach event

Bitget, a global cryptocurrency exchange and Web3 firm, held its Nigeria Community Education Day in Lagos as part of its read more Bitget brings Web3 knowledge to Lagos in youth outreach event…

Bitget, a global cryptocurrency exchange and Web3 firm, held its Nigeria Community Education Day in Lagos as part of its
read more Bitget brings Web3 knowledge to Lagos in youth outreach event…
Read More

Continue Reading
Crypto Currency

Pi Network Beats XRP for Top Spot in Latest Crypto Usage Poll

The post Pi Network Beats XRP for Top Spot in Latest Crypto Usage Poll appeared first on Coinpedia Fintech News Pi Network has outperformed XRP in a recent poll about cryptocurrency usage on Zypto VISA Cards, even as its market price continues to tumble. The poll…

The post Pi Network Beats XRP for Top Spot in Latest Crypto Usage Poll appeared first on Coinpedia Fintech News
Pi Network has outperformed XRP in a recent poll about cryptocurrency usage on Zypto VISA Cards, even as its market price continues to tumble. The poll…
Read More

Continue Reading
Crypto Currency

7 Most Profitable Crypto Passive Income Tools: Earn Free BTC with Cloud Mining

Using the most profitable crypto passive income tools in 2025 can supercharge your investment efficiency tenfold. As the cryptocurrency market matures, cloud mining technology has evolved, merging financial products with The post 7 Most Profitable Crypto Passive Income Tools: Earn Free BTC with Cloud Mining appeared first on NFT Evening…

Using the most profitable crypto passive income tools in 2025 can supercharge your investment efficiency tenfold. As the cryptocurrency market matures, cloud mining technology has evolved, merging financial products with
The post 7 Most Profitable Crypto Passive Income Tools: Earn Free BTC with Cloud Mining appeared first on NFT Evening…
Read More

Continue Reading