How To Avoid Getting Scammed On Bitcoins

How to avoid getting scammed on Bitcoins

Bitcoin is valued by a system beyond mere governments and institutions. It is run by protocols not many people understand. Yet, it attracts a lot of investors and traders due to its increasing value.

Since few know how Bitcoin really works, the chances and opportunities of cheats and scams are high. “The trading for quick gain” clause that attracts the masses becomes a tool for the dark side of Bitcoin. Lack of awareness leads to greater vulnerability of someone’s money. Let’s look at some ways to avoid Bitcoin scamming and save yourself the trouble.

#1 — Avoid Phishing

With phishing scams, people trick you into giving your personal information such as account details. Such incidents have occurred a lot in finance and e-commerce websites. Moreover, Bitcoin transactions cannot be reversed. So, if you give your account information to someone unknown, the money is gone for good.

Emails from unknown sources, leading to fraudulent websites track down your account information and steal your money before you could even notice it. SMS and phone calls from various companies about prizes or even claiming to be an established Bitcoin mining site ask for the account information as an excuse of verification. There have been multiple cases of look-alike websites through advertisements. When you search for a particular keyword, it appears to be a legitimate website but leads you to a phishing website that can track your info and put you into trouble.

  • Do not tell any unknown person your account details or attend any such calls that seek your account information for whatsoever reason.
  • Keep your account information regularly updated. Change your password in adequate intervals and be updated with the activities in your account.
  • Check the URL of the websites you visit for mining and also the addresses of related emails.
  • Enable smart features such as PINs, two-step verifications, etc. for the security of your account.
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#2 — Fake Mining Scams

Never believe anyone claiming he will help you mine Bitcoin. Such behavior is prevalent on social media and many victims have succumbed to it.

People stalk the traders who are new or are greatly interested and then attract them to schemes that don’t even exist. Once a person agrees, they make him a lamb for their slaughter. They encourage him to do transactions or derive his/her account information, ultimately running away with all the money he/she has. Offers about investments which would make a person’s money grow in multitudes become an easy weapon of scam as they make a chain of victims and run away with the money in the end.

  • Be aware when engaging with brokers over social media or any such online platforms. Never engage in transactions through a direct message on social media.
  • Check the URLs of the sites you visit. Refrain from visiting sites with profiles offering too-good-to-be-true offers.

#3 — Multi-Level Marketing Schemes

Companies ask for promoters for their websites over multiple platforms. They even ask for a one-time investment for a new user to join. The user is supposed to make more and more people connect with the website and the company promises him to pay a certain amount for every new user, who he refers to, joins.

Hence a low initial investment can be multiplied several times with every new user that joins this pyramid. Before long, hundreds of victims join the scheme. At a point, when the pyramid has grown, the original scammer walks away, and all of it collapses. The scammer eventually makes off the victim’s stolen Bitcoins.

Indulging in schemes is a blind risk. Bitcoin is money that once gets lost, cannot be recovered. It is a digital currency, but that does not mean it can be used to acquire wealth quickly. Contemplate, research and then invest. Otherwise, there are various cyber criminals waiting for a prey. If you have suffered from any such crimes you can report it, but might never get to see your Bitcoin back in your wallet.

#4 — Sharing your wallet credentials/PIN with anyone

This is the root of every scam that ever happened with a Bitcoin user. A cheat’s first step is to seek your account credentials some way or the other. Then, it becomes easy for him to steal your money. People even scam in the name of donations. Users usually succumbed to culprits asking their information for donations and ultimately lose their money.

Do not share your credentials or PIN of your account with any person you cannot place your trust upon. Otherwise, your money would be beyond your horizon and you won’t even have a trace of it. Every hacker or scammer in this world is looking for easy victims. It is your responsibility to save your money and it is your choice, how you save it.

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