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Bitcoin Investment

Bitcoin Investment Sites 2020: How to Invest and Earn Bitcoin [NEW]

This is the ultimate guide to the top trusted bitcoin investment sites in 2020.

In this comprehensive guide I’ll cover:

  • Understanding the risk of bitcoin investment
  • Why invest in bitcoin
  • Bitcoin investment strategies and plans
  • Choosing a trusted bitcoin investment site
  • Lots more

So if you want to learn how to invest and earn crypto with a legit and the best bitcoin investment sites, then you’ll love this guide.

Let’s get started.

Contents

CHAPTER 1:

Understanding the Risk of Bitcoin Investment

In this chapter, I’ll cover the risk involved in bitcoin investment.

First, you’ll learn why it is essential to do your homework before making an investment in bitcoin.

Crypto experts say making a tiny allocation toward bitcoin or other digital currencies doesn’t absolve investors of the need to do their homework before buying or investing in cryptocurrency. 

You should learn more about digital assets, as well as the underlying blockchain technology first.

Also, do your own research on any bitcoin investment sites that you wish to invest your money in.

Make sure to read the bitcoin investment sites reviews to know what other users experiences are on the platform so you don’t fall prey to scam.

“Don’t consider investing in bitcoin unless you understand the technology,” said Edelman. “Otherwise, you’re not investing; you’re spending.”

understanding bitcoin investment risks

Investors hoping to jump into the crypto pool should approach it with a long-term mentality and prepare to ride out volatile times – including the chance of a 100% loss from that digital currency, he said.

Do not invest more than you are willing to lose.

Another factor to consider is to make sure you’re investing in the best and legit bitcoin investment sites.

Because if you don’t choose the best bitcoin investment sites to invest your money in, you may end up loosing your coin to an exchange hack or fake investment site scheme that wants to steal your money, while promising you crypto wealth.

So, in the next chapter, I’ll cover why you should consider making an investment in bitcoin and cryptocurrency.

CHAPTER 2:

Why Invest in Bitcoin

Now it’s time to get into the nitty-gritty of why you should invest in bitcoin.

Specifically, it’s time to show you how ridiculously profitable an investment in bitcoin can be.

In this chapter, I’m going to show you why investment in bitcoin is a good idea for someone looking to build and level up their finances in the long run.

Let’s dive right in.

While Bitcoin is extraordinarily volatile, over the long term, an investment in bitcoin has delivered extraordinary returns.

That’s one reason many Bitcoin investors just buy and hold (or “hodl,” as they say on the crypto forum and Twitter).

2019 was Bitcoin’s seventh-best year out of the 10 it has existed. 

bitcoin price history chart

The best was 2010, of course, when Bitcoin rose 9,567%

The worst was 2018 when the Bitcoin price plummeted 73.56%.

In fact, Bitcoin ended the year down 48% from its June 26 high of $13,879 (according to CoinDesk figures).

But because the Bitcoin price was just $3,693.33 as of Jan. 1, 2019, the No. 1 cryptocurrency logged a gain of 94.4% for the year.

When you figure that Bitcoin closed the decade Dec. 31 at $7,188, you end up with a 10-year gain of 9,000,000%.

You can argue the rate of return was even higher if you go back to when Bitcoin was worth a fraction of a penny. 

Depending on which figures you use, the 10-year gains can range from 100,000,000% to 459,999,900%.

The S&P 500, meanwhile, ended the decade with a puny 190% gain. 

The best-performing large-cap stock, Netflix Inc. (NASDAQ: NFLX) could muster only a 4,011% gain over that span.

But is it too late to buy Bitcoin?

Absolutely not.

With that, it’s time for chapter 3.

CHAPTER 3:

Best Bitcoin Investment Strategy and Plans

This chapter is all about the best bitcoin investment strategy and plans.

Can you have a successful investment in bitcoin without a strategy or plan?

Maybe 🤔

But having a bitcoin investment strategy and plan makes the entire process A LOT easier.

With that, here are the proven strategies that I personally use and highly recommend.

#1. Use the Dollar-Cost Average Method (DCA)

Although it can be tempting to simply invest a large lump sum in Bitcoin before holding for the medium to long-term, doing so can expose you to Bitcoin’s notorious volatility.

