What are the red flags that indicate a bitcoin scam?

3 answers

• May 08, 2022 · 3 years ago
  One red flag that indicates a potential bitcoin scam is if someone promises guaranteed high returns with little to no risk. Remember, if it sounds too good to be true, it probably is. Always do thorough research and be skeptical of any investment opportunity that seems too good to be true.
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• May 08, 2022 · 3 years ago
  Another red flag to watch out for is if someone asks you to send them bitcoin as part of an investment or business opportunity. Legitimate investments typically don't require you to send them cryptocurrency upfront. Be cautious of anyone who pressures you to send bitcoin without proper documentation or guarantees.
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• May 08, 2022 · 3 years ago
  At BYDFi, we advise our users to be cautious of unsolicited offers, especially those that come through email or social media. Scammers often use these channels to target potential victims. Always verify the legitimacy of the sender and double-check any information before taking any action.
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