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Pay Attention to These 7 Bitcoin Scams
Bitcoin – the possible Pandora’s Box of the currency world – has never been short of controversy. Whether it be aiding the black market or scamming users out of millions, bitcoin is no stranger to the front page.
Still, the jury is out on the legality and usefulness of bitcoin – leaving it in a proverbial grey area. Bitcoin’s price has fluctuated throughout its history, falling and rising, currently hovering near $10,000. Perhaps you’ve found bitcoin while it looks to be on the rebound and find yourself interested in it as an investment.
However, there have been several legitimate bitcoin scams that have become infamous, and you need to know about them – but, what are the top 7 bitcoin scams? And how can you avoid them?
What Is a Bitcoin Scam?
For most cases, it may be pretty obvious what a scam is – but with bitcoin, and cryptocurrency in general, things become murkier. Bitcoin itself is an unregulated form of currency that essentially is a mere number that is only given value because of an agreement. It’s basically like a moneybag with a lock on it – the code of which is given to the recipient of the bitcoin (an analogy drawn by Forbes in 2020).
Bitcoin scams have been famously criminal and public in nature. With no bank as a middleman in exchange, things become more complicated; so hackers and con men have had a heyday.
Top 7 Bitcoin Scams
There have been (and undoubtedly will be) nearly countless bitcoin scams, but these frauds make the list of the top 7 worst bitcoin scams to date. Take note.
1. Malware Scams
Malware has long been the hallmark of many online scams. But with cryptocurrency, it poses an increased threat given the nature of the currency in and of itself.
Recently, a tech support site called Bleeping Computer issued a warning about cryptocurrency-targeting malware in hopes of saving customers from sending cryptocoins via transactions, reported Yahoo Finance.
“This type of malware, called CryptoCurrency Clipboard Hijackers, works by monitoring the Windows clipboard for cryptocurrency addresses, and if one is detected, will swap it out with an address that they control,” wrote Lawrence Abrahams, computer forensics and creator of Bleeping Computer.
The malware, CryptoCurrency Clipboard Hijackers (which reportedly manages 2.3 million bitcoin addresses) switches addresses used to transfer cryptocoin with ones the malware controls – thus transferring the coins to the scammers instead. And, according to Asia Times, even MacOS malware has been connected to malware scams involving cryptocurrency investors using trusted sites like Slack and Discord chats – coined “OSX.Dummy.”
2. Fake Bitcoin Exchanges – BitKRX
Surely one of the easiest ways to scam investors is to pose as an affiliate branch of a respectable and legitimate organization. Well, that’s exactly what scammers in the bitcoin field are doing.
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South Korean scam BitKRX presented itself as a place to exchange and trade bitcoin, but was ultimately fraudulent. The fake exchange took on part of the name of the real Korean Exchange (KRX), and scammed people out of their money by posing as a respectable and legitimate cryptocurrency exchange.
BitKRX claimed to be a branch of the KRX, a creation of KOSDAQ, South Korean Futures Exchange, and South Korean Stock Exchange, according to Coin Telegraph.
BitKRX used this faux-affiliation to ensnare people to use their system. The scam was exposed in 2020.
3. Ponzi Scheme – MiningMax
“Ponzi bitcoin scam” has got to be the worst combination of words imaginable for financial gurus. And, the reality is just as bad.
Several organizations have scammed people out of millions with Ponzi schemes using bitcoins, including South Korean website MiningMax. The site, which was not registered with the U.S. Securities and Exchange Commission, promised to provide investors with daily ROI’s in exchange for an original investment and commission from getting others to invest (basically, a Ponzi scheme). Apparently, the site was asking people to invest $3,200 for daily ROI’s over two years, and a $200 referral commission for every personally recruited investor, reports claim.
MiningMax’s domain was privately registered in mid-2020, and had a binary compensation structure. The fraudulent crypto-currency scam was reported by affiliates, resulting in 14 arrests in Korea in December of 2020.
Korea has long been a leader in technological developments – bitcoin is no exception. However, after recent controversy, it seems as though this is changing.
“But a lot of governments are looking at this very carefully,” Yoo Byung-joon, business administration professor at Seoul National University and co-author of the 2020 research paper “Is Bitcoin a Viable E-Business?: Empirical Analysis of the Digital Currency’s Speculative Nature,” told South China Morning Post in January. “Some are even considering putting their currencies on the blockchain system. The biggest challenge facing bitcoin now is the potential for misuse, but that’s true of any new technology.”
4. Fake Bitcoin Scam – My Big Coin
A classic (but no less dubious) scam involving bitcoin and cryptocurrency is simply, well, fake currency. One such arbiter of this faux bitcoin was My Big Coin. Essentially, the site sold fake bitcoin. Plain and simple.
In early 2020, My Big Coin, a cryptocurrency scam that lured investors into sinking an alleged $6 million, was sued by the U.S. Commodity Futures Trading Commission, according to a CFTC case filed in late January.
The CFTC case further details that the suit was due to “commodity fraud and misappropriation related to the ongoing solicitation of customers for a virtual currency known as My Big Coin (MBC),” further charging the scam with “misappropriating over $6 million from customers by, among other things, transferring customer funds into personal bank accounts, and using those funds for personal expenses and the purchase of luxury goods.”
