I user Instagram every single day for my business, and there’s a common trend I’m seeing. People promising others thousands of dollars instantly through Bitcoin mining.
Is the money in their digital wallet?
Are the ones doing the promoting doing the scamming?
They are the unsuspecting average internet user who fall into the trap.
Will they really get the money?
That’s a definite no.
Someone promises literally thousands of dollars and all they need to do is provide their digital wallet or cashapp tag.
Even though these are some legit apps, your personal information can still be compromised, especially when you start giving scammers your online details.
This is what I want to talk about today, why you should not fall for the hype and lies.
How Do They Scam You?
Basically, they’ll promise you thousands of dollars instantly for following their instructions.
They have hundreds of testimonials to back this up which is why people believe it so well.
I’ve been confronted by friends and family with this kind of stuff, because they actually believe that it works since they saw the Bitcoin in their account.
The scammers really do put the cryptocurrency into their digital wallet, but only for a limited time until they yank it away.
The instructions you need to follow require you to go through shady links (called phishing scams) and compromising your accounts, or giving up your personal information via other means.
Remember that scammers are incredibly smart, they know how to fool the average internet user.
Now that you’ve promoted the hell out of this “Bitcoin mining account”, they will take the BTC back, along with your personal information and access your other accounts.
Oftentimes It’s Not Even Your Friend Talking to You
In some cases you will be hit up by your close friends and family thinking that you’re talking to the real person.
When in reality it is the scammer you’re talking to!
They try to provide proof and fake testimonials, and it works a lot of the time.
How they gain access to your Instagram or other social media account is through a variety of methods.
You may have caught a virus or logged into a shady link that looked like the real thing.
There are many methods that scammers use these days.
One method is called phishing, it’s when you put your details into a replica website that looks like the real one, but it’s built to keylog your information.
Now your personal details will go straight to the scammer.
How to Spot a Crptocurrency Scam
There are many telltale signs that you’re looking a scammer dead in the eye.
As the old adage goes;
“If it sounds too good to be true, it probably is”.
Here are a few red flags to look out for:
Guaranteed High-Rate of Return
They usually say that you are guaranteed a return on your investment, usually incredibly high like 10x what you paid.
Nothing is guaranteed in this world, ESPECIALLY not with something so volatile like cryptocurrency
Another huge red flag is that they don’t even want money from you, they just want your personal information.
So they’ll promise you free money through Bitcoin or other popular cryptocurrency, in exchange for your cashapp or PayPal tag.
This is just the beginning, soon after they’ll ask for even more information.
How to Protect Yourself
Don’t Believe the Lies
At the end of the day, they want to install FOMO into you (Fear of Missing Out).
They want you to think that if you don’t get in now, you have missed out on a big opportunity.
Don’t fall for it and don’t believe everything you come across, especially some shady guy that slides into your DMs on social media.
As for your friends and family contacting you, maybe message them on another app and ask if they’re trying to contact you about cryptocurrency.
Don’t Give Up Any of Your Information
Scammers want access to your digital wallet so they can put the money into your account.
You’d be surprised at how many people fall for this type of scam.
They get all their information stolen and bank accounts drained.
Don’t Follow Shady Links/Check the Website Name
Do not click on any shady links that people send you through social media.
A lot of these are scams, it’s how they keylog your information.
I’ll double down on this by saying you should always check the website name when you’re logging into something.
PayPal can look exactly like PayPal, but the code is different, designed to steal your information.
It’s Scary to Think How Easily People Get Scammed
It’s actually really scary when you realize how easily people are being scammed.
People just want more money, especially when times are hard.
When someone comes and promises them a golden ticket, they usually take it because they’re desperate.
Trust me, there is no golden ticket to financial freedom, or getting any sort of “guaranteed returns” for that matter.
These are ALL designed to take your money or personal information.
Really, think about this.
If someone was earning 10x their money through “Bitcoin mining” in a couple of hours, why the hell do they need your money when they can get guaranteed returns on their own money?
It makes no sense whatsoever.
Crypto Scams Are Here to Stay
Cryptocurrency is all the rage, it’s not going anywhere anytime soon, and neither are the scammers.
If you ask me, I think they’re only going to get more clever at getting peoples personal information.
They’ll have to get smarter as more people become tech savvy.
This is just happening because it’s all really new.
I remember 10+ years ago, it was incredibly easy to make sales online in the Make Money Online niche.
Because it was all new, making money online was a new thing, and everyone wanted to do it.
Now that people got smarter and realized that most of them were scams, they simply look the other way when others ask if they want to make money online.
It’s harder to make money in the MMO niche than it has ever been before, regardless of the fact that most people would still love to make money from the comfort of their home.
Well that’s exactly what we are seeing with cryptocurrency scams.
It’s all new, it’s all the rage, and scammers are CASHING in on this big time. In a few more years people will stop believing it as much, and the scammers will have to find a new method.
If You Really Want to Make Money With Crpyto
I’ve dabbled in a few cryptocurrencies, and studied some of the top guys in the industry.
After my findings I discovered that the average Joe Shmo does not need to invest every crypto that they get their hands on.
Average Joe just needs to invest in Bitcoin and Ethereum, as these have the highest probability in going up in the upcoming months and years.
Anything else is too volatile.
Sure it works and you can make big money, but you can also lose big money.
You need to get in at low and sell when it’s high.
Cryptocurrency Has Created Some of the Fastest Millionaires
All the cool kids started investing in crpyto when it was brand new, creating some of the fastest millionaires ever.
I don’t hate crpyto, but also don’t think it’s a wise investment opportunity unless you plan on losing money.
That should be your outlook on crypto, the fact that you know you could lose money.
So do not invest money that you need.
Consider crypto as another investment opportunity to dabble in with spare money.
Nothing more, nothing less.
And if you make it big, you might be the next millionaire crypto kid.
I Prefer Slow and Steady
Slow and steady wins the race, always has, always will.
While everyone falls for the hype, I’m on the sideline overtaking them.
And that’s how I plan on attacking 2022.
I’ve made some of my best money from creating something from scratch, building it up, and watching it grow with time and nurture.
What I’m talking about is building a blog.
Crypto is too volatile and not a business solution for someone wanting to make a consistent income online.
If you want money, you need a business that will pay you every month.
That’s why I started building blogs.
I write content targeting easy-to-rank keywords, wait for them to rank in the search engines, and make money via affiliate marketing.