Most people who have heard about Bitcoin want to own it one way or the other. The impression many have is that Bitcoin mining is so simple that they could send some money to the miner who mines and shares the profit with them. In recent times, the miners have gradually moved to Telegram after years of using ordinary websites.
Telegram mining bots bots are getting very popular because it meets the concept many people have of Bitcoin and the underlying blockchain technology. These people are comfortable with being communicated to by these bots and they literally believe that the bots cannot be wrong. In other words, if the bot says that they would mine bitcoins, they certainly will.
Are Telegram Mining Bots Reliable?
Think about this…Why would a miner of bitcoin or any other cryptocurrency use Telegram, a messaging app for its operations while using the same channel to interest with its investors. The reason is simply that building telegram bots are easier and it is even more difficult to evade detection if something goes wrong.
Telegram uses an encryption technology that makes it difficult for the user to be tracked. This is the reason why shady mining services are increasingly migrating towards these bots.
In reality, there is no reason for a reputable company to use a Telegram bot because in practice, these bots so not mine. It is essential that every investor knows about this. The bots would generally promise high ROI but at the end of the day, we receive many complaints about them such as this:
“Few month ago I was joined on few telegram “mining” bot, I got around 20 referral on most of them and I was earning pretty great amount of satoshi daily. So I hit minimal withdraw amount so I decide to withdraw first 0.001 BTC. When I went to the “Order payment” button, I was shown that I didn’t have enough key and that I must invest. So first I invested 0.001 BTC and I get 400 keys , but for withdrawing I need 1000 keys = 0.01 BTC. So I deposit another 0.003 BTC , so that are 1600 keys.”
The summary of the user’s experience is that he was given the impression that he had accumulated enough bitcoins but was asked to make some deposits before he could withdraw them. He ended up making deposits of 0.005 BTC but could only withdraw 0.002 BTC before realizing that he had been scammed.
This is the mode of operation of most scam Telegram mining bots. The scammers behind them intentionally have them programmed to deceive the user by making them think they are mining bitcoins for them.
You have to realize that no genuine company would ask you to make payments before paying you what they owe you. Do not be fooled by the virtual account you have with them. The funds are generally not accessible and their intention is to use it as a bait to ask the user to make more deposits.
Why Do Scammers Prefer Telegram Bots?
Apart from the fact that it eliminates the need for cumbersome websites and the cost of maintenance. It is easy to set up without the need for domain registration. For instance, one scammer could set up as many Telegram mining bots as they like or even move from one Telegram channel to another as one scam is discovered.
Telegram bots are not known to mine bitcoins effectively. In reality, most of the claims of bitcoin mining are attempts to appeal to the greed of people and get them to lure others in. What you have in the best case scenario are ponzi schemes that would attempt paying the older members with the deposits of new ones.
Illusionary Bitcoin Accummulation
There are instances as well when the bots would unilaterally accumulate supposed bitcoins in an account to encourage the participant that they’re earning bitcoins. However, when it’s time to make withdrawal, they’re asked to either make a certain number of withdrawals or make some payments.
It is a vicious cycle of scams that takes discretion to avoid. Referring people to Telegram bot scams is immoral and should be avoided.
There are better ways of earning bitcoins than scams such as Telegram mining bots. One concept every investor must bear in mind is that there are no free bitcoins anywhere.
There are many scam Telegram mining bots out there that you may be deceived into thinking that people are making money out of them. The reality is that the only ones making money from these scams are the owners.
Reality Check time
There are so many new users of cryptocurrencies that they’re easily deceived into wasting their time on these things and actively refer others to them. They would realize that they have been fooled when it is time to make supposed accumulated withdrawals as shown by this user’s experience:
“Btc fruit telegram bot also big scam. They’re not giving any withdrawals. My balance & referral was ฿0.017724 and 11 persons respectively, having been a member since May 27, 2019.
The system gave me the impression that I had earned ฿0.004486 as a referral commission but when it was time to make my withdrawal, the response I got was, ‘Sorry! Free account required to refer 10 friends to activate withdrawal. You have 9 referrals, you need refer 1 more friend!’
I had to work to get 2 more referral s to join and this time it said, ‘Multiple FREE account detected! You must deposit to upgrade your account to VIP before making your first withdrawal!’ BTC Fruit Telegram bot is a big scam.”
There are better ways to earn bitcoins than wasting time and funds on these scams. You may check our top recommendation on how you can start investing and earning quickly.
Please share your experience about Telegram mining bot scams in the comment section below. And don’t forget to share this!