Bitcoin has been on an incredible Bull Run during the month of December 2020, and if things keep going in the same direction we may see some new Bitcoin millionaires being interviewed on talk shows. But what does all of this rally mean for you? Well, in theory you an buy a little BTC or ETH and save it. It’s actually a very nice stocking-stuffer or a long term investment if you decide to hold on to it. Chances are it will be worth a lot of money at some point. All of this latest hype has not escaped the eyes of scammers who are constantly devising new methods of baiting unsuspecting victims.
Types of Scams
The most common types of scams are Ponzi Schemes, High Yield Investment Programs (HYIPs), Pyramid Schemes, and Forex or CFD get-rich-quick schemes (there are more). But recently there has been a massive campaign around an automated trading system named “Bitcoin Prime”. We did some snooping around and found one review website named scamcryptorobots.com which explains in detail how the scam works and who is behind it. According to this website, the people who are promoting these scams are affiliate networks which act as a kind of liaison or referral agent. When the victims invest, these networks get commissions based on a certain agreement. Now this would be fine if the systems they promoted actually performed as advertised, but this is far from being the case and many people end up losing their initial investment or even worst.
How to Spot The Scam
Generally speaking, if it sounds to good to be true it usually is. In most cases the tell signs include exaggerated claims of easy money, inflated bank accounts, fancy cars and expensive watches. In short, the promoters are trying to sell you the idea that if you invest through their software you will generate profits on auto-pilot without having to do too much. That is a lie, but in many cases victims simply believe it because they are not well informed or uneducated in the financial markets.
If You Are Not Sure Simply Ask!
If you are unsure about a certain system or offer, your best bet is to ask a friend of relative. In most cases you will get a proper answer and you can be sure that your friends or relatives will always have your best interests at heart.
What To Do If You Have Already Invested
If you have already invested don’t do it again. Sales agents posing as legitimate brokers will constantly call and badger investors to keep funding their account. Don’t do it regardless of how convincing their offers may be.
You Are Not Alone
People are constantly getting scammed by professional con-artists all the time. So even if you have lost money, you will surely bounce back with a little bit of patience and a positive attitude.
Research Is Critical
The best way to avert the scams is to conduct proper research just like we did. In most cases the truth is out there simply waiting to be found. It is up to you to act on facts and not false promises about becoming a millionaire overnight. No excuses!