Bitcoin mining programs are very great and assured way of making real money online. Its credibility rating is quite high, provided you are with the right guys. That is actually the challenge here. As usual, every genuine endeavor online has its imitations and fakes. Which is why it is very important to How To Identify Fake Bitcoin Mining Sites Easily.
As there are many good and genuine bitcoin mining site programs online, so there are many fakes. For the careless eye, the difference many not be noticeable. But for the careful and observant, the signs are quite glaring and obvious. So, if you want to identify fake bitcoin mining sites, we will guide you through the steps.
How To Identify Fake Bitcoin Mining Sites Easily
One of the weakness of men that these fake sites prey on is the desire to make HUGE money, very FAST. So, knowing this weakness, they exploit it so well. But then, would it not be better for you to do due diligence before investing your hard earned money? Let’s show you what and what to look out for.
Also See: How To Avoid Bitcoin fraud Online
Let’s see how we can then identify fake bitcoin mining sites
1) Anonymous operators
Genuine cloud mining sites do not hide behind anonymous details. If the operators are hiding behind whoisguard, provide no provable identity and especially when, like in some cloud mining cases, they use demonstrably false ID or company registration information, you don’t have to trust them with your money.
2) No public mining address / no user selectable pool.
Genuine bitcoin mining sites have public mining address. A cloud mining company that won’t let you direct the hashrate to your pool of choosing and can’t prove its actually mining bitcoins itself, is very likely a scam. There is no reason to hide mining address or not sign blocks.
3) No relevant pictures of their hardware and datacenter
There is no reason not to provide such pictures, except of course, if there is nothing to take pictures off. Mind you: pictures can be faked. Picture don’t prove current ownership. So like all criteria listed here, by themselves they are by far insufficient proof.
4) Referral programs and social networking
Referral programs, especially ones that pay almost 10%, are a huge red flag. The mining market is cut throat with razor thin margins. No real company can afford to pay 10% referrals on below market cloud mining prices. Referral programs almost always serve only to feed the Ponzi and provide financial incentive to posters to lie about the true nature of the company. Never trust anyone with a referral link in their sig.
5) No exit strategy
If you can’t sell your position, you can’t get your money out. That’s the ideal case for a Ponzi and allows it to run for a long time. So, beware of this.
If you want to identify fake bitcoin mining sites, a combination of these factors should give you sufficient guide.
Hope you found it useful and reliable? Share your thoughts with us below.