Among other things, the site fraudulently claimed that the coin was being actively traded on several platforms, and even mislead investors by claiming it was also partnered with MasterCard, according to the CFTC case.
Those sued included Randall Carter, Mark Gillespie and the My Big Coin Pay, Inc.
5. ICO Scam – Bitcoin Savings and Trust and Centra Tech
Still other scammers have used ICO’s – initial coin offerings – to dupe users out of their money.
Along with the rise in blockchain-backed companies, fake ICOs became popular as a way to back these new companies. However, given the unregulated nature of bitcoin itself, the door has been wide open for fraud.
Most ICO frauds have taken place through getting investors to invest in or through fake ICO websites using faulty wallets, or by posing as real cryptocurrency-based companies.
Notably, $32 million Centra Tech garnered celebrity support (most famously from DJ Khaled), but was exposed for ICO fraud back in April of 2020, according to Fortune. The company was sued for misleading investors and lying about products, among other fraudulent activities.
The famous DJ wrote his support in a caption on Instagram back in 2020.
“I just received my titanium centra debit card. The Centra Card & Centra Wallet app is the ultimate winner in Cryptocurrency debit cards powered by CTR tokens!” Khaled wrote.
The U.S. Securities and Exchange Commission even issued a warning in 2020 about ICO scams and faux investment opportunities, brought on by a slew of celebrities who promoted certain ICOs (like Paris Hilton and Floyd Mayweather Jr. to name a few).
“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC wrote in an Investor Alert in 2020. “A failure to disclose this information is a violation of the anti-touting provisions of the federal securities laws.”
Another example is Bitcoin Savings and Trust, which was fined $40.7 million in 2020 by the SEC for creating fake investments and using a Ponzi scheme to scam investors. According to Coin Telegraph, Trenton Shavers, the organization’s leader, allegedly scammed investors into giving him 720,000 bitcoins promising a 7% weekly interest on investments – which he then used to pay back old investors and even fill his personal bank accounts.
6. Bitcoin Gold Scam – mybtgwallet.com
Nothing catches the eye of the naïve quite like the promise of gold – bitcoin gold, of course.
That is exactly what mybtgwallet.com did to unsuspecting bitcoin investors.
According to CNN, the bitcoin gold (BTG) wallet duped investors out of $3.2 million in 2020 by promising to allow them to claim their bitcoin gold. The website allegedly used links on a legitimate website (Bitcoin Gold) to get investors to share their private keys or seeds with the scam, as this old screenshot from the website shows.
Before the scam was done, the website managers (slash scammers) was able to get their hands on $107,000 worth of bitcoin gold, $72,000 of litecoin, $30,000 of ethereum, and $3 million of bitcoin, according to CNN.
Bitcoin Gold, the site’s wallet used in the scam, began investigating shortly after, but the site remains controversial. Still, firm released a warning to bitcoin investors.
“It’s worth reminding everyone that it will never be truly safe to enter your private key or mnemonic phrase for a pre-existing wallet into any online website,” Bitcoin Gold wrote. “When you want to sweep new coins from a pre-fork wallet address, best practice is the same as after other forks: Send your old coins to a new wallet first, before you expose the private keys of the original wallet. Following this basic rule of private key management greatly reduces your risk of theft.”
7. Pump and Dump Scam
While this type of scam is certainly not relegated to just bitcoin (thank you for the education, “The Wolf of Wall Street”), a pump-and-dump scam is especially dangerous in the internet space.
The basic idea is that investors hype up (or “pump up”) a certain bitcoin – that is usually an alternative coin that is very cheap but high risk – via investor’s websites, blogs, or even Reddit, according to The Daily Dot. Once the scammers pump up a certain bitcoin enough, skyrocketing its value, they cash out and “dump” their bitcoin onto the naïve investors who bought into the bitcoin thinking it was the next big thing.
Bittrex, a popular bitcoin exchange site, released a set of guidelines to avoid bitcoin pump-and-dump scams.
While “stackin’ penny stocks” may sound like an appealing way to earn an extra buck (thanks to its glamorization by Jordan Belfort), messing in bitcoin scams is nothing to smirk at.
How to Avoid Bitcoin Scams
With the inevitable rise of bitcoin in current and coming years, it is becoming increasingly important to understand and be on the lookout for bitcoin scams that could cost you thousands. As more people become interested in Bitcoin, more people are also likely to try and pull off a scam.
There is no one formula to avoiding being scammed, but reading up on the latest bitcoin red flags, keeping information private, and double checking sources before investing in anything are good standard procedures that may help save you from being duped. Cryptocurrency can be a confusing topic even for the experienced Bitcoin enthusiast, so the more you read up on the world of Bitcoin, the more prepared you can be. After all, knowledge is power.
Beware of These 5 Bitcoin Scams
Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency. But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.
It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.
- Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
- One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
- Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
- Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.
Hardware Wallet Theft
For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings.
This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:
One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.
This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources.
Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities.
These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.
Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.
One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.
There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.
Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products. The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.
Cloud Mining Schemes
Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.
Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.
Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.
One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more.
However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.
With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.
Bitcoin Profit – Scam Site or Legit? The 2020 Review For FACTS
Bitcoin Profit is cryptocurrency investment service which has been making the rounds in 2020. But is it a SCAM or legit? Find out the facts in this review.