Instead, if you gradually invest regular sums into Bitcoin, you can avoid the risk of unwittingly investing a large sum when Bitcoin is at a price peak — thereby making it more difficult to see a positive return in investment. 

As such, making regular investments in Bitcoin allows you to average out your entry price, helping you avoid accidentally buying the top.

According to LookIntoBitcoin, the market-leading cryptocurrency was valued lower than it is today for 96.4 percent of its lifetime. 

bitcoin investment strategy

This means, for bitcoin investments made regularly throughout this time, just over three percent would result in a loss, whereas almost 97 percent of your investments would be profitable.

To help visualize the benefits of dollar-cost averaging bitcoin investments, dcaBTC can be used to estimate how much profit you would earn if you invested a regular amount between two dates. 

dollar-cost averaging Bitcoin investments

For example, investing $100 per week between February 15, 2019, and February 15, 2020, would turn a $5,300 investment into $7,6532 worth of Bitcoin — equivalent to a 44 percent gain.

#2. Diversify Your Bitcoin Investment Portfolio

Your bitcoin investment strategy and plan must involve diversification.

While it may be tempting, don’t put all your eggs in one basket. 

Every experienced investor hedges, or protects his/her risk by investing in multiple assets.

However, as we have seen time and time again, Bitcoin isn’t always the most profitable cryptocurrency. 

For example, in the last six months, numerous cryptocurrencies, including Ethereum Classic (ETC), Tezos (XTZ) and Cosmos (ATOM) have all performed better than Bitcoin. 

Because of this, anybody looking to invest in Bitcoin might actually see better returns if this investment is also combined with investments in a variety of other cryptocurrencies.

diversify your bitcoin portfolio

You might notice some coins correlate where when one goes up, the other goes down. 

If this is the case and you like both coins’ futures, then invest in both. 

Your investment in cryptocurrency will be much safer.

To find out potential cryptocurrencies worth investing in 2020, you can check out this post on the 10 most profitable cryptocurrency to invest in 2020, and the top 300+ cryptocurrency price list.

Pro Tip: Be sure to pick a number of coins that you can keep track of. 

This means keeping up with the coin news and price action.

Michael Rosenblat of Cryptomaniaks recommends investing in a minimum of 5 cryptocurrencies and a maximum of 10 cryptocurrencies at a time.

cryptocurrency investment sites

#3. Don’t Invest Your Life Saving

Rule number 1 of investing; don’t invest more than you can afford to lose.

You should go into this ready to lose whatever you put in. 

Ultimately, as the bitcoin price swings up and down, you should remain calm and still be living a healthy life with room for regular spending.

I’ve heard countless horror stories of people investing in bitcoins or other digital currencies greedily with their entire life savings or borrowing large sums of money. This is a HUGE mistake.

Funny enough, even if you hit it big, your greed will likely win you over. 

crypto investment sites

For example, if you make an investment of $70,000 in bitcoin, and at one point have $210,000, then your mind will rationalize and normalize these winnings to feel less significant than they are.

The next thing you know, the market drops, and you are back at break-even, or at a loss.

#4. Take Action

Every day, potential investors miss out on bitcoin investing because they aren’t confident about how to get started.

Even experienced investors miss on new tools or cryptocurrencies that could bring significant profits simply from not staying active.

Why? Because they’re afraid to make mistakes. 

The first step is taking action, so don’t hesitate to dive right in.

Action will result in experience, and experience will result in better decision making. 

In fact, the experience is all about learning from the mistakes you make.

investing in bitcoin

If you feel ready to make your first bitcoin investment, then go for it. 

Even only $10, on any exchange or any bitcoin investment sites you want, with any payment method you like.

You can’t imagine the difference a small step will make versus not taking action.

This is where your experience will start, and you will feel the highs and lows of investing – it’s an amazing experience.

CHAPTER 4:

Creating a Bitcoin Wallet

How do you choose the right bitcoin wallet?

It’s a good question to ask.

Because if you choose a crypto wallet that is not secure you might lose your funds due to hacks and attacks.

But if you use a hardware wallet, you can safely backup your private keys that will help prevent loss of funds.

With that, let’s explore some different types of bitcoin and crypto-wallets.

Choosing the Right crypto wallet

For starters, you will need to set up a Bitcoin wallet if you want to store your cryptocurrency. 

