Spoiler: Bitcoin doublers or Bitcoin multiples are scams !!
- Do you want to know about Bitcoin doubler?
- Do you want to know about Bitcoin multipliers?
Well, if you answer to any of these questions is Yes (!) then you must stick around and read the full article.
And I firmly believe that due to Bitcoin’s popularity you must have heard about Bitcoin doublers and Bitcoin multipliers many times in cryptosphere?
But have you wondered what they are?
Well, for starters let me tell you these are sophisticated scams on the name of Bitcoin and are far from the actual Bitcoin cryptocurrency which Satoshi Nakamoto invented.
But why scams?
That’s because Bitcoin has generated returns in 100s and 1000s of multiple for its early investors and riding on this popularity of Bitcoin many scammers have come up with their cunning Bitcoin investment plans on the name of Bitcoin doublers and Bitcoin multipliers.
Just look at the numbers of Bitcoin investment:
|Year||Price at the Start of Year||Price at the end of Year||Growth in %|
|2018||$952.5||$6000 (To date)||529%|
So after looking at these stats, you can make out easily as for why scams on the name of Bitcoin are evolving.
But in any case, this needs to stop, and that’s why today at TheMoneyMongers, we want to discuss Bitcoin doublers and Bitcoin multipliers in details so that investors can make an informed decision before investing in such Bitcoin scams.
And first thing first:
Bitcoin itself is not a scam, but there are quite a few types of scam programmes surrounding Bitcoin, such as Bitcoin HYIP, Bitcoin Doubler, Bitcoin Multipliers, etc.
So What Is a Bitcoin Doubler or Multiplier?
Bitcoin Doublers are services that promise to double up your initial Bitcoin investment by using that investment for trading purposes.
These services promise to give a return sometimes in 24-hours, a week or a month but whatever they say seems far from the truth for me atleast.
Because if you pause and think for a moment, is there anything as double your Bitcoin in 24 hours?
Well, there is no such thing in my opinion.
Moreover, giving up your Bitcoin to someone else to get a double amount is as stupid as it gets because this even goes against the ethos of Bitcoin, where you are supposed to keep your bitcoins in your control.
There is a service also named after ‘Bitcoin Doubler,’ but that’s far from perfect because many investors have lost their money in that scheme.
But in this article, I am not talking about any particular service, but I am talking about the concept of ‘BTC Doubler’ or ‘Bitcoin Multiplier’ as a whole.
Moreover, I will strongly recommend you to not fall for such reviews that lauds ‘doubling your bitcoins’:
But after reading such reviews also some people don’t get it and often ask, ‘how they can double their Bitcoin in a legit way’?
To such people, I would say, there is no such legit way to double up your Bitcoin. IF at all it was possible, wouldn’t the BTC doubler service provider use it for themselves?
That’s why these scammy programmes lure uninformed investors by vague working styles such as these (I have taken this from a Bitcoin Doubler service):
bitcoindoubler.tech is a fully automated Bitcoin doubler platform operating with no human intervention, aside from regular server maintenance conducted by our staff. Take full advantage of our fast and legit Bitcoin doubler platform. Our automated system gathers information from the blockchain transfers and cryptocurrency exchanges to study and predict the Bitcoin price, our servers open and close thousands of transactions per minute, analyzing the price difference and transaction fees, and use that information to double your Bitcoins.
This statement by a Bitcoin doubler service is as ambiguous as it gets because now, I am thinking how bad those investors would be who invest after reading such comments on a BTC doubler website.
Can You Make Money By Investing In Bitcoin Doublers?
Well, the answer is both Yes & No.
I will tell you why this is so? But before that read this review by an investor who has used a Bitcoin doubler:
Guys, most of these doublers are fake and they don’t even pay in the beginning when they should!!! They just take your money and that’s it. I’ve been burned multiple times now and one of the few projects that pay at the moment is quick2xbtc (even though it is yet another Ponzi) Invested 0.03 BTC January 26th, 2019. Surprisingly received 0.06 today. Not spamming anything, just sharing what worked for me.
I said Yes because you will find an occasional investor like above who has invested in a BTC doubler and have got positive results too.
But not all stories are the same.
Many on the other hand have lost money also.
That’s because these programmes are not sustainable and are like pyramid schemes where investors who invest early are paid with the money of investors who join the scheme later.
So, in my opinion, it is foolish to invest in such schemes where a business plan doesn’t make sense, and there is no regulation guarding the investor.
That’s why I think it would be apt for me to talk a little bit about how to spot such pyramid scam schemes which are running on the name of Bitcoin doublers and multipliers.
Scam Test: Common Traits To Notice In Such Scams
Does it promise regular returns that exceed average market returns?
It's a Ponzi
Does it focus more on recruiting new people than any product?
It's a pyramid scheme#litmustests
— Andreas M. Antonopoulos (@aantonop) December 1, 2017
A quick litmus test that you can run to judge whether something is a scam or not is as follows:
- If you see promises of absurd returns for a scheme like double, or ten times or a hundred times in a day or a week or a month, then you must stay away from such schemes.
- If you find no mention of the team or background of the company, stay away from such schemes.
- If you find the business plan of such schemes making no sense to you and if there is no mechanism in place to ask the right questions, you should stay away from such schemes too.
- Lastly, if you find a scheme preaching that there is a high chance of winning a Bitcoin doubler bet (as high as 50% or 70%), then you must back off because indirectly they are trying to tell you that there is 30-50% chance that you will not even get you initial return back.
If you run through the workings of different Bitcoin doublers, you will find that they all pretty much follow the same pattern and often vaguely describing their approach.
Moreover, you will often find that the domain is newly registered and there are no credible citations on the website as for who is behind it.
And I think these are enough signals for anyone to understand that this is a scam.
Lastly, not even one service has proven to be legitimate in doubling up anyone’s bitcoins that’s why investors should be very cautious and thoughtful about their investment decisions.
So that’s all from our side in this Bitcoin doubler myth buster, and we hope this helps you in making better decisions. And If you liked this article? Do share it with your friends and family on Twitter.
Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.