How To Protect Yourself From Bitcoin Scams

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The world is rife with online scammers who are trying to do anything they can to get you to hand over something, usually money. Sadly, the same thing happens in the Bitcoin world too as online criminals cotton on to the hardest money going and want to get your sats.

I’ve heard some horror stories from friends, people sharing screenshots and the usual mainstream media FUD (Fear, Uncertainty, Doubt) about how people have lost their life savings to scammers. This is always so sad to read and heart-breaking to hear about.

However well equipped you think you are, there will always be something that could tempt you in when you hear a deal that is too good to be true. So consider this article as your friendly neighbourhood sheriff reminder to not jump in to anything and question everything when it comes to your Bitcoin.

We Have You Covered

If you’ve been following us long enough since we launched, you will know that at The Bitcoin Manual, we’re all really up on security and not to get scammed. We have created a whole section on Security & Storage that gives you plenty of pointers on how to stay safe with your sats.

Not only that but we also have a section dedicated to be aware of scams so you don’t become the next victim that can be used in a mainstream media article for clickbait. This is not a comprehensive list by all means as scammers look for new ways to get through to you but should give you some good pointers.

Out The Blue, Not For You

This is the mantra I normally live by and covers pretty much 80% of scams out there. This usually comes in the form of unsolicited messages to your social media inbox or replies to comments you’ve made online. Regardless of if you believe the lavish offer to be true or not, if it came out of the blue, then it’s not for you.

That means, ignore it completely! End of!

I often report the account, block it and then carry on and hope that account gets shut down so no-one else can be poached. Sadly though, it’s as easy as 1-2-3 to set up an online account these days and they’ll just carry on so you have to be aware of this.

Stay Savvy

For me, Bitcoin is a long term game of accumulation. Once I buy some sats, they generally aren’t moving anywhere other than to cold storage, with a very small chunk earning interest in various lending platforms. I have learned some hard lessons since 2018 and I’m keeping my sats firmly locked away!

Therefore, I have developed a strategy of making it very difficult for me to access my sats in the unlikely event of an online scam tempting me. I’d have to go to a couple of vaults across the country to even get my hardware wallet so there’s no way I’d do that!

Once you learn how to get over the fear of self-custody, you too will keep your sats safe. And for goodness sake, don’t dox yourself either!

Hopefully this serves as a little reminder to take heed of your current security set-up online and you can keep on with your Bitcoin strategy safely!

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice. It is for educational and entertainment purposes only. As of the time posting, the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency, as all investments contain risk. All opinions expressed in these articles are my own and are in no way a reflection of the opinions of The Bitcoin Manual

2 Responses

  1. Another excellent article.
    To readers
    Please be sure to always keep these guards in place, just because you dodge one scammer doesn’t mean they stop, there is always another. They don’t give up which is why you need to keep your guards up, phrases keys private, don’t share how much you have with anyone on social media. Wether you do or don’t get into Bitcoin or crypto scammers will still try over the phone either cold calling, texts and emails. If it looks too good to be true it generally is. If they want money from you to “invest” it’s a scam. Report, block and delete.
    Stay safe all.

    1. Thanks Peter and fully agree with everything you say here. Everyone needs to be vigilant with everything they do online, not just Bitcoin. Scammers are everywhere and tactics vary but have much the same theme. If it is too good to be true… not for you!

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