Chapter · Master Bitcoin
Risks and scams
Bitcoin's price can swing wildly, rising or falling by large amounts in a single week, so only commit money you can afford to lose. Beyond price, scams are common: fake giveaways, cloned websites, and messages promising guaranteed returns. Real Bitcoin has no support agent who will ask for your seed phrase, and no honest scheme doubles your money for free. Slowing down and double-checking is your best defense.
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What you get asked
Someone promises to double any bitcoin you send them. What is this?
'Send one coin, get two back' is a timeless scam. Once your coins are sent, they are gone, and nothing comes back.
Because prices can move sharply, you should only invest money you can afford to ___.
Bitcoin is volatile, so treat it as risky. Investing only what you can afford to lose keeps a bad swing from harming your life.
Match each scam to its warning sign
Scams share a few tells: pressure to send coins, lookalike sites, requests for your seed, and promises that sound too good.
A site looks like your wallet but the web address is slightly off. What should you do?
A slightly wrong address is a classic phishing trick. Close the page and reach the real site through a trusted bookmark.
Which mindset best manages Bitcoin's volatility?
Expecting volatility and sizing your investment so a drop will not hurt you is the calm, sustainable approach.
The rest of this chapter
Learn what Bitcoin is, how it works, and how ordinary people buy, hold, and secure it safely.