Don’t Invest in Bitcoin Code, Bitcoin Doubler or Trader; they are all scams. Those who discover crypto and have money signs in their eyes can easily fall victim to scams, and there are many of them, thanks to the decentralized nature of Bitcoin and the lack of knowledge surrounding it for beginners. Promises of easy and incredible gains from the advice of a dark “Bitcoin expert” or automatic trading software abound, and the wise old rule of thumb still applies: if it sounds too good to be true, it probably is. This article describes three of the most infamous crypto scam sites, all of which promise to trade automatically for the user.
Against Common Bitcoin
The word “con-artist” is an abbreviation of “trusted artist”. The way to work, however, is to gain the trust of the brand, or victim, and then the rest is easy. The same is true in cryptographic space, and the disadvantages are particularly easy to remove when the victim knows little about the subject matter.
The following are descriptions of some of the most common con operations in Bitcoin, and information on how to spot and avoid them.
The Bitcoin Code
The so-called “Bitcoin Code” is a scam operation whose website is continually evolving. Like many scams, the site offers a service that is supposed to predict market trends and automate exchanges for users; guaranteeing ridiculous gains such as “$13,000 in exactly 24 hours”.
While some may marvel at how a sane person could fall for such an outrageous claim, people who know nothing about Bitcoin often allow their lack of knowledge to lead them to believe that such things could be possible. They also tend to imagine that they need expert advice to “buy”, or that crypto is a centralized affair like the stock exchange. Many are too afraid to miss out.
Confirming that Bitcoin Code is a scam is comfortable with a little Internet hijacking. Not only does a reverse image search of the image of the creator of the Bitcoin code “Steve Mckay” show that it is a fake, but even the so-called testimonial videos on the site are bogus. The images below show a man featured in the promotional video of the Bitcoin code, who turns out to be an actor of the e-gig Fiverr website.
Even the best Google search results always give good reviews to the Bitcoin code and maintain that it is not a scam. It is important to remember that being a top search result does not mean that a piece of content is reliable.
The multi-website scam exploiting actors that is Bitcoin code would have fooled many already. The links lead to various websites that would all be called the “Bitcoin Code”. Sometimes just to error messages. The Bitcoin Code maintains “you must invest any amount you wish of $250 or more”. Don’t expect to see it again.
Bitcoin Doubler or moon bitcoin live excellent investment
Amid worldwide crisis and stock market turmoil, a growing number of investment schemes advertise a way to speedily double your bitcoins. Moon Bitcoin Live, for example, claims to be a licensed bitcoin doubler, promising that investors can double their bitcoins within 24 hours, with guaranteed payouts. However, there are many red flags about this type of investment scheme.
Plunging stock markets and the coronavirus scare have crippled many industries and driven many people to seek an alternative way to make money. Unfortunately, many scams are capitalizing on people’s monetary desperation, some of which have been around before COVID-19, while others only recently popped up.
Among them is Moon Bitcoin Live, a bitcoin doubler scheme that promises to double your bitcoins within 24 hours. Its website contains many bold, unsubstantiated claims, displaying the message “Moon Bitcoin Live Awesome Investment” right front and center. “Moon Bitcoin Live gives you a real platform to multiply your bitcoins instantly;” the website states, claiming that it is the “first trusted bitcoin doubler” and payouts are guaranteed. This investment scheme is very similar to a few others, including Bitcoin Doubler Club.
Red Flags, Guarantees, Bitcoin x2 in 24 Hours
Like many scams, Moon Bitcoin Live has some obvious red flags. Investment fraudsters always hit their targets with an array of persuasion techniques, counting on them not to research before investing. Besides promises that are too good to be true, such as “double your bitcoin in just 24 hours,” “100% secure,” and “instant payouts after 24 hours; ” Moon Bitcoin Live advertises “guaranteed payouts.” Its site also displays; without proof, what it claims to be the payouts its members supposedly received.
