NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Avoid Bitcoin Scams in 5 Steps!

Gautham
Gautham
4 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Should you be worried about the previous or the next Bitcoin Scam?

Bitcoin adoption is seeing a rapid surge across the world in recent months. The latest report of Juniper Research’s forecast on the Bitcoin community hitting 5 million users by end of 2019 doesn’t come as a surprise. As its adoption grows, the number of people trying to scam the users of their Bitcoin also grows.

Using Common Sense against Bitcoin Scams

No, you don’t have to be worried about Bitcoin scams. All you have to do is, ask a few questions and do some basic research to make sure that you have covered all your bases. You don’t have to be an expert to look for these answers. All it needs is some common sense and a few standard questions (or knowledge about basic internet search).

avoiding bitcoin scams by not taking lollipop from the strangers cartoon

A recent report – There is No Free Lunch, Even Using Bitcoin: Tracking the Popularity and Profits of Virtual Currency Scams by Marie Vasek and Tyler Moore explains the extent of Bitcoin scams since the year 2011. It shows the prevalence and success rate of various Bitcoin scams.

Five steps that can prevent you from becoming a victim of Bitcoin scams

  1. Listen to your common sense – If something sounds too good to be true, then it is probably not true… If someone promises you ridiculously high returns for your investment, then it is probably a scam. Keep your cards close to you. Don’t give your private key to anyone.
  2. Don’t blindly believe in what the company’s website or information brochure says. Verify whether whatever they say is true by checking the company’s name in the respective country’s company information registry database. Make sure that the company lists its promoters and developers on its website. You can also search for their names on LinkedIn or other sites. A Google search for WHOIS information about the company and its domains will also help you find out who is behind it along with the hosting information etc.
  3. It is always advisable to opt for publicly audited companies. If a company provides its customers access to its proof-of-reserve cryptographic audit information which clearly shows the company’s Bitcoin holdings that can be readily verified.
  4. More transparent a company is with regards to its operations, the better it is to do business with them. Check whether the company follows best business practices, has all its policies and terms clearly mentioned on their website and communications.
  5. Mismanagement or Scam, both are dangerous for your money, even though the former doesn’t have any malicious intentions. Especially with the number of Bitcoin businesses growing exponentially, there are many Bitcoin startups that do not have the required funding or infrastructure to run a full-fledged Bitcoin business and some of them end up looking like a scam due to mismanagement. It is good to stay away from them, for your own benefit, but in case you find and conclude the site to be genuine , then by all means go ahead (at your own risk).

Following these steps won’t guarantee 100 percent protection against bitcoin scams, but it will surely reduce your risk of exposure to them.

Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Comments 3

  1. Gog says:
    10 years ago

    Good points, common sense actually. You should also mention the pitfalls of online forums. There are so many puppets and trolls that it is often difficult to get a realistic picture of what is going on with any company there. The drama, accusations, and lies can confuse and this is where bad decisions are often made

    Reply
  2. rich godman says:
    10 years ago

    Easiest way to avoid bitcoin scams is too avoid bitcoin altogether, common sense really.

    Reply
  3. David Lambert says:
    9 years ago

    Also, if you find out where the Web hosting is see if it has been used by previous Scammers. If they publish an Address Google Earth will show you what their ‘Premises’ look like. Suffice to say would a Multi-Million $/BTC, High Tech Company be run from a North London Hairdresser? (This was one I found a while ago!)

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 3

  1. Gog says:
    10 years ago

    Good points, common sense actually. You should also mention the pitfalls of online forums. There are so many puppets and trolls that it is often difficult to get a realistic picture of what is going on with any company there. The drama, accusations, and lies can confuse and this is where bad decisions are often made

    Reply
  2. rich godman says:
    10 years ago

    Easiest way to avoid bitcoin scams is too avoid bitcoin altogether, common sense really.

    Reply
  3. David Lambert says:
    9 years ago

    Also, if you find out where the Web hosting is see if it has been used by previous Scammers. If they publish an Address Google Earth will show you what their ‘Premises’ look like. Suffice to say would a Multi-Million $/BTC, High Tech Company be run from a North London Hairdresser? (This was one I found a while ago!)

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Falls Below $117,000 Amid $3.5 Billion Profit-Taking Frenzy

The Bitcoin price has slipped under  $117,000 as on-chain data shows the network has observed one of its largest profit...

Keshav Verma 2 hours ago

Mercado Bitcoin doubles down on RWA, experts discuss what this means for the future of tokenized finance

Earlier this month, leading South American crypto exchange Mercado Bitcoin unveiled plans to tokenize approximately $200 million in tokenized financial...

NewsBTC 2 hours ago
Bitcoin má nové ATH.

Bitcoin překonává hranici 120 000 dolarů, jaké coiny s ním rostou nejvíce?

Bitcoin poprvé v historii překonal hranici 120 000 dolarů a investoři i široká veřejnost si kladou otázku, co to znamená...

Lenka Hanzlíková 2 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Altcoin

Altcoin Season Index Spikes Above 30, But Bitcoin Dominance Remains High, What Next?

Scott Matherson 3 minutes ago
Citigroup

Citigroup CEO Confirms Interest In Issuing A Proprietary Stablecoin—Reuters

Ronaldo Marquez 1 hour ago
Ripple nieuws: XRP & SOL ETFs worden beste crypto's met potentie in 2025 volgens expert

Ripple nieuws: XRP & SOL ETFs worden beste crypto’s met potentie in 2025 volgens expert

Lars Diederiksen 1 hour ago

Premium Sponsors

Press Releases

  • Whales Quay Lại Với Meme Coin Sau ATH Của Bitcoin –...

    23 minutes ago
  • 2 kryptomeny s mimoriadne vysokým hodnotením, ktoré by mohli stáť za riziko

    2 kryptomeny s mimoriadne vysokým hodnotením, ktoré by...

    28 minutes ago
  • Toncoin

    Dự Đoán Giá Toncoin: $8 Tháng 8? Các Đồng Coin...

    32 minutes ago
  • Öt, 1 dollár alatti altcoin szimbólum növekedési potenciállal, Bitcoin a háttérben.

    Cá Voi Crypto Đã Mua Những Alt coin Nào Trong Tuần...

    45 minutes ago
  • Can You Really Make $5,670 in 7 Days? Learn more about...

    49 minutes ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.