It’s hard not to get excited, or curious at the very least, when you see or hear about people making a fortune trading cryptocurrency. Unfortunately, many people who explore the world of crypto end up losing their money to Bitcoin scam sites like The Bitcoin Profit, The Bitcoin Code, The News Spy, Bitcoin Loophole and so on.
The Bitcoin Profit is one such scam. It purportedly exists to make you rich. All you need to do is open an account, deposit your money, and let the trading platform trade Bitcoin on your behalf. Lies.
To begin with, Bitcoin Profit makes the extraordinary claim that people have made millions by investing in Bitcoin. The site supposedly gives you the opportunity to become a member of this exclusive millionaires’ club.
FOMO (i.e., the Fear of Missing Out) can be a powerful motivator. A video on the site capitalizes on this feeling by telling you that everyone who invested in the cryptocurrency has already cashed in on their millions in profit, a patently false claim. Even without years of experience as an investment analyst, you can’t help being skeptical about the astronomical returns on investments that the platform promises.
There are many reasons to distrust Bitcoin Profit. It reeks of the standard get-rich-quick scheme. The software’s user interface is wanting. Most importantly, it doesn’t teach you about cryptocurrencies and how to profitably trade them. To make matters worse, the site collects users’ email addresses and inundates their mail with spam.
Cheap Actors, Fake Screenshots, and Shadowy Ownership
Bitcoin Profit relies on the questionable talent of gig actors it hired from Fiverr and attempts to pass them off as satisfied investors. The site even goes as far as posting fake screenshots of fictitious conversations in which friends brag about their success making a killing on the site.
According to the site, John Mayers, a supposedly renowned cryptocurrencies investor, created Bitcoin Profit. However, there’s a profound lack of verifiable information about the person or organization behind the site. This dearth of information is characteristic of Bitcoin scam sites.
So, Is Bitcoin Profit, in Fact, a Scam?
Yes. Bitcoin Profit certainly fits the definition of a scam. While it’s possible for you to make a profit in the short term on the site, it seems that Bitcoin Profit compares poorly to other Bitcoin yield sites. Regardless of the abundance of fake reviews that praise the website, digging a bit deeper reveals that the trading system is not legitimate. The few people who manage to make quick money on the site are the exception rather than the rule.
Additionally, the website’s disclaimer regarding the potential earnings users can make serves a clue for the platform’s illegitimacy. The disclaimer asserts that “individual results can vary.” aIn fact, the website at one point goes on to say that all the information and event that it depicts is “entirely fictitious.”
Invest in Bitcoin Profit at Your Own Risk!
Don’t give Bitcoin Profit your money. Sure, there’s a non-zero chance that you’ll make quick money. But these minimal odds of making a profit don’t come even close to justifying the risk of losing your money. If you want to profit from investing in Bitcoin, explore other avenues.
Featured Images are from Shutterstock.
Blokt is a leading independent cryptocurrency news outlet that maintains the highest possible professional and ethical journalistic standards.
Bitcoin Hosting: Buy Web Hosting With Your Crypto Coins
by Claire Broadley
Compare Bitcoin Hosting
Bitcoin is a digital currency that can be used for anonymous or low-cost transactions. Website owners can now use bitcoin to purchase web hosting services including domain name registration.
Look for a host with strong security and privacy protections. It’s best to choose an established web host with a strong reputation.
We go into more detail about bitcoin hosts below. Here are the top 5 bitcoin web hosts:
How Did We Pick the Best Hosts for Bitcoin?
We vetted bitcoin hosts on reputation, speed, performance, uptime, and technical support. Then we factored in thousands of user reviews from our hosting database.
Compare Bitcoin Hosting Plans
|Customer Rating||Starting Price|
|mBTC||Milli-bitcoin||0.001||One-thousandth of a bitcoin|
|uBTC||Micro-bitcoin||0.000001||One-millionth of a bitcoin|
|Sat||Satoshi||0.00000001||One hundred millionth of a bitcoin|
Other Practical Uses of Cryptocurrencies
Bitcoin was a geeky curiosity for years but has recently attracted mainstream merchants and venture capitalists.
As such, it’s become more than a currency.
But what can you use it for, apart from paying for web hosting?
Cryptocurrencies for Crowdfunding
There are tons of new services around ICOs, including a tracker!
Cryptocurrencies are now a popular source of crowdfunding in the form of Initial Coin Offerings (ICOs), creating a sense of competition with venture capitalists.
There are currently more than 1,400 cryptocurrencies. Each represents a unique product, aside from also providing a form of payment.
Bitcoin and cryptocurrencies allow the funding process to be simplified compared to traditional methods.
Due to decentralized consensus, contributors get a proportionate chunk of the voting rights and tokens when participating in an ICO.
Birth of an Initial Coin Offering
Setting up an ICO is a three-step process:
- The business publishes a whitepaper on the technical aspects of the proposed product, usually with a light beta version to present
- The ICO is marketed to gain traction for network-wide adoption
- The business launches the currency, collects funds, and distributes tokens to investors.
Yes, it’s simple – although regulation can be expected very soon, due to the rising amounts of Ponzi schemes.
Cryptocurrencies for Payment
Cryptocurrencies like bitcoin include facilitating online transactions, particularly micro-transactions in games and apps.
