The Most Common Bitcoin Scams – And How To Avoid Them

Swindlers often resort to blackmail by threatening to reveal confidential information unless they are compensated somehow. Bitcoin is the most common cryptocurrency used for this kind of compensation. You may be blackmailed into sending bitcoin or other types of money by con artists who get or create private information about you and use it to their advantage.

To prevent Bitcoin scams and having your Bitcoins stolen by cybercriminals, it’s essential to take precautions when choosing your login credentials, the websites you visit, and the information you give out. Whenever feasible, it’s also recommended to use two-factor authentication. If you know that the information they are using to blackmail you is untrue, you could be safe from legal trouble.


When installed on a computer or mobile device, ransomware encrypts data or locks the device until a ransom is paid (usually in BTC). Targets, including hospitals, airports, and government buildings, are prime targets for this kind of assault because of the potential for widespread destruction. If the ransom is not paid by a specific date, the malware will usually wipe the data or files it has blocked access to.

Nonetheless, there is no assurance that the assailants will keep their word. As ransomware attacks become more common, there are steps you can take to safeguard your data:

• Put in an anti-virus program and constantly update your software.
• Stay away from questionable advertisements and links.
• Avoid opening attachments in emails. Files with the .exe, .vbs and .scr extensions need particular caution.
• Keep a frequent backup of your data in case you are infected.

Phishing Scams

Several distinct forms of Bitcoin scams have emerged in recent years. The use of phishing emails, which attempt to fool you into downloading an infected file or clicking a link that takes you to a malicious website that seems genuine but isn’t, is one of the most popular methods when these emails try to pass themselves off as something you use often, the risk increases.

Scammers often add a message demanding immediate action to protect your money or account. Your account details, password, and supporting files may need to be updated, changed, and uploaded. Typically, they want to steal your credentials to attempt to break into your account. Checking the sender’s address is the first defense against phishing emails.

You can also call the business to make sure the email you got came from them if you have any doubts. Second, before clicking on the links in the email, you may use your mouse to see if the URLs include any typos, strange symbols, or other red flags. You shouldn’t click the links even if there aren’t any warning signs.