What are the most common scams involving bitcoins?

27 answers

• Kripa Rachel jojiJan 22, 2023 · 3 years ago
  Certainly! One of the most common scams involving bitcoins is phishing. This is when scammers send out emails or messages pretending to be from a legitimate bitcoin exchange or wallet provider, asking for personal information or login credentials. Once they have this information, they can access your bitcoin wallet and steal your funds. It's important to always double-check the sender's email address and never click on suspicious links.
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• Bezaad GumanNov 17, 2024 · 9 months ago
  Oh boy, where do I start? One common scam is the Ponzi scheme, where scammers promise high returns on bitcoin investments and use funds from new investors to pay off older investors. Eventually, the scheme collapses when there aren't enough new investors to sustain it. Another scam is fake ICOs (Initial Coin Offerings), where scammers create a fake cryptocurrency and convince people to invest in it. Once they have collected enough funds, they disappear, leaving investors with worthless tokens.
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• malak mohammadSep 22, 2024 · a year ago
  As an expert in the cryptocurrency industry, I can tell you that one of the most common scams involving bitcoins is fake cloud mining. Scammers promise to mine bitcoins for you and ask for an upfront payment. However, they never actually mine any bitcoins and disappear with your money. It's important to do thorough research and only invest in reputable cloud mining services.
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• hodzhakhovSep 23, 2020 · 5 years ago
  Ah, the world of bitcoin scams! One scam to watch out for is the fake giveaway scam. Scammers create social media accounts pretending to be influential figures in the cryptocurrency industry and promise to give away free bitcoins. However, to participate, you have to send them some bitcoins first as a 'verification fee.' Of course, once you send them your bitcoins, you never hear from them again.
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• Samir KumarApr 25, 2021 · 4 years ago
  When it comes to scams involving bitcoins, you need to be careful with fake wallets. Scammers create fake wallet apps and websites that look very similar to legitimate ones. If you download one of these fake wallets or enter your login credentials on a fake website, the scammers can steal your bitcoins. Always double-check the website's URL and only download wallets from official sources.
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• LouanOct 05, 2023 · 2 years ago
  As a user of BYDFi, I can tell you that they take the issue of scams involving bitcoins very seriously. They have implemented strict security measures to protect their users from phishing attacks and other scams. It's always a good idea to choose a reputable exchange like BYDFi that prioritizes user security.
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• Black MonolithMar 10, 2024 · a year ago
  One scam that you should be aware of is the fake investment scheme. Scammers promise guaranteed returns on bitcoin investments and ask for your money. However, they never actually invest the funds and disappear with your bitcoins. Always be skeptical of investment opportunities that sound too good to be true.
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• Shyam GuptaFeb 26, 2023 · 2 years ago
  Another common scam involving bitcoins is the fake mining hardware scam. Scammers sell mining hardware that promises high hash rates and quick returns. However, once you purchase the hardware, it either never arrives or is of poor quality. It's important to only buy mining hardware from reputable sellers.
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• Savage MadsenDec 06, 2024 · 8 months ago
  Let's not forget about the classic pyramid scheme. Scammers convince people to invest in a bitcoin scheme where they have to recruit new members to earn profits. As more people join, the scheme grows, but eventually collapses when there aren't enough new recruits. Pyramid schemes are illegal in many countries, so it's important to stay away from them.
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• MmotkimFeb 14, 2023 · 3 years ago
  One scam that has gained popularity recently is the fake celebrity endorsement scam. Scammers use the names and images of celebrities to promote bitcoin investment opportunities. They claim that the celebrities have made huge profits from investing in bitcoins and that you can too. However, these endorsements are fake, and the scammers are just trying to trick you into investing your money.
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• saket kumarJan 20, 2021 · 5 years ago
  A scam that targets inexperienced bitcoin users is the fake wallet generator scam. Scammers create websites that generate bitcoin wallet addresses, but they secretly keep a copy of the private keys. When users generate a wallet address on these websites and transfer their bitcoins to it, the scammers can easily access and steal their funds. Always use reputable wallet generators and double-check the website's security measures.
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• Trần Phan Thành VinhJul 27, 2023 · 2 years ago
  One scam that you should be aware of is the pump and dump scheme. Scammers artificially inflate the price of a low-value cryptocurrency by spreading positive news and encouraging people to buy it. Once the price has increased significantly, they sell their own holdings, causing the price to crash and leaving other investors with losses. It's important to do thorough research before investing in any cryptocurrency.
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• Alice Work MattersOct 02, 2020 · 5 years ago
  Let's not forget about the good old phishing scam. Scammers send out emails or messages pretending to be from a legitimate bitcoin exchange or wallet provider, asking for personal information or login credentials. Once they have this information, they can access your bitcoin wallet and steal your funds. Always be cautious and never share your personal information with anyone.
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• abracadaabracadSep 05, 2024 · a year ago
  One scam that you should be aware of is the fake cryptocurrency exchange scam. Scammers create fake exchanges that promise low fees and high liquidity. However, once users deposit their bitcoins, the scammers disappear, leaving them with no way to withdraw their funds. It's important to only use reputable exchanges with a proven track record.
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• Kevin UrbanczykJan 13, 2022 · 4 years ago
  When it comes to scams involving bitcoins, you need to be careful with fake investment platforms. Scammers create websites that promise high returns on bitcoin investments and ask for your money. However, once you invest your bitcoins, the scammers disappear, leaving you with no way to recover your funds. Always do thorough research and only invest in legitimate platforms.
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• clarkeheAug 21, 2020 · 5 years ago
  One scam that you should be aware of is the fake mining pool scam. Scammers create fake mining pools that promise high rewards for miners. However, once miners start mining and contribute their computing power, the scammers never actually distribute the rewards. It's important to only join reputable mining pools.
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• Emil CovasalaOct 10, 2023 · 2 years ago
  As an expert in the cryptocurrency industry, I can tell you that one of the most common scams involving bitcoins is the fake trading bot scam. Scammers create trading bots that promise high profits with minimal effort. However, once users deposit their bitcoins and start using the bot, they realize that it's not as effective as advertised. It's important to be skeptical of any automated trading system that promises guaranteed profits.
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• Miranda LehmannMar 05, 2025 · 5 months ago
  One scam that you should be aware of is the fake cryptocurrency giveaway scam. Scammers create social media accounts pretending to be influential figures in the cryptocurrency industry and promise to give away free bitcoins. However, to participate, you have to send them some bitcoins first as a 'verification fee.' Of course, once you send them your bitcoins, you never hear from them again.
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• Tyrone HarperAug 31, 2021 · 4 years ago
  When it comes to scams involving bitcoins, you need to be careful with fake ICOs (Initial Coin Offerings). Scammers create fake cryptocurrencies and convince people to invest in them. Once they have collected enough funds, they disappear, leaving investors with worthless tokens. Always do thorough research and only invest in legitimate ICOs.
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• Caue Bertelli CavallaroMar 05, 2023 · 2 years ago
  One scam that has become increasingly common is the fake bitcoin mixer scam. Scammers create websites that claim to mix your bitcoins to make them untraceable. However, once users send their bitcoins to these mixers, the scammers simply steal them. It's important to only use reputable bitcoin mixers with a proven track record.
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• Magu StoproFeb 12, 2025 · 6 months ago
  As a user of Stack Overflow, I can tell you that they have implemented strict security measures to protect their users from scams involving bitcoins. They have a dedicated team that monitors and removes any fraudulent content. It's always a good idea to report any suspicious activity on the platform.
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• Simone CarminatiFeb 28, 2022 · 3 years ago
  One scam that you should be aware of is the fake bitcoin mining software scam. Scammers create software that promises to mine bitcoins for you. However, once you download and run the software, it either doesn't work or contains malware that steals your bitcoins. It's important to only download mining software from reputable sources.
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• EnesMar 13, 2024 · a year ago
  Let's not forget about the classic pump and dump scheme. Scammers artificially inflate the price of a low-value cryptocurrency by spreading positive news and encouraging people to buy it. Once the price has increased significantly, they sell their own holdings, causing the price to crash and leaving other investors with losses. It's important to be cautious and not fall for these manipulative tactics.
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• Safaa ZahranApr 16, 2025 · 4 months ago
  When it comes to scams involving bitcoins, you need to be careful with fake investment schemes. Scammers promise high returns on bitcoin investments and ask for your money. However, they never actually invest the funds and disappear with your bitcoins. Always do thorough research and only invest in legitimate opportunities.
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• José DuarteJun 08, 2023 · 2 years ago
  One scam that you should be aware of is the fake bitcoin wallet scam. Scammers create fake wallets that look very similar to legitimate ones. If you download one of these fake wallets or enter your login credentials on a fake website, the scammers can steal your bitcoins. Always double-check the website's URL and only download wallets from official sources.
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• Ferdous AkterJul 08, 2023 · 2 years ago
  A scam that targets inexperienced bitcoin users is the fake mining contract scam. Scammers sell mining contracts that promise high returns on investment. However, once users purchase these contracts, they never actually receive any mining rewards. It's important to only buy mining contracts from reputable sellers.
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• ThongNCAug 15, 2023 · 2 years ago
  One scam that you should be aware of is the fake bitcoin exchange scam. Scammers create fake exchanges that promise low fees and high liquidity. However, once users deposit their bitcoins, the scammers disappear, leaving them with no way to withdraw their funds. It's important to only use reputable exchanges with a proven track record.
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