Scammers are always coming up with new and interesting ways to steal your money. When someone tells you they can only accept crypto, it’s most likely a scam.
No credible person or business will only be able to accept crypto and refuse other valid forms of payment. Don’t feel pressured to pay for any product or service you didn’t request or pay anyone you don’t know.
The reason scammers would rather you pay in crypto is that once the transaction is complete, you can’t dispute it or reverse it. They walk away with your money, and you’ll never see it again.
In order to protect yourself from this, you need to know how to spot these scams and avoid them. If anything seems suspicious, walk away.
To keep you and your crypto safe, here are some common red flags or warning signs you can look out for.
Most scammers will act like sending them money is practically a matter of life and death. They’re doing their best to convince you that you need to send them money right now. They create a sense of urgency so that they sound more persuasive. If they can cause you to panic enough, you may not be thinking clearly, and you’ll be convinced you need to come to their rescue immediately.
In cases where someone is sending you messages trying to build a relationship or communicate with you to ask for money, you may find very poorly written content. This may include websites, social media profiles, dating profiles, or messages of any kind.
Scammers make spelling, punctuation, and grammar mistakes very frequently. This is often because they are willing to put in minimal effort for maximum results. It makes their profit margins larger. Plus, many times, these scammers are overseas, and your first language may not be the same as theirs.
So, a friend you haven't heard from in a long time contacts you asking for money. Maybe it’s an emergency. Maybe they're in some sort of financial trouble. Either way, they desperately need your help. But the catch is, they’ll only accept crypto.
Chances are good this is someone posing as your friend. They either hacked your friend’s account, or they did some research to figure out who you’re connected with and decided to pose as this person.
If someone is trying to scam you, they’ll often ask for payment in the form of crypto. They know that it can be hard to trace, and there’s no way to dispute or reverse the transaction. Don't fall for this trap. Always pay with a method you can track and dispute if something goes wrong.
No legitimate business will only accept crypto. And typically, no person wanting your money will refuse any legal tender. Money is money. If they're claiming to accept only crypto, it’s probably a scam.
Never trust anyone trying to tell you they can make you rich or help you make money without any effort. If something sounds too good to be true, chances are it is. Don't let yourself get wrapped up in the idea of free money because it almost never happens. Any kind of investment carries risk, so don’t be fooled by false promises and guarantees.
If someone is offering you an investment and guarantees a certain return, it’s almost certainly a scam. No one can predict the future of any asset, so don’t believe anyone who tells you they can. Not even the most experienced financial guru knows what will happen tomorrow. This is why it's important to do your own research before making a final decision, and never trust anyone who promises you high returns with no risk.
These are just a few of the ways to spot crypto scams. If you keep these tips in mind, you should be able to avoid most crypto scams. Before spending any amount of money or sending crypto to anyone, do your own research and make sure the person or company is legitimate.
Remember, if anything seems too good to be true or out of the ordinary, it probably is. Trust your gut, research thoroughly, and always be cautious when dealing with cryptocurrency. Don’t let scammers take your hard-earned money. Be smart and stay safe.