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How To Protect Yourself From Testnet Scams

A “testnet”, regardless if it’s for Bitcoin or any other cryptocurrency, is an alternative blockchain, specifically to be used for testing purposes.

Since testnets use a different blockchain as the original blockchain of a specific cryptocurrency, coins from the original blockchain can’t be sent to the testnet version and vice versa. Hence, obviously, testnet coins can’t be used to pay for merchant payments, and such since testnet coins are pretty much worthless.

Mostly done using bitcoin testnet coins, unfortunately, scammers take advantage of people who don’t know what testnet coins are(regardless of how obvious it is due to the name “test-net”), and sell them these coins as if they’re actual “real” coins.

  • How the scam works

-Someone offers you to buy some bitcoin, sometimes for a discount

-You agree with the price and the amount

-The scammer then convinces you to download a testnet wallet

-The scammer sends you the coins, you then pay the money

  • How to protect yourself

– Always verify seller before buying coins

– Try to avoid buying coins from untrusted sites.