How to Identify Cryptocurrency Investment Scams

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History of Cryptocurrencies

Bitcoin was officially created in 2009, but cryptocurrency was mainly used to purchase goods and services on the dark web until 2016. As its value began to rise, legitimate businesses started seeing an opportunity in the “21st-century currency”. This excitement led to a huge increase of bitcoin value from barely reaching USD 1,000 per BTC in January 2017 to USD 2,000 per BTC in May the same year. After this point, the cryptocurrency gained momentum until December 2017 when it reached an enormous margin of USD 19,000 per BTC. In 2020, the price of Bitcoin has fluctuated between the range of USD 6,000 to USD 12,000 per BTC.

This short introduction explains the volatility of cryptocurrencies and how the idea of making a “quick profit” by trading cryptocurrencies came about. Even three years later, we can see the great rise of cryptocurrencies with “Dogecoin” to “Ethereum”. Yet, cryptocurrencies have not gained mainstream acceptance as regulators are trying to control the market of future currencies.

Nonetheless, this is where scammers are making huge profits of those who are still trying to materialize on the dream of quick profits. New “cryptocurrency mining” websites are popping up so fast that there is a niche market just to sell website templates. You buy a website template for $10 or if you want to look more legitimate, a tiny investment of $80 can land you a website that looks more professional than local businesses’. Therefore, this article is intended to inform our readers about our experiences with investment scams.

We come across numerous online scams daily and as per our observations, cryptocurrency investment scams are growing at an alarming rate. Scammers have so many ways to introduce their service to the audience – personal messages on Instagram or WhatsApp, Telegram groups, email communications and blogs with fake stories about how they have earned $2,000 in just two weeks are just some of the methods commonly used.

The unfortunate reality is that people lose significant amounts of money to investment scams each day. Scammers are confidence artists who make a living by convincing people to invest in their dubious schemes. As a result, victims end up paying them huge sums that are much higher than what one would spend on websites selling fake or non-existing goods.

In investment scams, people are forced to keep paying to continue with their investment and incur various hidden “fees”, only to be denied their payouts. The fact that payments are made using cryptocurrency makes it nearly practically impossible to recover the money even if victims quickly realize that they have been scammed.

We have hundreds of testimonials similar to these:


Fortunately, there are many ways of uncovering a scam and the scammers behind it before it is too late. It is sensible to be cautious before investing in a cryptocurrency scheme; don’t make any fast decisions!

For more information on how to spot scams, read the articles listed below:

How to Recognize a Investment Scam

How to Recognize a Scam

Safe Ways to Pay Online

I’ve Been Scammed, What Now?

How to Get Your Money Back From a Scam

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