Wallets are exactly what they sound like, a storage system for your digital assets. 

There are quite a few different ones with varying amounts of security and ease of use.

Hardware wallets: 

Hardware wallets are one of the most common and trusted methods for storing cryptocurrencies. 

ledger hardware wallet

They are physical devices that store your cryptocurrencies offline. 

Your private keys are what provide you access to your coins stored on the blockchain. 

As long as your private keys, which are in control of your funds, are kept offline in your hardware device, then no one can compromise your funds unless they manage to get hold of your hardware wallet. 

For this reason, hardware wallets are one of the most trusted ways to store your cryptocurrencies, while exchanges are one of the least secure ways.

Here are my top recommended hardware wallets.

#1 Ledger nano x:

Ledger’s premier product is the Ledger Nano x.

The Ledger Nano x is a small, physical device that allows you to store Bitcoin and other cryptocurrencies. 

The Ledger Nano X is a Bluetooth enabled secure device that stores your private keys.

ledger nanox

 Make sure all your crypto assets are safe, wherever you go.

Ledger also provides its users with Ledger Live, a web app that allows you to check on your funds without needing your physical device. 

Ledger also makes it easy to backup your funds, which is a whole other element for storing your cryptocurrencies. 

The Ledger wallet is compatible with over 100 cryptocurrencies. 

Ultimately, Ledger Nano x is one of the most in-demand hardware wallets despite a price of ~$100 because it is completely worth it. 

ledger products

Many Cryptocurrency experts use it to store their cryptocurrencies.

You can check it out to learn more about it and make your purchase. 

#2 Trezor wallet:

Trezor wallet is another trusted hardware cryptocurrency wallet. 

trezor hardware wallet

Much like Ledger, Trezor puts you in control of your private keys. 

These are only 2, of many hardware wallets. 

While I recommend Ledger Nano X, it is always worth exploring other options and if anything, I would recommend Trezor as number 2.

I cannot stress enough the importance of obtaining a hardware wallet. 

In my opinion, owning one is mandatory these days. 

The primary downside to hardware wallets is that they are not free, whereas online wallets are free. 

Ordering a hardware wallet can take a couple of weeks, so I recommend using an online cryptocurrency wallet which is both free and available for instant download until your hardware device arrives. 

Online wallets are also more reliable alternatives for storing your cryptocurrencies than leaving them on a cryptocurrency trading platform.

What about other types of Wallets?

Unlike hardware wallets, online wallets are software. 

This means they are not physical devices and are more vulnerable to hackers on the web than hardware wallets. 

Online wallets are one step better than storing your bitcoins on exchanges because they give you access to your private keys, giving you full control over your cryptocurrencies. 

Let’s explore some different types of online wallets.

Best Online Cryptocurrency Wallets for Bitcoin:

Many online wallets only support one cryptocurrency. 

This means that if you hold 5 different cryptocurrencies, you may need 5 different wallets. 

The reason for this is due to technical headaches around compatibility, but no need to get into this. 

For now, just understand that many wallets are tailored for one cryptocurrency only. 

Blockchain.com, Mycelium, and Electrum are good alternatives to setting up a Bitcoin wallet until your hardware device arrives. 

blockchain.com wallet

They allow for easy backup and have trusted support to help their clients. 

electrum bitcoin wallet

Many cryptocurrency wallet companies can be scams or fakes, so be sure you are downloading the correct wallet, by the real company. 

Best Online Cryptocurrency Wallets for Ethereum:

Ethereum is another popular cryptocurrency, so let’s explore some popular Ethereum compatible cryptocurrency wallets.

Online Wallets for Ethereum include Blockchain.com, Metamask, Mist, MyEtherWallet (MEW), and MyCrypto all offer trusted Ethereum cryptocurrency wallets. 

Metamask, in particular, is an interesting one because it acts as a browser extension. 

metamask wallet

This means if you want to spend Ethereum online, you can use Metamask to quickly send your Ethereum. 

Many companies that accept Ether will allow you to easily send them Ether from MetaMask. 

There are hundreds of other cryptocurrency wallets to choose from, but these are the most trustworthy in my opinion.

Generalized Cryptocurrency Wallets

While most wallets are only compatible with one cryptocurrency, there are wallets that are compatible with many. 

