BadBitcoin.org is an informational website dedicated to fighting bitcoin scams. Find out more today in our review.
What Is BadBitcoin.org?
Bitcoin scams are nearly as old as bitcoin itself. Since 2014, BadBitcoin.org has been fighting back against bitcoin scams.
The overall goal of the website is to increase the legitimacy of the cryptocurrency industry. If the cryptocurrency industry gets overwhelmed by scams, Ponzi schemes, high yield investment programs (HYIPs), and other problems, then it weakens the industry as a whole. With that in mind, BadBitcoin.org wants to help bitcoin users spot scams before they become victims.
The website features numerous daily posts from the world of bitcoin, including all different types of scams that have recently popped up. They also have an active Twitter account where they call out some of the most egregious scams.
How Do Ponzi Schemes Or HYIP Scams Work With Bitcoin?
Ponzi schemes and high yield investment program (HYIP) scams have been around for decades. The rise in bitcoin has given scam artists a perfect opportunity. Thanks to bitcoin, scammers can promote these scams to new levels.
Many gullible investors have now heard about bitcoin. These people have heard stories about bitcoin rising from $1 to $4,000+ in a short period of time. They’ve heard about ordinary people becoming bitcoin millionaires because they bought at the right time.
One day, these gullible investors stumble upon a website where they see all sorts of amazing promises. The website claims to have an automated money making system that will make you financially free. You’ll never have to work again. You’ll double your bitcoin every 7 days – guaranteed. Plus, there’s no risk – because all of the trading is done by robots.
Ultimately, scam artists will tell you anything to get you to deposit money into their scheme. Some of these schemes genuinely pay money for a few days. However, in the long-term, all HYIP and Ponzi schemes will fail. It’s a business that’s designed to steal someone’s money, recruit new victims as quickly as possible, then collapse once no new victims can be found.
As the BadBitcoin.org website explains, some people empty their life savings into these scams:
“Some people empty their life savings into these scams, and they are the ones the scammers are really after. Once they get that big depositor, they move on and create a new ponzi, just leaving the old one alive for a while to mop up any new ‘mugs’ Some even return after a 3 or 6 month absence to catch a fresh load of hits, they will never run out of victims. It’s what they do, and they are expert at it.”
Verify Your Site With BadBitcoin.org
BadBitcoin.org allows users to verify their websites to prove they’re legitimate.
To verify your website, email the website at [email protected] from your domain address (they won’t accept appeals from emails not sent from your domain).
How To Protect Yourself From Bitcoin Scams With BadBitcoin.org
BadBitcoin.org has screenshots of some of the most common bitcoin scams. Many bitcoin scams follow the same formula, and they even use similar websites. BadBitcoin.org walks you through how these websites work, how they steal your money, and why the scams are successful.
Another important thing to note about BadBitcoin.org is that they don’t promote any opportunities of their own. When you search for MLM scams and pyramid schemes online, you can find plenty of websites that will call one company a scam while referring you to another, equally-scammy company. As far as we can tell, BadBitcoin.org doesn’t work that way. The company doesn’t promote any opportunities of its own, and at the time of writing, it didn’t even feature advertisements.
Controversy About BadBitcoin.org
BadBitcoin.org has faced controversy in the past for two main reasons.
First, the website used to feature advertisements for bitcoin investment schemes. In 2015, they were caught promoting scams like Paycoin and Scrypt.cc, for example, or GAWMiners through affiliate endorsements.
Second, the website faces controversy from the people involved with particular scams. These people make forum posts claiming BadBitcoin.org is a bad website because they called their particular company a scam.
Who’s Behind BadBitcoin.org?
The creator of BadBitcoin.org appears to go by the online name Colonel32 on certain forums.
The website was registered in February 2014.
BadBitcoin.org is a valued member of the bitcoin community. The website is dedicated to outing bitcoin scams – and there are thousands of active scams in the community today. To learn more about BadBitcoin.org, visit the company online today. Or, follow them on Twitter at @Badbitcoinorg to stay updated.