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How To Identify A Cryptocurrency Scam

As cryptocurrency became popular as a good way of making money, lots of scam websites cryptocurrency schemes came up. These scams come in various ways. Some are in the form of websites that ask you to deposit money for huge returns. Some are in the form of Telegram bots that promise you huge rewards with your Telegram account. Some are in the form of scam ICOs that pack up after taking investors’ money.

In this article, we’ll tell you how you can identify cryptocurrency scams.

The first thing you must know about cryptocurrency scams is that they promise you huge rewards for doing nothing. They tell you how you do not need to spend more than a few minutes a day to make money. That is not true. Money is not easy to make. There is nothing that can make you money in a few minutes with little to no effort. If it were that easy, almost everyone will resign their jobs to participate in these schemes.

Another thing about cryptocurrency scams is that they offer you rewards that are simply unbelievable. One example of this is Bitcoin Loophole that promises you returns to the tune of $13,000 per day. This is about $500 an hour. They are telling you that you can earn almost half a million in one month with an investment of $250. Run from schemes that look too good to be true.

Their websites often feature pictures of young people in yachts, expensive cars, private jets and mansions. A lot of these properties are actually rented properties. Real investment deals focus on the program itself and not on amassing riches and exotic properties.

Also, you get a lot of scripted and fake reviews. Even the video reviews are fake. A lot of these scams simply hire actors from freelancing sites like Fiverr and Upwork to make scam testimonial videos for them. If you take your time to watch testimonial videos from some of these websites, you will notice that some of the people in the videos are repeated, and they appear in testimonial videos of other websites too. Almost all the testimonials have the same script. They talk about how they were working hard at a low paying 9 to 5 job with little or nothing to show for their hard work. Then they discovered the scheme, and suddenly they became incredibly rich.

One other way of detecting scam cryptocurrency schemes is to investigate the person behind the scheme. A lot of these people do not actually exist, and the ones that exist have shady backgrounds. Do some research before investing your hard-earned money on any scheme. Investigate the people that are giving testimonials and Google their name.

You should also check if the website or company has been registered and recognized by valid authorities in the United States. You can also use Google reverse image tool to check the images on the website, and this can help you detect if the images are simple stock images that are being recycled or not.

You must also realize that almost all the so-called bots that make money for you are fake. If the bots are as reliable as the owners claim, the owners will borrow money from several people and invest it into their schemes, so the bots can generate millions for them.             

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