Another major red flag is asking for an upfront investment. Creating an account is free, “Just enter your BTC address,” the Moon Bitcoin Live website urges; noting that payments are processed instantly, and all payment methods are accepted. It will then ask you to send between 0.005 and 5 BTC to the company’s “deposit address.” To encourage large deposits, the scheme offers a 200% bonus for payments above 0.5 BTC. Moon Bitcoin Live also offers an affiliate program which it claims pays a 20% commission.
However, once you send your bitcoin to these scammers, you are not likely to ever see your coins again. Many scammers have used these tactics since a regulated entity would be prohibited from making such claims Instead. they are required to warn investors of potential investment risks.
Beware of Fake Address and Registration
Scams often list a fake address and sometimes a fake registration number in an attempt to sound legit. Moon Bitcoin Live clams to be a U.K.-registered company, but instead of having one registration number like all other legit companies, this scheme lists two different numbers on its website. The first is 10518084, displayed at the footer of the site, and the other is 10714202, found on the scheme’s certificate of incorporation.
News.Bitcoin.com contacted Companies House, the U.K.’s registrar of companies, which is an executive agency and trading fund of Her Majesty’s government, to inquire about the two registration numbers. According to Companies House, the first number (10518084) actually belongs to a company called Crypto Zero Ltd. while the second (10714202) belongs to Bitcoin Finance Ltd. More importantly, the authority confirmed directly to news.Bitcoin.com that the company listed on Moon Bitcoin Live’s certificate of incorporation, Moonbitcoin. Live Finance Ltd. is not registered with them.
Furthermore, the address Moon Bitcoin Live listed on its website does not exist in reality. Its fake registration document also incorrectly references “the Companies Act 2019,” instead of Companies Act 2006.
There are many bitcoin doubler schemes; some even promise to double your bitcoin in less than 24 hours. Take extreme caution when searching for investment opportunities, as news.Bitcoin.com previously warned. With so many red flags, anyone sending their bitcoin to an investment scheme like Moon Bitcoin Live is unlikely ever to see their money again, let alone double it. Furthermore, as the worldwide crisis deepens, a slew of new scams have come online to take advantage of investors.
“Bitcoin Doubler” is another scam model; featured on several websites, such as this one. Like Bitcoin Code, the doublers promise insane gains in a short period, attacking the naivety and financial desperation of the victims.
These sites typically ask the user to enter an e-mail and a Bitcoin address, followed by a deposit. They are then asked to wait for their significant returns to arrive within a few days or hours. The returns, of course, don’t arrive, and the only thing that doubles is the financial difficulties of the brand.
To complete the list of fraudulent sites, there is another “automatic trading” system called Trader Bitcoin. As is often the case with crypto-disadvantages, urgent messages about lack of time to invest or to enter; hijacked images and videos of a famous millionaire or billionaire investors who talk heavily about Bitcoin, and “news” personalized according to the location of the last person to make a kill are all present.
Another dead giveaway that this “Bitcoin Trader” site is a scam is that it shares; precisely the same promotional text that is presented on the Bitcoin Code site. Both sites claim that “like any business; you need working capital to get started” and ask for the same $250 to get started.
So, if a suspicious site promises exclusive use of “time jumping” technology that is “0.01 second ahead of the market”, or binary commercial advantages that cannot be beaten, remember: if it sounds too surprising, it almost always is. Binarysignalsadvise.com recently published its warning about Bitcoin Trader, stating:
For those who are interested in crypto, it is important to learn about the underlying mechanisms of Bitcoin and the basics of how it works – and to verify the authenticity of all potential trading platforms and other crypto websites – before making the slightest move towards investment or trading.
Bitcoin allows users and users alone to hold their private keys so that funds are never in the hands of an obscure “Steve Mckay.” This is electronic money that unreliable third parties cannot touch if appropriately used. As far as the code behind the Bitcoin network itself is concerned, it is open source and visible to all and does not require any investment to investigate.