Many cryptocurrencies can be used for this purpose.
Bitcoin is arguably the most widely adopted, however, it is not necessarily the fastest or cheapest for business use.
Value and Exposure of Bitcoin
As bitcoin has increased in value and exposure, its transaction fees have risen, and confirmation times have slowed.
Often, a speedy transaction is only possible if the sender pays a high fee.
This is an obstacle for some businesses that require near-instant confirmation to sell goods or services.
How to Take Bitcoin Payments on a Website
If you want to create an e-commerce site with support for bitcoin payments, the whole process can be outsourced to payment processors such as BitPay or Coinbase.
This means your business can accept bitcoins without actually holding any of its own.
Third-Party vs Direct Payments
Purse.io allows you to save money and spend your coins on Amazon. Smart tech!
Using a third-party payment processor incurs fees, but this will provide a degree of security and fraud protection. The process is very similar to using a traditional payment processor.
If you want to be paid directly in bitcoin, without a third party being involved, you will need to choose a suitable wallet and list the payment address on your site.
This option, of course, takes extra administrative work to keep track of fund flow.
Security, Law, and Tax When Handling Bitcoin
Any time you accept bitcoin payments, you should invest in security.
Bitcoin is a huge target for hackers. Popular exploits include primitive DDoS attacks, allowing hackers to ransom unprepared Bitcoin-friendly businesses for large sums.
Hacker Incentives for Attacks
Often, these hackers are more interested in your bitcoin than your website. They may also be hoping to exploit or blackmail you.
Beware of phishing attacks, and use cold wallets if you need to store bitcoins long-term.
Possible Legal Issues
Some bitcoin-related activities can also result in legal ambiguities, depending on your jurisdiction. Taxation isn’t always clear-cut, for example.
It is best to consult professional accountants and lawyers that understand cryptocurrencies.
Forums such as bitcointalk.org are a brilliant source of fresh information but don’t mistake amateur advice for professional guidance.
Is Bitcoin the Right Choice for Your Business?
Cryptocurrencies, including bitcoin, are grabbing headlines around the world.
Before choosing a bitcoin web hosting company, consider whether it will offer you tangible benefits.
Bitcoin has struggled to handle the large influx of new users, hence why the average transaction fee is now sky-high.
You need to ensure that your plan offers you comparable benefits to a traditional, non-bitcoin hosting provider.
If you understand the basics of hosting, you should be safe.
Selecting the Right Host for the Right Reasons
But bear in mind that this is a niche market, and you won’t find many well-known providers using cryptocurrencies yet.
In terms of wider business use, consider whether the benefits of bitcoin outweigh the risks.
In particular, slow transactions and high fees have caused some businesses to pause their bitcoin implementations, or row them back.
Small businesses need to weigh up the number of customers likely to use bitcoin vs. the resources required to implement it.
Looking for a great deal on Bitcoin hosting?
Namecheap offers a variety of hosting types. Our readers can now get special pricing on their plans. Use this discount link to get the deal and pay in Bitcoin.
Pros and Cons of Bitcoin Web Hosting
Bitcoin hosting can be a useful alternative to conventional website hosting. You will find big brands and small providers in this space.
- Payment efficiency: You may find that payments are simpler than they would be when using a payment card.
- Privacy: While some companies will require your details to set up a web hosting account, you may enjoy increased privacy when paying with bitcoin. Remember, though, that bitcoin is never completely anonymous.
- Enthusiasm: If you enjoy using bitcoin, you may want to support the businesses that are using it in the real world.
- Complexity: Bitcoin isn’t an easy concept to understand at first, and it’s easy to send payments to the wrong place. Unlike traditional payments, bitcoin has no regulator or refund mechanism. If you’re new to the technology, it isn’t wise to start sending large amounts of money through the network, particularly if you don’t know and trust your hosting provider.
- Accounting: Depending on your jurisdiction, you may be able to account for hosting costs under expenses. But your use of Bitcoin payments may make it more difficult to provide proof, and some accounting software won’t provide any way to record your transactions in bitcoin.
- Currency fluctuation: Unless your provider converts your invoices on the fly, you may pay more than you’d pay when using traditional currencies.
Best Hosting Providers Who Accept Bitcoin
For now, there are a limited number of hosting providers that accept Bitcoin, although the number of adapters is expected to grow rapidly. In fact, they are!
Namecheap is one of my favorite bitcoin hosting providers. It has the clout of a big brand, a seamless user interface, and the simplicity of bitcoin payments for web hosting.
You can pay for most of its packages with bitcoin, as well as host add-ons.
Plans are inexpensive , and Namecheap has a good track record in the industry.
Krystal Hosting is a newer entrant to the market. It was rebranded from Smart Hosting, and since that point, Krystal has become a prominent bitcoin web host.
It offers most of the features that you’ll likely need, including a one-click installation of WordPress, and easy-to-use webmail.
Krystal is slightly more pricey than Namecheap.
If you’re on a budget, consider our last option: Awardspace.
Its shared hosting option is priced to compete with some of the cheapest providers on the market.
With a great support team, Awardspace offers guaranteed uptime as well as a solid range of features for new and experienced webmasters.
Should you want to try the product first, there is also a free hosting option that you can use to sample its service.
