Avoiding Common Scams

Because Bitcoin transactions are irreversible, scammers often target users who are new to the technology. One of the most common scams involves asking for your recovery phrase under the guise of “support” or “verification.” No legitimate company or wallet provider will ever request this information. Sharing it is equivalent to handing over your money.

Phishing is another major threat. Attackers create fake websites or apps that mimic well-known Bitcoin services, tricking users into entering passwords or seed phrases. Always double-check URLs, download apps only from official stores, and never assume a message from “support” is real. If you didn’t initiate the request, it’s best to ignore it.

Investment scams also frequently appear in the Bitcoin space—promises of guaranteed returns, doubling your Bitcoin, or “secret trading bots.” Bitcoin doesn’t require intermediaries to grow in value, and anyone offering easy profit is likely attempting to steal your funds. The simplest rule is also the safest: if something sounds too good to be true, it probably is.