Topic: Scam no de for bitcoin as e de for fiat. (Read 128 times)

In addition to what my boss has said, using platform that are decentralized  you might want to take note of this while using a non custodial wallet with the kind of storage that will be used by you. Try not store you wallet phrases online because it's be vulnerable to  attacks as phishing could me made to your mails exposing  your wallet phrase stored on it.
 Also,your phone could get hacked while using some links and performing other activities leaving it expose to get all kinds of information.

Best choice is to adapt yourself with a cold storage which is way more secure.However, you should take perfect care if your storage device once lost there no recovery for your phrase ,make sure you remember that always or you could make multiple backups and ensuring to keep them safe

Both Bitcoin and fiats get their pros and cons but wetin make Bitcoin better pass fiats na say Bitcoin dey give you the power to control your own money which is were d decentralization in your statement comes in but fiats is been controlled by the government. But even as Bitcoin dey decentralized, if you no play your cards right you go still fall mugu to scammers as dem still dey scam people wey no take the security of their money very serious. E no mata where you Bitcoin dey, if na for exchange or for personal wallet, scammers go still run you street if you no dey careless. You dey hear stories of people hardware wallets self getting compromised, everything can be hacked into if you don't protect yourself properly. Dey fit scam you in various ways and no be only when you dey do P2P transaction. You device can be compromised with malware that could steal some valuable information of your wallet or change your address so you no supposed dey store your Bitcoin for anyhow wallet.


It can happen when you use centralized wallets or exchanges and they get compromised (hacked), informations can be stolen that can be linked directly to you especially when you don't take precautions while using those platforms like the use of mixers and other precautions measures to increase your anonymity. The only time you're safe when using Bitcoin is when you take control of everything and only use those platforms that aren't centralized. Fiats are vulnerable to scams and hackers, Bitcoin is also vulnerable to those but provided you take the security of your money very seriously you'll be able to eliminate any threat to your finance. We get more scam attack on Bitcoin because it's a decentralized and unregulated currency so no think say just using Bitcoin go save you from all those scams dem wey dey fiats, na only you go hold yourself well to avoid been a victim out of ignorance.

The level of security in any space depends on the user's ability to securely protect their funds,  Bitcoin is decentralized that doesn't mean it can't be compromised if you as a user are careless with your Bitcoin storage,  having to store your Bitcoin in a third-party online wallet exposes you to the same risk as for who have their money in a bank.

But then the truth remains that we can't do away with their services and for that reason,  we have to increase our level of security for both bitcoin wallets and bank accounts.

Having an authentication device is the most secure way to protect your bank accounts from getting hacked,  once your account has an OTP device attached to it and all transactions are only authorized through the hardware device it becomes impossible for anyone including your account officer to get access to the account.

Something goes with Bitcoin wallet just as you have already been advised you have to avoid online wallets and if you must use them then you have to be very active with your security,  if not with one mistake,  your Bitcoin will be wiped off.

You are correct, carelessness is what makes so many people lose the funds in their wallets. Being careless is just like giving a scammer a very big opportunity to get access to the investment or asset you have, so if an investor can be very careful with his or her wallets or seed phrase as you already mentioned, it will help to secure their assets.
If the OP can use any of those wallets you mentioned above, it will help him because those wallets are very secured.

Thanks for dis information wey you share so, person no de know everything finish. Even how bitcoin de secured reach, still loopholes still de small small for inside to be scammed, so na just to guard against di places wey fit expose person wallet to scammers. Aldo I still de sure say bitcoin for inside wallet de far more secured against scam pass money wey de inside bank account. If person take necessary measures like as you mention, den na goodbye to scammers be dat. But individual account holders no get dat kind control over dem account to protect against scam, na di bank get di control, diafo di people wey sabi how di system de run fit device means to try steal people money for inside dem bank account.

If you are careless with your bitcoin wallet, your wallet can be compromised and your coins can be stolen. If you are careless with you seed phrase, your wallet can be compromised and your coin will be stolen. In anything that has value, scam is possible because people will like to scam people to get hold of that thing, and bitcoin is not an exception. So, protect your bitcoin wallet.

For security, use wallet on an airgapped device.
Airgapped device means the device Bluetooth and WiFi card has been removed and not connecting to external devices or internet as it would remain offline after you have installed the wallet (like Electrum). https://electrum.readthedocs.io/en/latest/coldstorage.html

If you can not go for an airgapped device, you can go for a hardware wallet like Passport (bitcoin-only) or Trezor (for multicoins).

For the little amount of coins you have on online wallets, make sure you do not enable your device to install malware. Malware can be downloaded through ads, torrent files, ad links and many other ways which are easy to avoid.

I fit say the scam wey dey inside fiat na institutional scam. Na scam wey me and u no get any control over. Na scam wey government and non-governmental actors get hand inside. Unlike in bitcoin wey everything dey decentralized and na you go blame yourself if you got scammed because the whole process dey very open, straightforward and unambiguous. You fit literally explain how your transactions they move and where he move go.

Wetin dey cause scam for Bitcoin na majorly our individual issue, maybe as per some of us no get knowledge on the process or if we allow people get access to our wallets through hacks and manipulation which is your own fault most of the time.

Bitcoin get a very big advantage over fiat for di security of currency matter, because of say em de decentralized ,while fiat de centralized. E de easier for scammers to hack person bank account and empty di money wey de for inside, within seconds, dis one de possible because banks de interconnected and every information de online. Na for scammers to fit get some kind passwords or codes about person  account to scam di person. But dis one no de possible with bitcoin, because how person wan take hack your decentralized none custodial wallet from internet. As I sabi reach, I feel say na only through P2P person fit take scam another person for bitcoin. That is if you de run di P2P transaction with a stranger or person wey no get integrity.

Anoda  concern for scams inside bitcoin, na wen you de do di transaction for centralized exchanges. Scammers fit try you there because, as dem de talk for dis forum, if no be your wallet, no be your coin.


I don get experience wey somebody call me say im na from my bank and dem de upgrade wan thing wey I no remember now, anyway di guy say e get SMS wey di bank send me and make I call di number for am, so im go do my own. Na OTP number from my bank, wey I see. Assuming say I no know wetin de and go send di number to am, na so di 419 guy for just clear di money wey de for my account. I de even hear say some bankers de collaborate with dis scammers to give dem sensitive details about dem customers information. But dis kind thing no fit happen for bitcoin, na for which central office dem go collect customers bitcoin wallet details? As I know, bitcoin no get office address or employees, so e de very secured against fraudsters.

So wetin una reason for di matter?