2024 / 2025 - Bitcoin is hot Again - BEWARE!

2024 / 2025 – Bitcoin is hot Again – BEWARE!

Posted on by Toma Velev

I’m afraid that – As Bitcoin’s value rises, it tends to attract more scammers who prey on people’s desire to profit without fully understanding the technology or risks involved. With Bitcoin crossing high price thresholds, “get-rich-quick” schemes often multiply, enticing people who are not well-versed in cryptocurrency and because people are lazy to study it, they will bite the get rich quick and alike fishing.

Here are some practical ways to stay safe as cryptocurrency gains popularity and scammers become more creative:

Use Secure Wallets

Opt for reputable, secure wallets, ideally hardware wallets for large holdings. Avoid keeping large sums on exchanges, as they are more vulnerable to hacks.

Enable Two-Factor Authentication (2FA)

Always enable 2FA on your accounts for an added layer of security, especially on exchanges or wallet services. Additionally – any old service like

  • bank
  • email
  • anything related to money, health, or other personal information

Should have a second level of authentication

Verify Sources Carefully

Scammers often use fake websites or social media accounts that look like legitimate exchanges or influencers. Always double-check URLs and verify the authenticity of any communication before sharing personal information. Check the sender emails in your inbox. No bank or other service requests you to update your personal information to a web site that – your browser does not remember – neither your username nor your password.

Be Skeptical of “Guaranteed” Returns

Scammers lure people with promises of high returns or “guaranteed” profits. Real investments, including crypto, come with risks; if someone promises otherwise, it’s likely a scam. Be scared of the term “Pasive Income”.

Avoid Publicly Sharing Your Holdings

Scammers often target people who share their crypto holdings or successes online. To protect yourself, avoid publicly discussing your holdings or any significant trades.

Research Projects Thoroughly

If you’re interested in a new project or token, research its whitepaper, team, and community. Reliable projects have transparent teams, clear goals, and established communities. BEWARE OF GAMBLING – because someone has said so!

Stay Updated on Common Scams

As the crypto world evolves, so do the scams. Being aware of popular scams (like phishing, Ponzi schemes, or fake initial coin offerings) can help you recognize and avoid them.

Seek Advice from Trusted Communities

Engage with reputable crypto communities on platforms like Reddit, GitHub, Facebook, X/Twitter, or specialized crypto forums, where you can ask questions and verify information.

Taking these precautions can greatly reduce your risk, especially as more people enter the crypto space and opportunistic scams become more common.

The best defense is Education

If people take the time to understand how cryptocurrency works—such as learning about secure wallets, the basics of blockchain, and red flags for scams—they’ll be much better equipped to protect themselves. It’s essential to emphasize that, while Bitcoin offers opportunities, there’s no substitute for careful research and a skeptical approach to promises that seem too good to be true.

I myself have written two small booklets on the topics: