Bitcoin investment scams are becoming increasingly common says Ian Mausner.
Here are 25 reasons to avoid them.
1. Fake investment schemes often promise high returns with little or no risk:
Be very skeptical of any investment that sounds too good to be true.
2. Many scammers prey on people who are new to cryptocurrencies:
If you’re new to Bitcoin or cryptocurrency, do your homework before investing.
3. Scammers may use social media or other online platforms to lure victims:
Be careful about what information you share online and with whom you interact.
4. Some scammers claim to be affiliated with well-known companies or organizations:
Don’t believe anyone who claims to be affiliated with a reputable company or organization moreover if they’re asking for money explains Ian Mausner.
5. It can be hard to tell the difference between a legitimate investment and a scam:
Be especially cautious if the investment is not regulated by a government entity.
6. Scammers may try to convince you to invest in cryptocurrencies that are worthless:
Be sure to do your research before investing in any cryptocurrency.
7. Some scammers lure investors with fake “free” Bitcoin giveaways:
Don’t fall for any Bitcoin giveaways – they’re always scams.
8. Always verify the authenticity of an investment before sending money:
You can do this by checking the company’s registration information and doing a background check.
9. Be suspicious of investments that are only available online:
Real investments will have both an online and offline presence.
10. Never give out your personal information or financial details to someone you don’t know:
This includes your social security number, bank account number, and also credit card information.
11. Beware of investment schemes that require you to pay a registration fee:
Legitimate investments will not require you to pay any fees upfront.
12. Be leery of investments that are only available through email or phone contact:
Any legitimate investment will have a website where you can learn more about it says Ian Mausner.
13. Check the legitimacy of investment by contacting the Better Business Bureau:
The BBB can help you determine if a company is reputable or not.
14. Don’t be afraid to ask questions about an investment:
The more questions you ask, the more likely you are to avoid a scam.
15. Remember that if it sounds too good to be true, it probably is:
Don’t let your greed get the best of you – always do your research before investing.
16. Finally, never invest more than you can afford to lose:
This is especially important when it comes to Bitcoin and other cryptocurrencies.
17. Be suspicious of any investment that is not backed by a government entity:
These investments are likely scams.
18. Don’t trust anyone who asks you to keep your investment a secret:
Legitimate investments will want to be transparent and also open with their investors.
19. Avoid investments that require you to sign a contract:
If an investment requires you to sign a contract, it’s likely a scam.
20. Be careful about investments that are promoted through spam emails or text messages:
These are often scams.
21. Beware of investments that promise unrealistic returns:
No investment can offer guaranteed returns, so be very wary of any that make such promises.
22. If an investment seems too good to be true, it probably is:
As mentioned before, if it sounds too good to be true, it probably is explains Ian Mausner.
23. Be leery of investments that are sold through multi-level marketing schemes:
These investments are often scams.
24. Don’t invest in a company or product that you don’t understand:
If you don’t understand how an investment works, it’s likely a scam.
25. Remember that you are responsible for your own financial security:
Don’t rely on others to make financial decisions for you – always do your own research.
The best way to avoid a scam is to use common sense and be aware of the warning signs. However, If an investment seems too good to be true, it’s likely a scam. Be leery of investments that are only available through email or phone contact, and always verify the authenticity of an investment before sending money. Remember that you are responsible for your own financial security, so always do your own research before investing.