With Bitcoins price recently cracking $11,000 for the first time since August 2019, it has caught investor attention. Unfortunately, as interest levels in Bitcoin rise, it has scammers working overtime. What are “Bitcoin doublers” and why should you avoid this?
Scammers Capitalizing On Bitcoin Hype
Bitcoin’s recent rally has continued to attract investor interest. As the world’s largest digital currency attempts to retest its 2017 highs, scammers are well prepared. Given the current macro environment, Bitcoins had an exceptional year. Aside from surviving a global pandemic, the digital asset is outperforming traditional markets, and is now challenging a devalued dollar. With this being said, scammers are targeting investors that are entering the crypto markets for the first time. Unlike traditional finance, there is no central party protecting a user’s Bitcoin wallet. If a crypto holder does not know what they are doing, they will be a scammer’s best friend.
Look Out For “Bitcoin Doublers”
A while back, Visionary Financial warned against “Bitcoin doublers,” as they were a common technique deployed by scammers during “FOMO” in the market. Simply put, “Bitcoin doublers” are websites that promise to magically give you free Bitcoin ( double your Bitcoin ). Typically, these sites tell a user to deposit or send them Bitcoin first. After doing so, the scammers say they will send back double the amount. As stupid as this sounds, it is unfortunately a scam that first time users easily fall for. This is no different than a stranger in a different country telling you to send them $100 and then he/she will send back $200 for no reason. It is important to note that this process usually starts with the site asking for an email address or your Bitcoin address.
Moon Bitcoin Live
Every time Bitcoin or the crypto markets take off, it is fascinating to see which “Bitcoin doubler” will start pushing their agenda. In previous bull markets, we had covered a site called “Bitcoin Doubler Club.” It seems like a new player on the block has surfaced. According to Google trends, a site called “Moon Bitcoin Live” is seeing breakout search interest. It is impossible to know if this is real or fake activity, but hopefully it is fake, given the nature of their proposed services.
When taking a glance at the Moon Bitcoin Live website, it becomes sketchy real quick. In addition to the site promising to “double your Bitcoin in 24 hours,” there are all sorts of grammatical errors on the homepage. The site further tells visitors that it has already paid out 3,854 Bitcoin to people, which would be equivalent to $42 million dollars.
First Time Crypto Users Need To Be Careful
If you are entering crypto for the first time, it is important to understand Bitcoin doubler sites and what they try to do. If something is too good to be true, then it should usually be avoided. As stated above, these sites thrive on financial desperation, and nobody should ever believe that somebody is willing to double their investment for no reason. If you believe otherwise, try calling your bank tomorrow and getting them to agree to a deal in which you send them $1,000 and they send you back $2,000!
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