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Can you get scammed on Bitcoin?

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Can you get scammed on Bitcoin?

Bitcoin is the oldest cryptocurrency, and is the largest one by market cap. Over the years, thousands of new coins have emerged but BTC has kept its dominance in the crypto market. Recently we have seen that big institutions and companies like Tesla and PayPal have shown interest in Bitcoin. But as its popularity grew in the last few years, there had been an increase in Bitcoin related scams as well.


You need to beware of some Bitcoin scams that scammers can use to fraudulently take away your Bitcoins. One of the most famous Bitcoin scams took place in 2016 when hackers hacked some very popular people’s Twitter accounts including Elon Musk, Barack Obama, and many others. These hackers posted messages on these hacked Twitter accounts claiming that anyone who would send a particular amount of Bitcoins on their given address will get double the amount in return. Many transactions were already completed by the time Twitter removed these messages and reclaimed the hacked accounts. So you should watch out for such scams that promise you things that sound too good to be true.


There are De-Fi rugpull schemes in Bitcoin also where scammers would promise you returns if you lock a certain amount of Bitcoins in a smart contract offered by them. A group of scammers ran away with Wrapped Bitcoins, Ethereum, and other cryptocurrencies worth $750000 in one such rugpull scam on the De-Fi platform Compound Finance.


Moreover, your Bitcoins can be stolen from your wallet if a hacker finds out your wallet’s private key. Once Bitcoins leave your wallet, there is no way to get them back. 


Therefore, you should always be vigilant while sharing your wallet addresses on a public platform online, and always store your private keys in a place where it is safe. Also, do not send anyone any Bitcoins if their claims sound too unrealistic.