How to Identify a Bitcoin or Ethereum Cloud Mining Scam?

[themigeo]

As a coin has two sides so too is every situation with its pros and cons. This also applies to Bitcoin and cryptocurrencies in general. As more and more people are turning to cryptocurrency, the risk factor involved in the industry rises as well.

Be it Bitcoin, Ethereum or any other cryptocurrency, all of it comes with a vast number of fraudulent activities. Staying one step ahead of the common people, scam artists set such ingenious traps and the naïve easily become their victims.

Therefore, it is important to do proper research before stepping into the world of cryptocurrencies. The fraudulent activities commonly experienced by amateurs on cryptocurrency sites are many; some of them involve the use of scam coins, contracts, and mining rigs. It doesn’t end here though; the fraudsters are evolving day by day as technology evolves. Thus you should be very alert while indulging in any crypto trade or business. Moreover, figuring out the authenticity of any Bitcoin cloud mining contract can be a difficult task; many websites can write fake reviews for a particular contract firm in exchange for a certain sum of money.

Thus, it is best not to invest in Bitcoin, Ethereum or even Litecoin on the basis of surface knowledge. Proper research from genuine sites and complete analysis before taking any decision must be key points to stay out of any scam and end up losing hard-earned money.

Read More Here:
https://www.tokens24.com/cryptopedia/ba ... ining-scam

[SamNeels]

Thanks for sharing. I found it useful.

[post.mor]

thanks, it's very useful