Cryptocurrencies and Bitcoin Scams
In the World where digital currencies are becoming popular, there is a lot of people trying to cash in on Cryptocurrencies and Bitcoin Scams.
Hi, this is Miguel and I want to share some of my experience so you don’t fall in some of the traps that are set to take your hard earned money or your hard earned Bitcoins and cryptocurrencies.
I have been using Bitcoins and cryptocurrencies since 2013 and since then Cryptocurrencies and Bitcoin Scams have been increasing at a higher rate than the Bitcoin price.
This is not to try and put you off from buying and using Bitcoins or other cryptocurrencies, it serves only to educate you and help you make wiser decisions when it comes to using, buying, selling and/or investing in bitcoins or any other cryptocurrencies.
This is a wide topic, in a way so it doesn’t get too big, on this article, I will only address what separates a legitimate company from a scam.
It is very difficult to distinguish a scam until it becomes a scam. Sometimes you may see a company, introducing a new project, an unbeatable way to earn you loads of bitcoins or loads of cash! The marketing will show you the owners, it will show you company documents and even testimonials about people that are getting interesting results. The fact is, it all comes down to one question, with this one question you can see if a project is real or if it’s just another Bitcoin Scams.
“Does it make Sense?”
Use this in you due diligence and your rate of failure will fall substantially!
I have personally seen so many businesses promising things like: “double your money in 30 days”, “earn 10% daily”, “double your bitcoins in 30 days with forex”, “earn 6% daily from sure bets”… All Bitcoin Scams!
And this is only an example but even good people (like me and you) fall into these traps.
I Was involve in one of these projects, offering 6% daily, I truly believed in it, because I actually make that money my self in Sure Bets. The problem comes when we are Dealing with big amounts of money. One thing is investing 100 USD, or 1000, another is to invest 100.000 USD in Sure Bets, “does it make sense?”, NO, no Betting house will accept those types of investments. I fall because of my lack of knowledge but I learned my lesson. Now I use these simple steps on my due diligence on every business or any project I’m looking to get involved:
Where the money comes from, is it fixed or flexible earnings, “does it make sense”?
Money cannot come from the affiliations of other members, that is a Ponzi or Pyramid Scheme, it needs to have a source to be legitimate. Also depending on the answer, I usually study, if someone tells you the company pays a fixed 3.6% earnings daily and money come from trading forex, by doing a small research online on Google, you can easily see if its true or scam, just like in the picture on the side, where it’s telling you the average broker earns 24% per month, that is less the 0.8% per day!
How Long has it been in business, “does it make sense”?
My investment will depend on the amount of time it has been working for. If it is very recent, I register but start very low, if the investment is a high tear, then I wait and study everything first for a minimum of 2 weeks.
Are There any testimonials, “does it make sense”?
I get in touch with some of them and ask how everything is going so far, I always ask more than one, just in case someone is compromised.
His there any partners involved, “does it make sense”?
Partners generate confidence, see where the partners make money from.
How can I speak with the administration Directly,”does it make sense”?
Some projects will actually schedule a meeting or a group meeting, if yes, perfect, if not at least get the direct contact via Facebook, Skype or Telegram. This is just to give you peace of mind that you have support if needed, if a project gives you no support, you will be on your own if anything goes wrong. Some Admins don’t want to speak live due to the nature of the business, and from past experience knowing the owners or having registered companies doesn’t really help when things go wrong, but an admin that replies and is committed to giving support is always a big plus. So, always make sure the admin or staff replies to you and that they will provide support.
What is the long term plan,”does it make sense”?
Some projects will have this on the website, if not, asked them and see if they have realistic plans. Be cautious if they try to sell you dreams like “you are going to be a millionaire”!
These questions or steps have been helping me to find projects like iCenter.co, GDM2.0 and Appi Travels. These are real businesses that will help you earn Bitcoins Online. but I will talk about them in a different article.
Share this article with your teams so they stop falling for these Bitcoin Scams!
thank you and Success
PS: Add me on Facebook:
are bitcoins a scam big coin scam bitcoin bitcoin a scam bitcoin billionaire bitcoin doubler scam bitcoin generator scam bitcoin investment bitcoin investment sites bitcoin mining bitcoin mining investment bitcoin mining scams bitcoin news bitcoin price bitcoin scam sites bitcoin scams bitcoins bitcoins scams btc get com scam btc get scam btc panda scam btc scam btc traders scam cloud mining scam Cryptocurrencies and Bitcoin Scams cryptocurrency scams Cryptocurrencys and Bitcoin Scams free bitcoin how to buy bitcoins http btc get com scam invest bitcoin mining is bitcoin a scam is bitcoin scam legit bitcoin investment sites legitimate bitcoin investment mining bitcoins mining scam scam bitcoin scam bitcoin sites what is bitcoin