You may not trust Bitcoin, or other cryptocurrencies, because of what people say about them.
Internet stories claim crypto is used to fund illegal activity; Facebook’s new crypto Libra was likened to the 9/11 terrorist attack.
But what you really need to know about crypto to avoid getting scammed is the same as with any investment.
Greedy people will try to take advantage of you and swindle you out of your money.
Let me show you the warning signs against this Bitcoin scheme that brings in $135,000 daily, and from now on you’ll be able to protect yourself from scam artists.
Because you’re subscribed to WSI TV, you obviously already have an eye for the genuine versus the fake.
Here at the Wall Street Informer we want to make sure your investments, and your well-being, are taken care of.
Online scam artists boasting get-rich-quick schemes just want one thing from you: your money to line their own pockets.
Our publication would rather focus on showing you how to build sturdy and reliable investment strategies, with the occasional skyrocketing profit here and there.
Anyone who promises instant returns, and unheard-of gains, is probably lying.
For example, a huge Bitcoin scam was just taken down in rural parts of South Africa.
In a small town called Ladysmith, a scam artist created a fabricated company called Bitcoin Wallet.
Complete with forged signatures on the regulatory documents and impossible rewards, the owner charged “a small 10% administrative fee” to invest customer’s money in Bitcoin.
To show you that crypto is not the enemy, I’m going to explain why Bitcoin Wallet should have been flagged as a bad investment from the get-go.
1. Not only were the certifications forged, but they were from organizations not responsible for investment strategies.
The founder of Bitcoin Wallet hung several certificates of an official-looking nature in his office in downtown Ladysmith.
After this case cracked wide open, it became clear to investigators that they were completely false documents, not even relevant to protecting investors from phony investment strategies.
Taken from the office wall was a Credit Provider Certificate from South Africa’s National Credit Regulator (NCR).
First of all, the NCR does not regulate investment schemes.
In addition, the company’s identifying information matched that of a company based in an entirely different city than Bitcoin Wallet proclaimed.
2. Bitcoin Wallet charged a 10% administrative fee merely to invest your money in Bitcoin.
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With new innovative technologies, now all you require is a free smartphone app to begin investing in thousands of securities, including cryptocurrencies like Bitcoin.
If the only service Bitcoin Wallet offered was to invest your money in Bitcoin, why would you pay to line their owner’s pockets for something you could do entirely for free?
It’s said the guilty scam artist drove around his small town in expensive cars and declined press interviews without hefty compensation.
It’s clear to me that the Bitcoin Wallet administrators were uninterested in gaining money for their rapidly growing clientele, and more interested in living large at their expense.
3. Bitcoin Wallet promised 100% returns in 15 days by investing in Bitcoin. Bitcoin has NEVER returned 100% in a 15-day span.
The closest it came was 56% between May 1 and May 14, 2019.
The entire premise of this investment strategy was that investors could count on 100% returns on their money put into Bitcoin over the span of 3 trading weeks.
The first red flag for interested investors should have been that this kind of return has NEVER happened.
Bitcoin Wallet also failed to advertise that just as Bitcoin can go up several percentage points in a short span of time, so can it fall the same amount (if not more).
The entire plot of Bitcoin Wallet was based around impossible returns and a perfect market.
When looking for ways to make large sums, always take investment promises with a grain of salt.
Bitcoin Wallet should have stood out like a sore thumb, what with its shady tactics and opaque promises.
It’s estimated that Bitcoin Wallet has pulled $135,000 daily out of Ladysmith, a city with only 60,000 people.
Don’t let your hard-earned money add to that sum. When evaluating investment strategies, keep these tips in mind.
As crypto becomes the talk of the financial world, greedy crooks will only get craftier to swindle you out of your money.
Trust in your instincts, and always do what you can to make smart, safe investments.
