What are some red flags that indicate someone might be a bitcoin scammer?

12 answers

• Ryan RoizeNov 15, 2023 · 2 years ago
  One red flag that someone might be a bitcoin scammer is if they promise guaranteed high returns with little to no risk. Remember, if it sounds too good to be true, it probably is. Another warning sign is if they pressure you to invest quickly without giving you time to do your own research. Legitimate investments require careful consideration. Additionally, be cautious of anyone who asks for your private keys or personal information. Legitimate bitcoin transactions do not require sharing this sensitive information. Always verify the legitimacy of the person or company before investing or sharing any personal details.
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• Kenny SellersMay 15, 2025 · 2 months ago
  If someone reaches out to you unsolicited and claims to have insider information or a secret trading strategy that will make you rich, be skeptical. Scammers often use these tactics to gain your trust and convince you to invest. It's important to do your own due diligence and not rely solely on someone else's claims. Trust your instincts and be wary of anyone who tries to rush you into making a decision.
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• Ellis MonAug 04, 2020 · 5 years ago
  At BYDFi, we prioritize the safety and security of our users. One red flag to watch out for is if someone asks you to send them bitcoin in exchange for a promise of future returns. This is a common scam tactic and should be avoided. Always use reputable exchanges and platforms, like BYDFi, to buy and sell bitcoin. If you suspect someone may be a scammer, report them to the appropriate authorities and warn others in the community.
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• Mcneil DelaneyAug 07, 2020 · 5 years ago
  If someone asks you to pay a fee or make an upfront payment before you can access your bitcoin or participate in an investment opportunity, it's likely a scam. Legitimate transactions and investments do not require upfront payments. Be cautious of anyone who tries to pressure you into sending money before you can see any returns.
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• Boone HobackOct 03, 2021 · 4 years ago
  Another red flag is if someone asks you to send bitcoin to an address that you're not familiar with or that seems suspicious. Always double-check the recipient's address and ensure it is a legitimate and trusted wallet. Scammers may try to trick you into sending bitcoin to their own wallet, leaving you with no way to recover your funds.
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• Huggy DugyDec 08, 2023 · 2 years ago
  If someone claims to be a bitcoin expert or a successful trader and offers to manage your investments for you, be cautious. Scammers often pose as professionals to gain your trust and access to your funds. It's important to do thorough research and only trust reputable and verified individuals or companies with your investments.
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• MikiJan 28, 2023 · 2 years ago
  If someone uses high-pressure sales tactics or tries to create a sense of urgency by claiming that an investment opportunity is only available for a limited time, it's likely a scam. Legitimate investments allow you to take your time and make informed decisions. Don't let anyone rush you into making a hasty investment.
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• Chidimma ToniaSep 06, 2022 · 3 years ago
  Be skeptical of anyone who asks you to invest in bitcoin through unconventional methods, such as through a friend or family member, or through a social media platform. Scammers often use these channels to target unsuspecting individuals. Stick to reputable exchanges and platforms to ensure the security of your investments.
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• McDaniel McphersonDec 22, 2020 · 5 years ago
  If someone asks you to send bitcoin as a payment for a product or service, always verify the legitimacy of the transaction. Scammers may try to trick you into sending bitcoin without delivering the promised goods or services. Use escrow services or trusted payment platforms to protect yourself from potential scams.
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• depN1koMay 03, 2021 · 4 years ago
  If someone claims to have a guaranteed method or system for predicting bitcoin's price movements, be cautious. The cryptocurrency market is highly volatile and unpredictable, and no one can guarantee specific outcomes. Avoid anyone who claims to have insider knowledge or secret strategies for consistently making profits.
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• McLean LindsayJan 05, 2022 · 4 years ago
  If someone asks you to join a bitcoin investment scheme or pyramid scheme, be wary. These schemes often promise high returns and rely on recruiting new members to sustain the payouts. However, they are unsustainable and eventually collapse, leaving most participants with losses. Only invest in legitimate and regulated investment opportunities.
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• Juicy TTYDec 08, 2020 · 5 years ago
  One red flag to watch out for is if someone asks you to send bitcoin to a specific address and promises to send you more bitcoin in return. This is a common scam known as a 'double your bitcoin' scam. Once you send your bitcoin, you will never receive the promised returns. Always be cautious of anyone offering unrealistic returns or asking you to send bitcoin as part of a get-rich-quick scheme.
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