6 Common Crypto Scams and How to Play Safe

Written by Ryan Green
3 mins, 6 secs Read
Updated On November 22, 2023

We have seen crypto breaking all the records in 2021. Thanks to the surge it has taken in the market. We see a good amount of record-breaking things seen with the currency. However, people have earned and lost money in a big way with scams. In this article, we will try to learn about the six scams and even the preventive measures one can take to eliminate them. Aside from trading, platforms like bitqh site are also offering tips on how to avoid being scammed. Now, we will focus on our crucial subject to get an overview of the same in the following paragraphs:  

Demanding Crypto-Only Payments

It can appear like any genuine person asking for the option to pay you only in crypto other than the popular BTC Or ETH but remember, it is a big scam. BTC and other alternate coins are popular coins and asset classes. Hence, credible groups fail to accept crypto and do not even accept USD via standard methods, including wire transfers and credit and debit cards. Generally speaking, anyone willing to pay BTC can quickly capitalize, but other cryptos can be a problem. Also, other cryptos do not follow the KYC protocols that popular coins follow. 


Fake or Anonymous Identities

The lack of KYC protocol seen on Blockchain can have several key questions that mark for a substantial use claims experts in the market. You can find too many crypto lovers working fine with it; however, with several decentralized platforms, you cannot secure any place, wrong or good actor in this field. So, when you find Blockchain coming along with a new kind of transparency, you can quickly attend to the idea of getting some public records. 


Virtual Games and Collectibles

As you see something coming under the game called Squid Game, it appeared to be a big scam. It comes with a high-end code and the capability to develop new games and help in enjoying some imagination world seen over Blockchain, and it can help in making Netflix come up with their new show on it. The scam works simply by using the Blockchain network and hooking the novices to mint their money by asking the players to put their coins in the game. Soon the digital currencies disappeared, allowing them to understand that it was a scam. 

Crypto Investment Schemes

You can find a new form of crypto that remains constantly minted and then hits the Blokchcian, known as ICO or initial coin offering. However, the ICOs are simple opportunities for scams. You can find the company with a guarantee of 1000 percent return. It also helps in adding pressure and gaining a bunch of new coins. They can help get the digital wallet as a compromise and then add the scam for people trying their luck with it. 

Romance Scams

We can call Dating apps rife with several crypto scams. You can find the FTC working with 20 percent, and the memory is now losing money to romance scams in 2020 to 2021 in a big way. These include long-distance relationships made virtually where one party adds pressure to squeeze money, mostly in crypto, as tracking is an issue in most cases. Thus it remains a usual trap we keep seeing here and there. 

Phishing Scams

 These are known scams on the web. However, crypto has some new implications, like it is average regarding a phishing attack that efficiently works with some bad actors and sends emails to lure people. These emails and messages tend to remain too lucrative to help people gain the system in the market and then help in achieving the best reply about it. It remains like a Blockchain that can help arrange the decentralized design that can help control the information. 

How Can You Prevent SUCH CRYPTO SCAMS? 

Even experts and veterans realize that the way to take people for a ride is increasing with its faster pace. So they are developing new and unique methods to lure people and squeeze their hard-earned money—however, there several ways of going safe with your crypto in your wallet.

  • Avoid misspellings and typo errors while moving ahead with the classic money, as they are waiting to happen with these errors. 
  • Avoid people or groups who promise to multiply your crypto coins. 
  • Avoid contractual obligations that demand particular crypto at a specific method. 
  • Say no to psychological manipulations, including extortion or blackmail. 

Wrapping Up 

Thus you can make out the prevalent scams with crypto in your wallet. However, you also know how to avoid them and play safe with your crypto.

Author: Ryan Green