Recently, I have been closely watching the bitcoin scam sites on TOR network that offer double or 100x bitcoins towards your initial investment and after having several bad attempts, I learnt that these people are really smart at luring innocent users and ultimately scamming them.
For example, take a look at this website that I found on the dark web. Nothing rocket science but just a simple looking landing page that describes what it does with proof.
Looks very legit right? Unique exploit that will multiply your bitcoins, super fast service and transparent (with proof of payment).
But guess what! It’s a big SCAM, They are earning hundreds of bitcoins per day by exploiting innocent users and Nobody can do nothing about it, Since its on TOR network.
See also: How to hack someone’s bitcoin wallet
Any Bitcoin multiplier scheme that tells you, your bitcoin will be doubled or multiplied X times within a few days or 24 hours is a pure scam. There is no way these guys are generating that amount of Bitcoins from nowhere.
You may ask me, how can you be so sure that those are just scams? Because the answer lies in the open-source Bitcoin code!
According to the Bitcoin code, every transaction made is validated by at least two nodes and then coded into block-chains. So there can be no unknown transactions.
You can shade your identity while doing the transaction, but the deal will be registered in the decentralized registrars as block-chains. So how can anyone mine unknown Bitcoins?
That is why any website that claims to find some flaw in the Bitcoin code is just another Ponzi scheme. Always.
That is just logic.
If anyone can multiply their single Bitcoin 2x or 100x, they will just do that quietly. They can just take their one coin and multiply it till they reach the 21 million Bitcoin limit set by its founder. Why do they need new members when they can have it all?
If you cannot accept this logic, you can do a few things to find out if they are legitimate angels from the dark side.
Check their previous transactions.
Every transaction made will be validated by a few nodes and only the valid ones can enter into a block-chain. So fraudulent transactions can be easily identified by checking the different block-chains. The longest block-chain always wins.
Transaction proofs to entice more investors
They might have made some genuine transactions to entice more investors. So even if your friend shows his multiplied wallet balance, wait, step back and watch. If possible ask your friend to get out of it, before he loses everything. One day there and the next day are gone. This stands for both the fraudulent website and all the “invested Bitcoins”.
Sadly any Coins lost to those frauds are lost forever and cannot be traced like cash. So before doing any investment, do the following checks always:
- Check their credentials. See if they are registered under any financial domain.
- Do not trust word of mouth advice from even your relatives or friends. They might be fooled by the initial high returns.
- Especially be careful of specifications that require you to introduce new members to the scheme.
Also See: How to hack bitcoin wallet
What are some legit ways to earn Bitcoins?
1. Exchanging your local currency for bitcoins
Bitcoins are on a rising trend gaining recognition and traction as online money that transcends borders and traditional valuing of currency. They are trade-able and their value fluctuates depending on the fledgeling Bitcoin market.
There are many legitimate sites that offer to convert your currencies into Bitcoins for a small fee. Some even offer to invest in the Bitcoin market, but always invest with a proven investor with authentic credentials.
2. Earning some by bitcoin mining
You can earn Bitcoins by offering your computing power for some transaction. This will earn you a few Coins, depending on your computing power.
Nowadays, special hardware designed for the purpose of mining is available which is more value for your money rather than the inefficient PCs that are in use today.
Read more here: Mining Bitcoins with Personal Computer!
But investing in mining hardware is a big investment for many. Instead, you can invest your local currency in the Bitcoin market so that you can trade some and earn some.
These are the only ways one can really earn bitcoins. Though the return may be less than those offered by the “x times in y hours” schemes, those are way safer than those bogey ones.
Finally one word of advice:
Trust your instincts. This is not even like online gambling, where the odds are steeped high against you. These people are all out to get your hard-earned Bitcoins, leaving you standing empty and foolish.
So, people, do not lose your mind over the crazy high returns. Instead kindly invest your money in authenticated portfolios like the stock markets, bonds, gold, land or such. Though the returns are much lower, your hard-earned money stays safe, with you.
Sometimes those fake sites do not stop with just looting from your wallet. They might surreptitiously introduce trojans, viruses or even hack into your hot wallets or worse into your personal systems! So the risk is undoubtedly high.