Bitcoin Scams

Bitcoin Scams

Bitcoin, the exciting new digital cryptocurrency, has become popular all over the world within a short time. Many people have tried their luck with Bitcoin, and some of them have been being able to make a profit and increase their wealth. A large number of people have invested significant amounts of money purchasing this currency in the hope of making a windfall. Unfortunately, some of these people have lost large sums of money because they fell victim to an online scam. In this article, we provide you with some information about recent Bitcoin scamming.

Fake Bitcoin exchanges

Because Bitcoin is traded online, it is difficult to monitor how the currency is exchanged between different people and customers. The internet allows anyone to create a false identity and, in this way, to scam innocent people into giving them their money. When you get to the point where you need to exchange your Bitcoins, make sure that the person you are talking to is a qualified economist. Ask to see certificates proving the legitimacy of the business in which they work. Check their reputation and the institution that qualified them to engage in economic activities.


The existence of the Bitcoin in these days and times, in a world of abundance, makes different people offer you help transferring your money between accounts. A large number of these people may be intent on taking your savings. They do this by offering you their services at a lower price than usual by presenting themselves as doing the service out of goodwill, to help someone having difficulty managing their Bitcoins by themselves. When you come across sites that offer a discount on their services, it would be wise to report them to the authorities. It is likely that these sites were created just to entice customers and then take their money from them.

Meeting in person

When you are buying or selling Bitcoins in your country, the other party may ask you to meet them in person at a specific location. You should not agree to meet someone that you don’t know personally. Meeting someone you don’t know can end up with your money being stolen and maybe even bodily harm. Be aware and cautious of such cases.   

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