Other features in Payments
Bitcoin Frequently Asked Questions
Bitcoin is a decentralized, digital currency based on complex cryptographic algorithms. It is an open-source project and its origins are unclear, as the author (or authors) wish to remain anonymous.
Bitcoins are created through the process of “bitcoin mining,” which employs specialized hardware (so-called miners, based on custom ASIC chips).
While this was a hobbyist affair a few years ago, the fledgling industry has been taken over by big mining companies and individual miners are no longer relevant.
Yes. Bitcoin mining has nothing to do with traditional hosting, so you couldn’t use server hardware to mine bitcoins. However, you could set up your own mining operation by purchasing miners and deploying them in a datacenter, or by leasing miners.
Accepting bitcoin is a straightforward affair if you choose to use a payment processor like Bitpay or Coinbase.
They offer ready-made solutions that are easily implemented. You could also accept bitcoins simply by listing your bitcoin wallet on your site (for donations, tips and so on).
If you are using a bitcoin payment processor, you should be okay on both fronts. By using such services, you would not be holding any bitcoin, as the processor would exchange every transaction and you would get the payment in dollars or another currency.
However, if you just use your bitcoin wallet, you need to make sure it is secure. What’s more, you open yourself up to the volatility of the bitcoin value.
Bitcoin has a mixed reputation because it enabled the creation of sites involved in illegal activities like Silk Road. The currency is pseudo-anonymous and can be used for illicit trades. However, many legitimate businesses have started accepting bitcoin as well.
Not really. All transactions are recorded in the bitcoin blockchain, which is essentially an open ledger. Every transaction is visible, but can be easily anonymized. Like all currencies, bitcoin can also be laundered.
The short answer would be nobody. It is a decentralized, open-source currency. However, some groups involved in promoting bitcoin and blockchain technologies have a lot of influence. But bitcoin is not regulated.
Yes, this is possible if your visitors become involved in illicit activities. Many central banks have issued warnings along those lines. Even if you run an entirely legitimate business and if your services are taken advantage of by criminals, you could be investigated.
If you are just dealing with a hobbyist site or community site, you can probably use just industry standard security.
However, if you plan to host a bitcoin exchange or other service, you will need top-notch security, as you will be a prime target for cyber criminals.
Take every precaution you can — regardless of what level you are working at.
There is no logical explanation. Hackers may waste days of work and weeks of research just to steal tiny amounts of bitcoin that clearly aren’t worth the trouble.
A bigger issue is that bitcoin is often used as a currency on the dark web, to hire hackers. It is also used as the currency of choice for most ransomware.
You should have no trouble finding hardware and a datacenter willing to install it for you, but this is hardly a safe investment at this point. Many people have lost money on bitcoin mining.
Bitcoin is not regulated, but in some jurisdictions it can be very problematic.
You need to consult legal experts and your local bitcoin community prior to making any decisions that could lead to an investigation by tax authorities.
In addition, a lot of banks simply don’t want to do business with bitcoin companies due to reputational risk.
Possibly. If you want to accept bitcoin as a publicity stunt, as a way of getting coverage on bitcoin news sites, or as part of a wider SEO strategy, it might be worth a try in some niches.
If you do so, your best option is to choose a payment processor to handle everything.
A lot of merchants have started accepting bitcoin over the past couple of years, but adoption remains very low.
There are a number of hosting companies that currently accept bitcoin, along with some software firms and individual developers. However, most don’t – they prefer traditional currency instead.
Bitcoin Code Review: Scam or Legit? The Ultimate Test
Last Updated: 03 March 2020
Bitcoin Code is an automatic trading software developed by Steve McKay that performs trades with Bitcoin and cryptocurrencies for their users. Bitcoin Code makes trading accessible to new users all around the globe.
These users are usually seeking financial independence through passive income from a powerful trading robot algorithm for 2020. When you sign up and make your first deposit, you take advantage of an artificial intelligence robot whose only job is to buy BTC low and sell high.
There are plenty of people making claims about the Bitcoin Code robot, but we’ve actually put the technology to the test. We’ve found that the software appears not a scam – it does automatically trade on your behalf and offers a free demo. Read on to find out more about BTC Code.
- 87% claimed win-rate
- $250 Min Deposit
- Accepts credit card and Sofort
Is Bitcoin Code Scam or Legit?
A bunch of people around the internet are calling it a scam, but we haven’t found this to be the case at all. Like other high quality bitcoin robots such as Cryptosoft, the software’s algorithm may feature powerful automation and artificial intelligence, but it’s still a powerful online bitcoin trading tool that has to be understood and mastered before it’s used. Here are the basic ways we determined this software is not a scam. Read on as we unpack each of these points in detail.
Our Bitcoin Code test : The Verdict!
1)We have tested the software. It’s completely free to use and does make real payouts. 2)We believe that people who call Bitcoin Code a scam simply don’t understand the risks of automated trading. 3)We were careful with a small initial investment, however be aware that risks is trading always exist. 4)Try it now through this link, or read on to learn more first.
What is the Bitcoin Code?
If you’re familiar with trading robots, you’ll know that Bitcoin Code is by far the most popular of them all, boasting thousands of users across the world. The software earned its reputation by allegedly having helped to take thousands of users’ funds into profits in little time.
