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Bitcoin: The New Wild West

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The Bitcoin world is much like the early days of the Wild West. It’s best to approach cautiously until you figure out who the good guys and bad guys are and which saloon serves the coldest beer. If you fall victim to a scam, you’ll have little to no protection.

Bitcoins and other decentralized cryptocurrencies are considered currency in many countries, but little to no oversight or protection is in place for consumers.

This section covers three common scams that are prevalent in the cryptocurrency world. They all revolve around stealing your coins and look a lot like traditional cons you might already be familiar with. This list isn’t exhaustive, and crooks are nothing if not creative, so be very cautious when using Bitcoins. You never know what’s around the next corner.

Cryptocurrency All-in-One For Dummies

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