Common Bitcoin Scams (And How to Spot Them Instantly)
Six scams that drain billions from Bitcoin beginners every year. Recognize them and you'll never be a victim.
The single biggest reason people lose money in Bitcoin isn't volatility — it's scams. Once Bitcoin leaves your wallet, it's gone. There's no chargeback, no fraud department, no recourse. Recognizing the patterns is the entire defense.
The six patterns
1) 'Send 1 BTC, receive 2 back' giveaway scams (always fake, often using hacked celebrity accounts). 2) Fake support DMs ('I'm from Coinbase, send me your seed phrase to recover your account'). 3) 'Pig butchering' romance scams that route to fake investment platforms. 4) Pump-and-dump altcoin shills. 5) Fake hardware wallets sold on third-party marketplaces. 6) Phishing emails mimicking your exchange.
The universal rules
No legitimate person or service ever needs your seed phrase. Ever. No legitimate giveaway requires you to send Bitcoin first. Buy hardware wallets only directly from the manufacturer. Type exchange URLs by hand or use a bookmark — never click email links.
- Nobody legitimate ever asks for your seed phrase.
- 'Send to receive' is always a scam.
- Buy hardware wallets only from the official manufacturer.
Go deeper with these
Mastering Bitcoin
The technical deep dive — how Bitcoin actually works, written for curious humans (not just engineers).
The Bitcoin Standard
The definitive book on why Bitcoin matters, told through the 5,000-year history of money.
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