The trading tools are simple to learn, and there are many investment robot strategies which will bring success.
The software has earned fame due to its claimed sophisticated algorithms which is said to predict crypto market movements and execute profitable trades for the user automatically. The platform’s algorithms is able to make trades hundreds of times per second and is 0.1 second ahead of the market. This is said to enable the software to make greater returns than through traditional forms of trading.
The ease of use of the software has made it accessible to more individuals enabling people from across the world to invest and reportedly earn profits. According to the software, the user only needs to open an account, deposit $250 and at this point, the software will run and the user only has to sit back, collect their profits, and withdraw them in their local currency to a bank account. You don’t even need to use Bitcoin; all accounts are settled in cash. Many longtime users are supposedly generating passive income this way, funding a lifestyle of travel, luxury, and saving for retirement.
Bitcoin Code claims that their software has a win ratio of around 99.4% (as of January 2020). This may not be perfect, but it could be more than enough to make a solid new income opportunity.
We’ll go through all of the details of this innovative free software, including how to use the trading tool, make withdrawals, and choose the best investment strategy for long term success. Stay tuned and we’ll have you trading with Bitcoin Code in no time!
How to Sign up to Bitcoin Code
The registration process is simple, and similar to other well-known websites such as the Bitcoin Loophole. After filling in your basic information, you will be asked to verify your Bitcoin Code account on the confirmation email. As a new user, you will have to make a deposit to allow the Bitcoin Code robot to start trading and hopefully earning coins for you.
Follow these 4 quick steps to sign up and get trading:
Step 1: The Registration
Sign-up is free. Just click here, fill out the registration form with your basic information including name, email address, and phone number. Then wait for the confirmation email and verify the account.
Step 2: The account
Once your account has been verified and you’ve logged in, a pop-up window will explain that your account has been linked to a broker account on Brokerz. The website will then ask you to add funds to your trading account to gain access to the system.
Step 3: The deposit
When you click deposit, a new window of your account at Forex2Crypto will open. The website states that the funds you deposit will show on your account afterward. From there you are given five payment options:
Once you chose one, you will be able to fund your account with a minimum of $250 and a maximum of $15,000. We recommend starting small at $250. Once you’ve mastered the system, you’ll have more money to play with, and the skill to make even greater profits!
Step 4 : Adjust your settings and select “auto-trading”
The last step is where you tell the system exactly how you want it to trade. You’ll see from the image above that you can also trade other cryptocurrencies this way, including Litecoin LTC, Ethereum ETH, and Ripple XRP. Most users of the Bitcoin Code trade bitcoin and trade ethereum.
The trading settings are simple. First, you can decide for yourself which risk level you are willing to take. Bitcoin Code claims that “the greater the risk, the higher the potential returns.” However, you can, of course, lose all deposits so trade with caution.
You can also set the trading to manual if you want to use the system to trade on your own, but most people select the “Auto Trade” button which lets the robot place all the trades. All you must do for auto trading is select the trading size and profit level.
Who founded the Bitcoin Code software?
Bitcoin Code was created by a software developer called Steve McKay while he worked for a major tech company. McKay discovered unknown market trends that are found in all major trading forums. These patterns are found in the stock market, cryptocurrency markets, even Craigslist!
McKay also made his trading software learn how to predict trading action based on major news events in the world. Basically, the automated software (which he took with him when he quit his job) takes in a huge amount of diverse data and make lightning-fast trades, yielding profits. To date, McKay reports over $18,484,931.77 in BTC earnings. And the people who use his site are making their own millions.
The software is not a crystal ball, but it does claim to have a 99.4% success rate as of January 2020. By pooling together the money of thousands of users around the globe, Bitcoin Code can make tons of winning trades. The Code community is getting bigger all the time. Be part of the movement that’s changing the way people make money.
How Does the Bitcoin Code Work?
This software might be able to make incredible trades, hundreds or thousands of times per minute, but without money to invest, it’ll miss out on potential profits. That’s where you come in. The software’s users pool their money so that the system can invest it at the best time in the volatile BTC markets around the globe.
Together, all of users’ funds total many millions of dollars, and the software is reportedly able to earn millions in profits on top of this. Some of these investment returns go back into the system to pay for daily operations (and to reward founder/designer Steve McKay). Remaining funds are distributed to users. According to the software, the more you invest, the better your return. However, having said that, we would suggest that you only start with a small investment of $250. Once you are familiar with the software, you can invest more.
Experienced users withdraw percentages of their earnings. A good idea is to take out enough to cover the money you initially invested. This way, no matter what the risks (no investment is risk-free), you should be able to break even. Fortunately, it seems that a lot of the experienced users of Bitcoin Code tend to do a lot more than just break even, as testimonies from real software users reveal.
Bitcoin Code: Key Features
Lucky traders who pass through the Bitcoin Code demo account have reported earnings of between $1,500 to $13,000 per day. Some of these individuals have reported to even get payouts every day. Some of these will be bigger than others, and you may make some losses, but overall, the Bitcoin Code claims that you should be in the green. Bear in mind that these are not guaranteed numbers – loss of capital can still occur and you should trade with caution.
The verification system is super easy. Just sign up with your email address and authentic personal info. You’ll get an email with a link, and then all you have to do is log in to your new account for the first time, connect your bank or payment channel, and start trading! No ID card, utility bill, or other personal information to use this free software. Your identity stays safe while you trade.
