How to Avoid Bitcoin Scams

   2020-11-21 08:11

Our Reporter

Bitcoin scams are on the rise as more internet fraudsters continue to attack cyberspace. Bitcoin is a decentralized currency, which means your transactions cannot be reversed. This has been both an advantage and a disadvantage to users, as you can’t possibly get a refund of your money if it is mistakenly sent to the wrong account. This is why extra precautions must be taken when dealing with bitcoin and other cryptocurrencies.



Bitcoin scams have significantly improved over the last few years. While $5 million was recorded to have been scammed off unsuspecting victims in 2017, about 5X of that amount for a total of $24 million was recorded in the first quarter of 2020. The numbers have increased over subsequent months and now more than ever, you need to take precautions to avoid bitcoin scams.

Choose Your App Wisely

The first thing you’ll need to get started with trading bitcoin is your bitcoin wallet and scammers often use this as…

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin19,519 0.92 % 7.21 % 6.14 %
Ethereum611.39 1.13 % 6.50 % 9.08 %
XRP0.6640 2.74 % 9.05 % 49.51 %
Tether0.9983 0.12 % 0.33 % 0.11 %
Bitcoin Cash317.49 0.90 % 11.22 % 9.42 %
Litecoin87.70 1.57 % 10.04 % 5.84 %
Chainlink14.24 0.92 % 7.26 % 2.02 %
Cardano0.1712 2.15 % 3.30 % 17.88 %
Polkadot5.350 0.25 % 3.07 % 2.69 %
Binance Coin31.33 0.81 % 4.02 % 4.50 %
Stellar0.2010 1.71 % 3.15 % 93.88 %
Bitcoin SV183.38 2.10 % 8.44 % 3.02 %
EOS3.250 1.23 % 6.82 % 6.08 %
USD Coin1.000 0.03 % 0.10 % 0.39 %
Wrapped Bitcoin19,560 1.03 % 7.32 % 6.26 %
TRON0.03231 0.42 % 5.38 % 12.33 %
Monero129.37 0.78 % 4.67 % 4.70 %
Tezos2.480 0.57 % 5.11 % 9.07 %
NEM0.1882 3.66 % 5.59 % 46.19 %
cDAI0.02091 0.01 % 0.19 % 0.45 %