Bitcoin Scams

How to Get Bitcoins Without Getting Scammed

0 Comments

It’s a cliche at this point to call cryptocurrency “The Wild West”, but this statement is so often repeated because it’s true. Just as in the historical gold rush, plenty of people have gotten rich on Bitcoin. Also like this economic free-for-all of history past, plenty of new Bitcoin buyers get scammed. Today we’ll look at how to get Bitcoins without getting scammed.

How to Get Bitcoins the Right Way

Learning how to buy Bitcoins is easy, if you do your research first. Many different online cryptocurrency exchanges sell Bitcoin. Some of these exchanges accept fiat currency (British pounds sterling, Euros, US dollars) as payment for Bitcoin. Others don’t take fiat, and require users to exchange other cryptocurrencies for Bitcoin.

If you don’t have any cryptocurrency, you’ll have to use a fiat exchange, like Coinbase, Gemini, or Changelly. There are more examples, but these three offer you the best service, each appealing to a different kind of consumer.

Coinbase is seen as being for beginners, Gemini exchange for slightly more advanced users wanting to save money, and Changelly for people who want the most convenient Bitcoin buying option of all.

How to Protect Yourself From Scams

how to get bitcoins without getting scammed

There are many Bitcoin scams. Most of them appear too good to be true, but unwitting newcomers still get lured into the traps. Here are some of the most popular scams.

Phoney Sites/Wallets

Some Bitcoin scammers created websites or Bitcoin wallets that look just like the real thing, but in reality just steal your private keys and your Bitcoin.

Giveaways That Want You to Pay

A common Twitter scam is to offer users 1 Bitcoin if they send in 0.5 Bitcoins first (the numbers will vary). These offers will often come from fake accounts that look like they belong to crypto celebrities.

Ponzi Schemes

Bitconnect was shuttered last year, and its users lost millions. A Bitcoin ponzi scheme will usually say they have some unique automated way to trade Bitcoin for profit, and that you will get a cut if you deposit money first. These companies make payouts, but they’re made up of new user deposits, not investment returns. Ponzis look like a miracle for a while, but all eventually fail.

Learning how to get Bitcoin is the basis of all crypto trading. If you’re new, work only with reputable Bitcoin brokers, and avoid Bitcoin scams like these that seem authentic but are really predatory.

More about Bitcoin

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of
Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks.

CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money.

Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk.

Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.
close-link