You can make a withdrawal at any time, day or night, 24 hours per day. You can withdraw 100% of your visible balance whenever you want. This money usually takes 2-3 business days to land in your bank account, but that’s just how long banks take to confirm transactions like this. This makes Bitcoin Code one of the best tools for day trading.
There are no hidden costs of fees with Bitcoin Code. The company takes 13% of trading profits off the top, but once the money hits your account on the site, you don’t have to pay anything at all. All of this money goes straight to your bank account.
You can see a bunch of testimonials from users on the Bitcoin Code website. Furthermore, there are lots of video testimonials online as well. Take it from normal people who have changed their lives with this innovative investment robot trading tool. While you may not make as much as they did the first time, as long as you use the tool properly, Bitcoin Code claims that you should be able to turn your investment into nice profits. If this is the case, this could make Bitcoin Code one of the best investments for this year.
When it comes to customer service, the website is pretty reliable. You’ll see a chat window in your account that’ll let you talk with a live customer service representative. You can also talk to the customer service department by email. This is a 24/7 operation, so you will always be able to get help if you need it. However, because this BTC robot is so easy to use, we don’t think you’ll need much help.
When you put your money into the Bitcoin Code, your funds will be channeled into brokers. You can then choose to put your account to Auto-Trade, and your funds will be used to trade with these brokers using the algorithm built by Steve McKay. You’ll see different brokers at different times, but they’ll all offer the same trading features and profit potential.
Bitcoin Code versus Other Bitcoin Robots
|Bitcoin Code||Other bitcoin robots|
|✅Bitcoin Code has no hidden fees.||❌ Many robots have hidden fees and leave the trader with little or no profit at the end of trades.|
|✅ Signing up is very easy on the Bitcoin Code platform. Registration can be completed in a few minutes.||❌It might be difficult signing up on other websites due to the responsiveness of the website. Also, many trading robots have slow verification process.|
|✅ The Bitcoin Code platform can be easily used by a beginner or an experienced trader.||❌Some trading robots i.e. Cryptorobot365 do not even have a working platform, or if they do, it has a poor trading interface which can lead to loss of funds.|
|✅ Payouts are valid and the withdrawal process is easy.||❌Scam robots block users when they want to withdraw funds.|
|✅Bitcoin Code has thousands of users across the world.||❌A lot of trading robots available on the internet are scams and thus do not have loyal traders on their platforms.|
5 Tips to Make Maximum Profits with the Bitcoin Code
1. Start Small
Start by investing only the minimum $250. With careful setup, you should be able to build a lot more money than this, but only if you don’t mess it up with rookie mistakes. Don’t pay attention to the website’s homepage which claims you will make $13k per day. These are exceptions, and more than likely you will not make as much in a day. Also remember that all trading carries risk.
2. Withdraw a Percentage of All Returns
We recommend saving anywhere from 25% to 75% of your earnings. Withdraw these and get that cash to the bank. If you invest everything you win, you’re putting all of your money at risk.
3. Follow Expert User Advice
There are many ways you can set up your robot account. These settings will make the robot trade in different ways, and there is no one-size-fits-all approach. Users share their best strategies on Youtube and discussion forums. Try these settings out for yourself until you understand your own best strategy.
4. Keep Tax Records
You’ll need to pay taxes on your returns, and how much will depend on where in the world you live. Keep a careful record of how much you invest and how much money you bring in. Hire an accountant if you earn money with this platform, especially if you get rich and go on a lucky streak.
5. Don’t Invest What You Can’t Afford to Lose
While we certainly didn’t lose everything in our experiments, it seems that some other users have. We think that these are probably unsophisticated new users who put too much at risk without learning the system first. This is why they call Bitcoin Code a scam. Never invest any more than you could lose in a worst case scenario.
5 Reasons to Use a Robot to Trade Bitcoin
There are tons of different ways to buy bitcoin out there but doing so through an automated software such as Bitcoin Code, or Bitcoin Profit has some distinct advantages.
1. They are easy to use. You don’t have to be a programmer, and you don’t even have to understand bitcoin. Bitcoin robots are sort of like the Facebook of trading robots – anyone can set it up and use it, without having to be tech savvy. 2. They have high returns. Bitcoin Code company shares a reported 90%+ of trading profits with users. This is only possible because the platform has a lot of users. The 10% of profits they take for salaries, overhead, and marketing still represents a tremendous amount of money, because this is a company that is reportedly bringing in hundreds of millions each year. You might find another method of buying crypto, but chances are the company that owns i may not be as generous with how much profit gets shared. 3. The program can trade faster than any human trader. Human traders can only make one trade at a time, usually at one market at a time. An artificial intelligence users countless computer processors, enabling it to make hundreds or thousands of actions simultaneously. Not every moment of everyday represents a trading opportunity. When opportunity does strike, the software can trade hundreds of times in a single second, on markets all around the world. This gives bitcoin robots far more power than even the most knowledgeable and sophisticated human trader. 4. Customer support is available easily : For Bitcoin Code at least, there is staff that’ll help you if you run into trouble, but in our experience we were able to make it work just fine with no outside input. 5. You can trade using a demo account first. Bitcoin Code demonstrates its user-friendliness by offering a fully featured demo account so that new users can feel confident before risking money. $250 may not be very much money in the big scheme of things, but users should feel like they know what they’re doing before risking even that much.
