It’s almost impossible to have a budding, thriving industry especially one that
deals with finance and not have scams. The cryptocurrency and Bitcoin mining
sphere is not an exception. There are scam cryptocurrencies, scam mining rigs,
websites and applications designed to steal your hard-earned money and make
you feel like a fool. It is also important to mention that these scammers are
getting smarter and it only takes exceptionally observant eyes to know how to
discern the real from the fake.
In the past two to three years, bitcoin mining has become big business. Because
of this, it’s gotten too expensive for many individuals to own, so a lot of people
are looking for cheaper alternatives. Enter cloud mining. When a new cloud
mining site pops up, a lot of people are only too eager to jump on them
without doing their homework. Don’t be one of them! Below you will find 6 tips
for making sure you don’t get scammed.
- Don’t take a company’s claims at face value. Always research for genuine
reviews of a cryptocurrency company before you give them your money
or personal information. - Make sure the domain name is registered to a real user/person. If it’s not
or if that information is hidden from public view, it could be a scam. - If the company does not have any proof of their mining equipment or
won’t give you proof, run! - Check where the company directors reside. Some fake companies claim
registration in a large, prestigious city to make them look legit. However,
the directors of the company are residents of foreign countries where it’s
easy to fake one’s identity. - Look for long-time companies instead of “a flash in the pan” new ones.
Note when the reviews for a company were written. Scammers will often
make payouts in the beginning to gain your trust, but one day, they stop
paying and disappear. Some even make available a bitcoin address with
which they make payments so that people can verify and fall victim. - Don’t trust a new company just because you see their ads on a legit
website. Unfortunately, some reputable sites will put any ad money that
comes their way, without checking the legitimacy of the company
wanting to place the ad.
So, in your bid to stick to a bitcoin mining provider, make sure you do
extensive research and due diligence. It is better to be safe than sorry
and as they say, “Slow and steady win the race.” Do not rush and run
after huge profits within a short period. The fastest way to get injured is
not looking before you leap. Stay WOKE!!