Some accept nearly 100 different cryptocurrencies and allow users to buy and sell cryptocurrency inside the wallet. 

While some of these generalized wallets are trusted, there is arguably added risk to these types of cryptocurrency wallets. 

As different cryptocurrencies update their codebase, these wallet providers need to update their system accordingly, leaving more room for error. 

If you decide to go this route, be very careful about which cryptocurrency wallet provider you choose. 

I hesitate to make any recommendations because I don’t believe they are a secure option.

As you can see, there are many options for online wallets – hundreds, if not thousands. 

This is another reason I recommend using a hardware wallet, and particularly the Ledger Nano x

ledger  nano x

It is easier to weed through less reliable options.

Ultimately, once you decide which cryptocurrency wallet is best for you, the next step is to understand how to backup your cryptocurrencies in case you lose your wallet or your computer malfunctions.

Now that you know how to create your bitcoin or cryptocurrency wallet, storing it safely requires entirely different skills and knowledge.

This next chapter teaches you how to protect your funds and avoid the most common hazards of crypto security.

CHAPTER 5:

Storing Your Bitcoins Securely

Now that you have a bitcoin wallet, how do you store your coins securely?

Unfortunately, there’s no one set way to protect your bitcoins.

Instead, you need to store your coins securely based on a handful of different factors.

As you might expect, that’s exactly what I’m going to show you how to do in this chapter. 

The safest way to store bitcoins is in cold storage (hardware wallet).

The most 9 common security steps to take towards safeguarding your cryptocurrency and bitcoin are:

Tip #1. Don’t keep cryptocurrency in an exchange wallet for a prolonged period.

storing your bitcoin securely

Tip #2. Always enable two-factor authentication (2FA) function.

Tip #3. If you go for a hardware wallet, choose a pin code which is hard to guess, and never put your 24-word recovery sheet online.

Tip #4. Beware Of Phishing Sites. 

how to store your bitcoin

Whether you’re connecting to exchange or online wallet, confirm that you’re logging in to the right website address. 

Many bogus websites imitate exchanges for the sole purpose of stealing your login data.

 Always check whether the website address is correct.

Tip #5. HTTPS (SSL certificate).

Login only to secure websites with a valid HTTPS certificate. 

Most legit sites have one.

 For extra safety, try browser plugins like “HTTPS Everywhere.”

Tip #6. Use wallets from known sources, be it a hardware or a software wallet.

Tip #7. Don’t keep all your cryptocurrency in a single place.

The best way to handle it is by using one or several cold storages for long-term holdings, and at least one hot wallet for trading and transactions.

Tip #8. Store and backup your cryptocurrency private keys.

keeping your coins safely

Tip #9. Double-check Crypto Addresses. 

Some malicious programs can edit and paste a wrong transaction address whenever you send a transaction. 

Typically, the new address belongs to an attacker.

Know that, it’s better to be safe than sorry.

Be sure to double check the URL of the exchanges as well as that of the bitcoin investment sites you visit.

CHAPTER 6:

Choosing a Trusted and Legit Bitcoin Investment Sites

Now that you know how to choose the right bitcoin wallet and how to secure your coin, I am going to show you the top trusted bitcoin investment sites where you can buy your bitcoin or cryptocurrency easily and securely.

bitcoin investment sites

You can buy bitcoin and other cryptocurrencies from online marketplaces called “exchanges,” similar to the platforms that traders use to buy stock.

Exchanges connect you directly to the bitcoin marketplace, where you can exchange traditional currencies for bitcoin or bitcoin to other cryptocurrencies.

Here are the top 3 bitcoin and cryptocurrency investment sites.

#1. Binance

Binance is a cryptocurrency exchange that started in China but then moved its headquarters to the crypto-friendly Island of Malta in the EU.

binance cryptocurrency exchange

Binance is popular for its crypto to crypto exchange services.

Note: If you are in the USA, you will need to register with Binance.US

If you visit Binance for the first time you will notice that the platform offers two options for digital currency trading- basic and advanced.

While it might not be easy for a beginner to use, if you have a background in digital currencies and a bit of knowledge of how exchanges work, you should be able to use the platform and its different services.

best bitcoin investment sites

The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time.

This is what the basic view looks like :

trusted bitcoin investment sites

The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.

