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How to avoid Bitcoin scams

by Staff writer
12 Oct 2020 at 20:28hrs | Views
Bitcoin scams are everywhere and with cryptocurrency being a valuable asset in the world today, it easily attracts more criminals. There have been multiple reports of scams in recent years worth up to millions of dollars. Recent statistics show how crypto scams have skyrocketed compared to three years ago. As of July 2020, $24 million were recorded to have been stolen, with one of the most remarkable events being the 2020 Twitter bitcoin scam that involved up to 130 high-profile twitter accounts that were compromised.

Anyone could be a victim of these scams but there are ways to prevent your risk of being one, some of which are discussed in this article:

1. Do Your Research

Simple or in-depth research can save you from getting scammed of your hard-earned money. Make it a habit to research anything before committing your funds to it. For example, before you decide on the bitcoin wallet app to use, ensure you research the company that owns it, its reputation, how tight the security is, and more. You should be skeptical of offers that are too good to be true, especially when they demand some money from you too soon with a limited time frame. Some returns or discount offers might be appealing but could also be getting you into a trap.

There are reviews online about several bitcoin apps, such as the learnbonds bitcoin up scam review. This will give you an insight into the pros and cons of the app and help you make an informed decision on the right one to use that will guarantee your security.

2. Beware of Phishing Websites

One of the easiest ways by which people get scammed is by falling prey to phishing websites. Scammers tend to design sites that look exactly like the original and if you do not pay close attention, you might end up making a transaction on the wrong site. These look-alike sites also tend to have email addresses that are similar to the original, to not raise suspicions. To avoid this, always check the address of the email sent to you to see the domain it's directly linked to. Also, look at the URL of the site you're visiting and double-check to ensure you're in the right place.

3. Confirm Giveaway Sources

The 2020 Twitter bitcoin scam was presented as a form of a giveaway by high-profile people and many people fell for it, as the hackers were reported to have made up to $121,000. It's important to note that a legitimate giveaway process would not involve you sending money to a public bitcoin address. It's easy to trust top social accounts doing giveaways but if there's anything the Twitter scam taught anyone, it is that any account can be hacked.


Bitcoin does not have any third-party institution nor do they work with the government body, which makes it difficult to revert any wrong transaction that may occur. Internet frauds will always happen as long as the internet exists but you can take proper measures to ensure you don't fall victim. Keep sensitive data such as your private key and passwords safe and also enable two-factor authentication.

Source - byo24news