What to know about bitcoin mail scam

Bitcoin is a fast-rising means of payment which offers users an alternative to fiat currency. Like most things related to tech, it is prone to abuse. There are fraudsters who are always seeking new ways to steal funds from bitcoin users. The rise in cryptocurrencies scam came to more than 45% in 2021 according to Coinbase. For people in crypto or interested in bitcoin, you need to know about bitcoin mail scams, the various types and how you can avoid them. Read on!

What is bitcoin mail scam?

Bitcoin mail scams are types of phishing attack on bitcoin users’ account. It’s an activity where crypto users are forced to share their bitcoin information. These mail scans have become common from 2019, and people have to be wary of them.

These scams come in various ways where you are asked to provide your wallet ID, promised some dubious offers. The bitcoin scammers play on the emotions of crypto users, so they behave in a way which isn’t appropriate.

The bitcoin scammer hopes you will take his bait and provides personal information so that you can be swindled.

Types of bitcoin mail scams

Here are some common bitcoin mail scams you should avoid:

Crypto payment scams

When a seemingly reliable person mails you and claims they cannot accept any other payment except bitcoin, then it is likely to scam.

Be careful of those who always insist that it’s only bitcoin they want via email. Unlike fiat methods of payment, blockchain payments doesn’t have KYC protocols.

Anonymous and strange mails

Since bitcoin payment is decentralized, there isn’t much regulation when it comes to these payment options. You will have to be aware of unknown mails asking for private information. You can set your email to always flag mails coming from unknown sources.

Digital collectibles and games scams

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This is another sophisticated way which scammers use to swindle bitcoin owners. Many coders have the ability to create imaginary games on blockchain.

This is a simple way where newbies are easily scammed using new minted coins. This is an opportunity where the scammers empty your wallet using a method known as “ Rug Pull”.

Cryptocurrency investment schemes

Another form of bitcoin mail scans are investment scams. This is because when new coins are minted, and it hits blockchain, it gives rise to initial coin offering. ICOs are avenues for scams.

This is done when an individual or firm mail you saying they have an opportunity where you can invest in a new form of crypto. They will then start pressing you with mails to deposit your coins into another wallet which has been compromised.

Romance mail scams

There are many dating apps which are affected with crypto scams. These types of scams involve long-distance relationship and Internet dating traced to Asia or Africa. You will be chatting and messaging one another, when the other person will also for you to send money via bitcoins.

Phishing scams

This is an age-long scan where people send complicated links to you. However, with the introduction of bitcoin, this has taken on a new dimension. These swindlers send bulk messages to many people in an attempt to get the receiver to click a link and input their passwords.

How you can avoid bitcoin mail scams?

Bitcoin scams have become more sophisticated than before, however, you can take these steps to avoid them and protect yourself:

Guard your wallet

Bitcoin account owners have a wallet with a private key. If someone mails you to share your key with them, it’s 99.9% likely to be scams. Ensure you are the only person that has access to your wallet key.

Always keep an eye on bitcoin wallet accounts

Whether you are using an app or website, you should protect it. When downloading a cryptocurrency app, ensure you use only a reliable source. Don’t get an app that isn’t safe. Also, ensure you regularly update your wallet app when you start noticing some suspicious mails.

Only invest in coins you are familiar with

While it is great to invest in bitcoins, it isn’t every coin you should buy. Only invest in coins you are familiar with and have done enough research on.

Always take your time

Scammers usually bank on their potential victims breaking down from pressure. They will promise heaven and earth when mailing you, however, before taking any step, take your time. Do your due diligence before you invest in any coin, don’t be pressured into making any commitment.

Beware of social media adverts

There are many social media adverts on people saying they have made money from bitcoins. Don’t be swayed by schemes that claiming to have made unreasonable profits from bitcoins.

Ignore cold mails

When someone mails you, especially when it enters the spam mail, be very careful. Someone, you aren’t familiar with, will not likely mail you to partake in any scheme. When you are mailed or called by strange numbers, and ask to divulge personal crypto information, run!

Always-research

There are many bitcoins available to invest and do business in. The most reputable bitcoins like:

```
• BTC
• LTC
• Dogecoin
• Etherum
```

These are reliable coins and aren’t linked to scams. However, for coins you haven’t heard of, you will need to research before investing on them.

There are many bitcoin mail scams, however, it’s important to know how to avoid these scams. You can do so when you are diligent and avoid lapses with your bitcoin accounts.