10 Bitcoin Scams You Should Avoid In 2021

Bitcoin is a digital currency, which holds the highest value among all cryptocurrencies in the blockchain.

The use of blockchain is worldwide because it’s safe, easier, secure, and faster to use.

The advancement of technology led to the invention of cryptocurrency.

However, some smart people are out there, whose mission is to play on people’s intelligence, and scam people who do not have much knowledge about Bitcoin.

Yes, investment in Bitcoin can be very and highly lucrative, but even at this, it’s not a get rich quick platform, it requires patience, smartness, and carefulness.

In this article, I’ll be talking about 10 Bitcoin Scams you should avoid in 2021.

Social Media Hack

Every Bitcoin trader needs to watch out for these.

This method was used to steal Bitcoin worth $121,000 worth of Bitcoin in 2020. This was done via Twitter social media account. Scammers were able to hack the account of important personalities and were using the account to ask people to donate Bitcoin to their wallet, and promising to multiply it back immediately.

If you ever come across a post, asking you to donate Bitcoin to a particular wallet. Regardless of the person that posted it, do not send it, the post may be a result of a hacked account. 

It’s easier to lose than to accumulate.

Bitcoin Hacking

I was talking with a friend a week ago, then he told me he was introduced to a particular website, where it’s possible to hack Bitcoin.

I patiently listened to him, to know where he is heading, he said once you logged in to the site,  there is a process you will go through, whereby your 1 Bitcoin can become 2 bitcoins, I smile and ask how?

He explained further, that you will only have to drop your bitcoin wallet details, and in no time, your bitcoin will be multiplied.

Then, at this point, I shouted at him “don’t do it, it’s a scam”!

There is nothing like Bitcoin hacking, to increase the value of your current bitcoin, and it will never happen.

Do not lose your hard-earned Bitcoin, to people out there, who will like to play on your intelligence.

Instead of looking for shortcuts to accumulate bitcoin, you can be buying, little by little, till you achieve a bigger value.

And thank goodness, the value of Bitcoin keeps increasing day by day.

With respect to this, discard any thought like Bitcoin hacking, you might have in mind.

Bitcoin Mining

This is one of the current ways scammers out there are using to rip people off their Bitcoin.

They will come to them and ask them to donate a little amount of Bitcoin, that the Bitcoin will keep increasing day by day. Perhaps in a few weeks, it might have multiplied by five.

And many people are falling for this.

Watch this! The only way to accumulate bitcoin is to either buy, transferred to you, or someone used it as a payment mode, for the service you render.

Hardware Wallet Theft

This is another dangerous scam you should watch out for.

This can drain all the Bitcoin you’ve accumulated for years, within seconds.

This means is what scammers use to get the hardware details of a user, so they can empty all the funds in the account.

No matter how promising any offer looks about Bitcoin, once it requires you to drop your hardware details, kindly discard it.

Chain Letter

Another strategic way scammers use, to scam people is sending if chain letters.

They make use of religious words, spellbound people, and compel them, to donate Bitcoin.

In addition to this, they will also false people to share with others, and if they fail to share, calamities may befall them.

And if they share? Blessings will come their way.

Lol. This is nothing but a scam, and you should never be a victim of this.

Exchange Scams

This type of Bitcoin scam is now gaining momentum in the Bitcoin market.

Before making any investment into any platform, make your research and ensure, they have a reputable record and recognized ambassadors.

Do not be a victim of exchange scams.

Fake ICOs

Everyone needs to be aware of this Fake ICOs scam scheme, as they are a notable problem in the market.

There are people creating websites with fake ICOs and will be asking people to donate Bitcoin to a particular wallet, with several mouth-watering promises to users after the donation.

You will only know you’ve been duped after you’ve donated your bitcoins.

Fake Mining Rigs

This is as well gaining momentum in the Bitcoin market, and it’s a notable scam you need to watch out for.

There are times when the value of Bitcoin will fall, then these fraudsters will come up with fake promises to people to invest their Bitcoin into their platform.

Many will only get to know they have been scammed after, they have sent their Bitcoin, and they get nothing in return.

DeFi Rug Pulls

You may be curious to know what a rug pull is. A rug pull is when a recognized company asks people to donate cryptocurrency and promises them a lot of benefits, attached from their donation.

However, at the end of the day, such companies will end up, disappearing into thin air.

An example of a company that committed such fraud is Amplify.money, the company, collected over 2500 etherium from its users and disappeared at the end of the day.

Watch out for this and don’t be a victim.

Cloud mining Schemes

This method of Bitcoin scam is old, yet still effective.

Cloud mining schemes refer to when a company asks people to donate Bitcoin, and in return, users will share from the platform’s hash power.

However, this will only be legit, for a certain period, and after a little time, when the company has gathered a large number of people, they will disappear with people’s funds.

About Snappy Exchange

SnappyExchange  operates as a Bitcoin And Giftcards  trading platform. You can also trade other digital assets with them

This platform allows the option of trading via, website or office .

Trading is done easily through their secure  website.. Moreover, this platform processes over 10,000 transactions each month. Given so much volume, the company possesses a brilliant reputation for being secure and reliable.