Bitcoin may have been in existence for 10 years. However, like many novel technological inventions, there are many who are not aware of how it works and many others who will never understand it.
This is the reason why malicious actors mostly take advantage of the information gap to prey on the uninformed as we have seen with many ‘double bitcoin’ sites.
One fact that you must not overlook is that Bitcoin is money and the way money cannot be doubled out of nothing is the same way it is practically impossible to have any site or script double your digital assets for you.
Preying On the Uninformed
Years ago when I knew little about cryptocurrencies, I came across a site that promised it could double my bitcoins. I really believed something like that was possible since I saw Bitcoin as electronically or computer generated money. But this is quite wrong.
If Bitcoin is easy to double or generate, it would be worthless. Its value stems from its scarcity. This is why people are paying more than $10,000 for just one bitcoin.
Recently, I came across another scam site that is deceiving people along the same line. The site, Double Bitcoin Info claims that it is fully automated and studies the Bitcoin blockchain to predict price direction.
It stated that based on this predictions, it has the capacity to make profits through its analysis and double the bitcoins of the users of the site.
This is total balderdash, what the site just explained is called arbitrage aside the blockchain aspect. The intention of the owners of such sites that promise they could double your Bitcoin assets is to confuse you with terms and make the users send their bitcoins to them. This is the quickest way of losing your bitcoins.
Scammers On the Prowl
Even though we are using this Double Bitcoin Info as a case study, you should bear in mind that all Bitcoin doubler scams use the same principle to steal users’ coins.
There are three basic steps involved. First, the user is made to believe that if they send a certain amount of bitcoins to the doubling site, that they would get an output that is double the amount they sent in.
What is certain about this scam is that no one who sends their coins to the doubling site gets anything out. They’d wait for hours, days or even weeks before they realize they have been scammed irrespective of such promises as:
“This is a trusted bitcoin doubling site where you receive your cryptocurrency doubled in 10 hours.”
Why Should Anyone Double Your Bitcoin?
There is no way anyone could double Bitcoin because it is money. As stated earlier, the value of Bitcoin is tied to its monetary features being that it is scarce, easy to transfer and it is a store of value.
This means that the only way you can grow your bitcoin asset is by investing it with a reputable site such as this one or trading with it or working and getting paid for your work and saving the bitcoins you earned in deposits.
Bitcoin is not some sort of berries one pick from trees or off the ground. In reality, if it is possible to double bitcoins, the owner of the site wouldn’t ask you to send yours because they’d be doubling their all day long.
All Bitcoin Doublers Are Scams
It is important to understand that the blockcahin technology which drives cryptocurrencies such as Bitcoin is fool-proof in that it cannot be hacked or corrupted.
This piece of information is what many people who have been fooled by sites like this are not aware of. Every bitcoin is accounted for on the blockchain and not one can be accidentally sent to you in the form of doubling by any site anywhere. It just never works that way.
It is also practically unheard of that there are bots that would make you money through predictive price processes as is recently seen on messaging apps such as Telegram.
All these are attempts by scammers to fool people by giving them the impression that their Bitcoin could be doubled or even tripled by bots, generators or doubling software. Sending you digital currency to any of these sites will make you lose them permanently.
Rebranding An Old Scam
Bitcoin doubling sites may be nearly as old as bitcoin’s popularity but they keep reinventing themselves using different strategies. There are some that would pay user that attempt to double small volumes of bitcoins such as $5 or $10.
The strategy is to entice the user to attempt doubling larger volumes such as $200 or $500. I know folks that have lost a lot of money to doubling sites. Do not fall for their tricks.
Real Ways To Grow Your Assets
There are a few legitimate actions that you can take to grow your bitcoins. These are quite practical and anyone can do it if they already have skill or are willing to copy others that have skills.
The first option is through jobs. There are sites and jobs which pay people in bitcoins. There also are forums where people are engaged to work for bitcoins. You can try any of these. When you get paid, simply store your bitcoins and with time, your assets value will increase.
Another option is trading of Bitcoin or any other crypto asset. There are many sites where you can trade your bitcoins for profit with other coins. What you do is learn how to know the direction of the market, then buy when price of Bitcoin is low and sell when the price rises.
You can do this with other cryptocurrencies also. There are some with very high volatility enabling you to buy and sell several times daily. You can check here for the best site where you can trade bitcoin.
Perhaps the most newbie friendly platform for trading digital currencies and other assets is the one that allows you to copy experienced traders. So with this site which is our top recommendation, you do not have to worry about learning how to trade but simply copy experienced traders whose trades become exactly like yours.
This means that if the trader you’re copying makes 20 percent profit, you also grow your Bitcoin assets by 20 percent without any extra input from you. This is my favorite way of growing my assets.
Now I am confident that you would know how to respond to anyone who talks to you about Bitcoin doublers. Remember, they’re all scams. Please share any experiences you have with them in the comment box below.