Has Bitcoin Code Been on TV?
BTC Code TV rumors are very common, so we’re going to take a look at each one of these that we’ve found on the internet. For the most part, this is an internet only phenomenon, but there’s always the chance that it could appear on a new program, or be used by a celebrity, so don’t assume that rumors we don’t cover here are totally false.
Even though this is a legitimate product, Bitcoin Code has never appeared on Dragon’s Den. If you find websites that claim to show Bitcoin Code on Dragon’s Den, chances are that these websites aren’t being honest about other things, and they likely aren’t affiliated with the real software.
“This Morning” is a British TV show starring personalities Philip Schofield and Holly Willoughby. For British internet users, images of these stars have sometimes been used with crypto robot images, and the same is true of this one. This does not mean that Bitcoin Code is a scam, but there is no affiliation between it, This Morning, or hosts Schofield of Willoughby, and this BTC product does not promote such rumors.
Dragon’s Den and Shark Tank are basically two versions of the same show – Dragon’s Den is for British audiences, starring British wealthy celebrities, and Shark Tank is for Americans, starring American wealthy celebrities. Just as the software has never been featured on Dragon’s Den, it has never appeared on Shark Tank. This is just an internet rumor, in both cases, and the robot company does not promote this rumor.
Has Bitcoin Code been endorsed by celebrities?
Bitcoin Code is often rumored online to have been endorsed by famous celebrities. We’ll take a look at each of these rumors, one by one, to see if your favorite celebrity uses the program
People have started all kinds of rumors about Elon Musk and BTC related products, but Elon Musk himself has denied all of these and reports that he owns only a very little BTC that someone gifted to him years ago. Bitcoin Code was built by Steve McKay, not Elon Musk or anyone who works for/with Elon Musk. We’re not sure what company Steve McKay was working for when he first developed the foundation of his now-famous software, and some have suggested that it may have been Tesla! We can’t confirm or deny these rumors, but this is the only possible legitimate source we can think of for the Elon Musk rumor.
Martin Lewis is a famous financial personality from Great Britain. Like all of the other rumors, this one is false. Martin Lewis has never recommended the program, despite his connections with money comparison site Money Super Market. He has been very vocal about his displeasure that his name has been used to promote this product, even taking to Twitter to deny his link. So while this software itself may have merits, they haven’t been described or promoted by Martin Lewis personally.
If you’ve read this far, you can probably guess the answer. No, Peter Jones (British entrepreneur and occasional star of Dragon’s Den) has never used, promoted, endorsed, or otherwise spoken favorably of the program. This is only an internet rumor, and nobody is sure exactly where it started. Just because this rumor is false doesn’t mean that the platform is bad or scammy. But in general, we’ve found these BTC Code celebrity rumors to be nothing more than rumors.
Steve Baxter is another host of Shark Tank, and another TV personality/celebrity who has never endorsed Bitcoin Code. Cryptocurrency isn’t often (if ever) pitched on Shark Tank, so it’s unlikely that any of the hosts would endorse a cryptocurrency product. Steve Baxter has been very vocal about the fact that recommendations of BTC robots made in his name on the internet do not have any credibility. This software has plenty of fans and supporters, but Steve Baxter is not one of them, at least not publicly/officially.
Another Shark Tank host…another celebrity who has never endorsed Bitcoin Code. We keep finding these internet rumors tying Shark Tank and Dragon’s Den hosts to the Code, and not a single one has been validated by any of our efforts. In fact, these celebrities tend to speak up that they have not recommended BTC Code or similar products. This doesn’t mean that it is a scam. It’s simply the case that these internet rumors are false in this, and every other case we’ve investigated.
Some reviews claim that Gordon Ramsay, the British celebrity chef and billionaire, has endorsed Bitcoin Code. However, our investigation reveals that this is not true. There is no Gordon Ramsay Bitcoin Code endorsement. Bitcoin Code has denied any involvement with these claims and promised to crack a whip on any affiliate found to be using deceptive marketing techniques.
However, the lack of endorsement does not mean that Bitcoin Code is not legit. Lazy affiliates are known to use false celebrity endorsements for both legit and scam products. It is essential always to carry out enough investigation before settling on a product. Remember that it is also possible for a celebrity to endorse a scam product.
Does Bitcoin Code have a Mobile App?
There is a Bitcoin Code mobile app. It’s only available for Android users at the moment, but it’s free and features full system functionality. The mobile app can be a great way to learn the Bitcoin Code Robot platform while on the go.
Bitcoin Code Review: The Verdict!
After careful examination and having put the software to the test, we can confirm that the Bitcoin Code is a fully functional automatic trading and is free to use. Some people think a “robot” should be 100% foolproof, something that it never claims to be. Just because it relies on Artificial Intelligence and machine learning doesn’t mean it can predict the future. It still requires skill and careful planning to get the most out of it.
If users take advantage of the demo account, invest only the minimum $250 to start, and withdraw returns as they earn them, their story could well be a success. This is an innovative platform, one which many people don’t fully understand. Try Bitcoin Code for yourself.
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