And this is what the advanced view looks like:

binance advanced exchange

The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy-sell boxes underneath.

Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.

Currencies and Payment Methods

With Binance, you can easily buy Bitcoin with cash, as well as other cryptocurrencies offered on their platform. 

You can use your credit card to directly purchase Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash using US Dollars, AUD, Pounds or Euro.

legit bitcoin investment sites

There are more than 100 different cryptocurrencies available at Binance. 

They range from well-known coins such as Ethereum (ETH) and Litecoin (LTC) to smaller coins like CyberMiles (CMT) and ZCoin (XZC).

Binance fees and limits

Binance charges an average fee of 0.1% on each trade that a user makes. 

Those who choose to pay via the Binance token can get a 50% discount on the trading fee. 

These are surely some of the lowest fees available at this time.

Withdrawal fees tend to vary for each digital currency. 

For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals.

binance fees and limit

You can find out more about the fees schedule here.

When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. 

However, without getting verified, users are limited in terms of how much they can withdraw.

Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform.

The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.

Supported Countries

Binance currently supports 180+ countries worldwide.

Binance does not specify which countries are supported and which countries are not supported. 

With regard to U.S traders, Binance makes no mention of any kind of prohibition policy concerning U.S based customers.

Customer support

binance customer support centre

It should be noted that customer support on Binance has been known to be slow to respond to customer requests. 

This is a familiar phenomenon with most large exchanges and is due simply to the volume of users and the amount of support staff.

Their support team is responsive and capable of offering professional aid to traders in need.

Support tickets are submitted via an online form featured on the website, live chat and responses are made via email.

Binance also offers a couple of FAQs and articles meant to help users get accustomed to the exchange and the way it works.

#2. Kraken

kraken cryptocurrency exchange

Kraken is a US-based cryptocurrency exchange that supplies an advanced trading platform with margin trading and OTC options.

top bitcoin investment sites

Founded by Jesse Powell in 2011, Kraken is known for its low transaction fees, its high liquidity, 24/7 live customer support, a wide range of features and overall security.

The exchange itself was launched in 2013 and has since raised over $100m, with the latest round closing in February 2019.

bitcoin investment plan

Kraken offers its customers an advanced trading platform that includes spot and margin trading for more experienced users. 

Kraken’s interface offers plenty of options, but it isn’t the most beginner-friendly—something to consider if you’re new to cryptocurrency.

buy bitcoin on kraken

For high volume trades (over $100K) Kraken offers Over The Counter (OTC) services with a 1-on -1 service. 

Additionally, frequent high volume traders can receive a dedicated account manager to take care of their trading needs.

kraken otc services

Kraken also offers a dark pool – an order book not visible to the rest of the market. 

Each trader only knows their own orders. 

Traders can anonymously place large buy or sell orders without revealing their interest to other traders.

Typically, outsized orders, when seen by other traders will cause the market to move unfavorably, making it more difficult to fill the order at the desired price. 

This unfavorable price movement may be avoided in a dark pool.

Currencies and Payment Methods

Kraken accepts the following fiat currencies:

  • Euros (EUR)
  • US dollars (USD)
  • Canadian dollars (CAD)

Deposits and withdrawals can be made via SEPA, SWIFT, wire and domestic transfers. 

kraken deposits and withdrawals

In most cases, deposits and withdrawals can be expected to take 1–5 business days.

And sometimes it takes as little as 24 hours.

Kraken currently supports 20 different coins.

Kraken Fees

It’s free to deposit most of the accepted cryptocurrencies, but there’s a small address setup fee in a few cases.

Kraken’s fees are among the lowest of all the major bitcoin exchanges. 

The fees you pay depend on your last 30 days’ trading volume. 

In general, fees are based on a maker-taker basis.

kraken fees

Makers, who add limit orders to the exchange, pay a lower fee than takers, who fulfill existing orders.

The fee schedule can be viewed here.

Supported Countries

Kraken is available worldwide except for the following countries:

  • Afghanistan
  • Cuba
  • Iran
  • Iraq
  • Japan
  • North Korea
  • Tajikistan

Kraken accepts US traders on its platform except for residents of Washington state (WA) and New York (NY).

