Common Bitcoin Scams and How to Avoid Them


Blackmail is a well-known method used by scammers to threaten others by disclosing sensitive information unless they are somehow reimbursed. This cashback is usually in the form of cryptocurrency, specifically Bitcoin.
Blackmail works by scammers finding or generating sensitive information about you and using that information to force you to send them bitcoin or other forms of money.
The best way to prevent scammers from blackmailing you with your bitcoins is to be careful when choosing your login credentials, which sites you visit online, and who you give your information to. It's wise to use two-factor authentication whenever possible.

Fake Exchanges

As the name suggests, fake exchanges are fake copies of legitimate crypto exchanges. Typically, these scams are offered as mobile apps, but in rare cases they can also be found as desktop apps or fake websites. Some fake exchanges may look legitimate at first glance as they are quite similar to the originals, but their purpose is to steal money.
Typically, these fake exchanges will lure crypto investors by offering free cryptocurrencies, competitive prices, low exchange fees, and even gifts.
To avoid getting scammed on a fake exchange, you should bookmark the real URL and always double check before logging in.
When it comes to mobile apps, you should make sure to verify developer information, number of downloads, reviews and comments.

Fake Gifts

Fake gifts are used to defraud your cryptocurrencies by offering something free for a small deposit. Typically, scammers ask you to send money to a bitcoin address before you can get more bitcoins in return. However, if you send this bitcoin, you will probably not receive any gifts and you may never see your money again.
There are many variations of fake gift scams. Some scams will ask for ETH, XRP and many more cryptocurrencies instead of BTC. In some cases, they may ask for your private keys or other sensitive information.
Fake gifts are most commonly found on Twitter and other social media platforms where scammers link to popular tweets, viral news or announcements.
The best way to avoid fake sweepstakes scams is to never enter any sweepstakes where you have to submit something of value first. Legitimate gifts never ask for money.

Social Media Phishing

Social media phishing (phishing) is a common Bitcoin scam that you will most likely find on social media, as are fake giveaways. Scammers create an account that looks like someone with a high level of authority in the crypto space. They will then offer fake gifts via tweets or direct chat messages.
The best way to avoid getting scammed through social media phishing is to double-check that the person is saying who they really are. Certain social media platforms, such as the blue checkmarks on Twitter and Facebook, often have indications of this.

Copy Paste Malware

Copy and paste malware is a very sneaky way for scammers to steal your money. This type of malware will hijack your clipboard data and if you are not careful you will send money directly to the scammers.
To avoid this type of scam, you need to be very careful with the security of your computer. You should be wary of suspicious messages or emails that may contain infected attachments or dangerous links. Be mindful of the websites you browse and the software you install on your devices. You should also install an antivirus and consider scanning for threats regularly. It's also important to keep your device's operating system up to date.

Phishing Emails

There are several types of phishing. One of the most common involves the use of phishing emails that work to get you to download an infected file or click on a link that takes you to a malicious website that looks legitimate. These emails are dangerous because they imitate a product or service you use frequently.

Usually, scammers contain a message asking you to take immediate action to secure your account or money. They may ask you to update your account information, reset your password, or upload documents. In most cases, their purpose is to collect your login information to try to hack your account.

The first step in avoiding phishing email scams is to check if the emails are coming from the original source. If in doubt, you can contact the company directly to verify that the email you received came from them. Second, you can hover over email links without clicking to check for typos, unusual characters, or other irregularities in URLs.

Ponzi and Pyramid Charts

Ponzi and pyramid schemes are two of the oldest financial scams in history. A ponzi scheme is an investment strategy that provides old investors with a return on new investor money. When the scammer can no longer bring in new investors, the money stops flowing.

A pyramid scheme is a business model that pays members based on how many new members they sign up. When a new member cannot be registered, the money flow stops. The best way to stay away from any of these schemes is to do research on the cryptocurrencies you buy.


Ransomware is malware that locks victims' mobile or computer devices or prevents them from accessing valuable data unless the ransom is paid (usually in BTC). These attacks can be devastating, especially when they target hospitals, airports and government agencies.

Typically, ransomware blocks access to important files or databases and threatens to delete them if payment is not received before the deadline. But unfortunately, there is no guarantee that the attackers will keep their promises.

To protect yourself from ransomware, first install an antivirus and keep your operating system and applications up to date. Avoid clicking on ads and suspicious links. Be wary of e-mail attachments. Back up your files regularly so you can restore them if you get infected.