Bitcoin Scam

Purchasing goods and services online from less known companies can be very risky. It always helps to listen to what the consumers are saying about the seller, in particular, how many successful transactions the consumer has had with the seller. You can tell a lot about a company by reading what other people are saying about it.

Since Bitoin is not regulated by any government, there are virtually no laws to fall back on if a transaction goes bad. Because of this, you need to follow basic precautions so that you do not become a victim of a Bitcoin Scam.

Tip #1 - Find A Reputable Seller

It is always good to locate a reputable seller to deal with, however, this can be challenging if you are not internet savvy. My two suggestions are Buy Bitcoin and BitInstant. Both companies have great reputations amongst the Bitcoin community and deliver their orders safely and quickly.

Tip #2 - Buy Only 1 Bitcoin

Never buy more than 1 Bitcoin. If you are looking to purchase amounts larger than a single Bitcoin, I suggest that you start buying in small amounts from the seller before committing to any large amounts.

Tip #3 - Avoid In-person Transactions and Private Sellers

It may seem like a good idea to go and collect your Bitcoin in person, but think again - the possibility of you getting robbed for your cash is a reality. Bitcoin robberies are on the rise and you need to avoid in-person transactions at all costs. You should also avoid private sellers of Bitcoin on the internet, as the majority of them are scams. 

I hope that these tips will help you to avoid running into a Bitcoin scam. Use your common sense and always listen to your gut, they are most likely right. As the saying goes - if it sounds too good to be true, it usually isn't.

Written by: K. Thompson