bitcoinincentive.com Review Is Bitcoin Incentive Scam or Legit

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99Mining.cloud Review

99Mining.cloud is a Bitcoin mining pool which promises to provide an easy way for anyone to get started with mining. Recently there is a huge misconception about the legitimacy of this firm and many forums are somewhat neutral about this aspect.

This service has been active for more than a year as of September 2020 and the amount of complaints against them clearly show what type of reputation they have. Join us in this detailed review where we will be going over certain facts which proves that they are a fraudulent service and the reasons to stay away regardless of what type of returns they claim to provide you.

License and Contact Details

99Mining.cloud is an ICO wherein they issue contracts based on the investment amount promising the clients certain amount of profits and use the funds to expand the mining operation. As the operational model of their business is a type of financial service means that they have to be regulated failing which all the people running this firm will have to face criminal prosecution.

We thoroughly checked the FCA website for any details about this firm but we were unsuccessful in our attempt which proves the fact that they are operating in an illegal manner. Do not get confused seeing the registration details they have put up on their website as it is done deliberately to intrigue simpletons and appear reliable to the masses.

A registration certificate by no means can justify the kind of activities they are conducting. The contact details provided by them in case if you have any queries for them are:-

Address – 20-22 Wenlock Road, London, England, N1 7GU

How does 99Mining.cloud work?

This company is a typical cloud mining service. They own mining farms and scale up their operation gradually over time in order to maintain a healthy profit margin. Our main concerns about this platform is that they have not revealed enough details to instill confidence.

They have completely skipped over providing the detailed list of equipments they use, the maintenance fees they incur, exact margin of profits and the location of their farms. Without knowing the above discussed basic details, how on earth can anyone access this service?

Further more the returns they promise are on the higher side but we believe that high return claims are just being used as a bait to captivate the attention of the visitors and robbing them eventually.

Mining Plans

The major center of attraction about this company is that they provide a free plan for mining and once the payout threshold are reached, any person can withdraw them but just know that many platforms offer free plan but they take a awful amount of time to see any results. Apart from the free plan there are 4 paid mining plans which are

AltCoiner

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Min. deposit:
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1 BTC Insurance since 25.03.2020. Insurance expired on: 30.05.2020 Payouts: HOURLY
Withdrawal: INSTANT

Payment methods: Added: 25.03.2020 Monitored: 1111 d Last Payment Receipt: 30.05.2020

More information (Profile, Pricing, News) about this Cloud Minining Service

AltCoiner | Bitcoin HYIPs

Office Location: 22/F, Citic Tower, 1 Tim Mei Avenue, 999077, Hong Kong. [email protected]

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Update 02.06.2020 09:30 CET:
We now officially change the status of Altcoiner to NOT PAYING. All investors registered with us as upline are eligible to claim the insurance. Exact claim amount will be calculated after 8 days. You have time to submit the claim until the counter is over (10.06.2020 00:00:00):

How to Identify a Bitcoin or Ethereum Cloud Mining Scam?

Any new industry is full of scams and the Bitcoin and Crypto industry is no exception. From scam coins to mining rigs and contracts there are a multitude of methods to steal your hard earned cash and pull the wool over your eyes.

So how do you identify a Bitcoin scam. Well it’s really difficult for anyone to know and the scam artists are becoming more clever.

Here at CryptoCompare we do all the hard work so you don’t have to. We trawl the web and if we have any doubts about the Company offering the Bitcoin cloud mining contract it does not appear on our list. The same goes for mining equipment – if we haven’t got one and tested it – or seen sufficient evidence of its existence or a decent track record for the Company – only then will we list it. We also list all the Companies that have had dubious reports on forums from the community.

For example there are a lot of sites that compare mining contracts for Bitcoin, Litecoin and Ethereum – but they are rewarded by the scam artists for sending potential users to their sites.

So these comparison sites don’t really mind running a fake advert for some scam artists as they get a share of whatever the victim hands over! They just quietly take the money and allow themselves to be led by the hand and not looking after their users.

In 2020 and 2020 there has been a shift from mining rigs being used by individuals to it being too expensive for individuals alone to carry out – so the market for cloud mining has grown and grown. This has caught the eye of the scam artists who have set up a number of cloud mining sites offering mining contracts for Bitcoin, Ethereum and other alt coins.

With any industry the scammers have to stay one step ahead of those policing it. With Bitcoin it is incredibly difficult to get any distinct proof as the industry is geographically spread – but there are red flags we look for that usually mean somethings up.

Here are some of the tricks they use:

1. The domain name is never registered to a real user but is instead hidden.

2. They register a Company – a number have done so in London to give the illusion of prestige – but the Directors are often registered as foreign residents where identity requirements are easily faked.

3. They are evasive when asked to show proof of their equipment.

4. They set aside funds and use initial funds from clients to make payouts to again give an illusion of respectability and honesty that then will generate more clients. They show a Bitcoin address that they make payouts from that is verifiable. One day the address stops paying.

5. They use promotion over substance with, for example, videos using fake representatives and offices -again with no proof of equipment.

6. They advertise with comparison sites who don’t fully check out the Company’s credentials as they are given a share of the profits from the scam . The Comparison sites say the site can be verified as it is making payouts from a particular Bitcoin address. See point 4.

So don’t jump in to just any mining provider – check our Company lists and reviews from community members – check our equipment reviews and check our list of scam companies that don’t have sufficient proof to be verified. It’s better to be safe than sorry.

Beware of These 5 Bitcoin Scams

Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency.   But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.

It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.

Key Takeaways

  • Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
  • One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
  • Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
  • Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.

Hardware Wallet Theft

For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings. 

This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:

One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.

This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources. 

Exchange Scams

Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities. 

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.

Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.   The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.

Cloud Mining Schemes

Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.

Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.

Multilevel Marketing

Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.

One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more. 

However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.

With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.

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