Customer support and reviews

Kraken’s website has an extensive support guide, which covers everything from verifying your account to trading and more.

kraken customer support and reviews

However, should in case you do need support, you can always submit a support ticket or talk with a live rep via the site’s built-in chat.

While Kraken certainly has its advantages, it has its share of criticism, receiving a “poor” grade on TrustPilot.

Overall it seems that since the site was revamped not long ago, the level of support and platform stability has improved.

#3. Changelly

Changelly is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card.

changelly crypto exchange

The service provides the best crypto-to-crypto rates and supports over 150+ cryptocurrencies available for exchange.

Changelly is a non-custodial instant cryptocurrency exchange, which means that no users’ funds are placed in the service.

Changelly acts as an intermediary between crypto exchanges and users, offering access to trade cryptocurrencies. 

The company says that, its mission is dedicated to making the exchange process effortless for everyone who wants to invest in cryptocurrency.

Operating since 2015, the platform and its mobile app attract over a million visitors monthly who enjoy high limits, fast transactions, easy crypto swaps, and 24/7 live support.

changelly mobile app

Changelly offers an intuitive interface, secure transactions, and favorable exchange rates.

Payment Methods Accepted

You can buy any of the 150+ cryptocurrencies listed on Changelly using bank card payment.

They accept only 3 fiat currencies for buying crypto, namely: USD, EUR, GBP.

Changelly also offers flexible easy crypto to crypto swap without registration.

Supported Countries

Changelly accepts users from any country in the world.

Changelly Limits & Fees

Changelly doesn’t charge any hidden or unreasonable fees.

There is only a fixed charge of 0.25% fee for crypto-to-crypto swaps.

They charge a total fee of 0.5% per trade which is currently one of the lowest for crypto-to-fiat transactions on the market.

While the minimum amount of Bitcoin to sell is set at 250 EUR, the maximum amount is 10000 EUR with Basic KYC.

For those who pass the Advanced KYC procedure, the selling amount is unlimited.

Changelly doesn’t have set amount restrictions.

However, there are some cases when a minimum amount applies.

Something to keep in mind when using cryptocurrency exchanges like Changelly is that obtaining the best rates is not the purpose of the exchange, but rather obtaining the lowest possible rate in the shortest amount of time.

Changelly is all about speed and convenience, which is great for both beginners and experienced cryptocurrency users.

Customer support and reviews

Changelly is a rather new company although there have been no incidents or issues.

Since Changelly only holds your money for a very short period, it’s likely that users would alert the community if Changelly were to be acting maliciously.

In terms of privacy and speed, all that’s required to use Changelly is an email address and exchange trade is usually processed and converted within 5-30 minutes.

Team members frequently reply to queries within hours, and there are many reports of problems being fixed in under 24 hours.

The website is particularly clean and easy to understand, so users have a minimal learning curve to start trading.

An in-depth FAQ also helps you educate yourself about the site and service.

Support is provided through a chatbox on the website.

You can also read the reviews of their customers on the review section of the Changelly website.

Changelly seems to be responding to each and every review with a request for a follow-up. 

For the most part, Changelly seems to be doing a respectable job with relatively high satisfaction and an excellent score on TrustPilot.

changelly trustpilot reviews

Bonus Tip: If you are unable to buy bitcoin or other cryptocurrencies from the exchanges mentioned above, you can check out this 127 bitcoin and cryptocurrency exchange list.

You can also use these additional resources if you want to buy bitcoin with Paypal, cash or credit card easily.

Next, is staying safe from bitcoin investment scams.

CHAPTER 7:

Avoid bitcoin investment scams

Now, it’s time to familiarize yourself with some of the most commonly observed bitcoin scams to help protect yourself and your finances.

Do not be deceived or easily fooled when you come across a google Ad that promises to magically double your bitcoin x10 or whatever sorry story they sell to their unsuspecting victims.

Here is the sad but true and honest TRUTH.

There is no such thing as bitcoin doubling.

You cannot double your bitcoin, you can only make your bitcoin work for you.

For instance, while searching for the keyword “Bitcoin investment sites” you will come across various Ads and brands ranking on the first page of google search results.

bitcoin investment scam format

The brutal truth is this, MAJORITY of the so-called bitcoin brokers, will steal and run away with your crypto. 

Be wary of blackmail attempts in which strangers threaten you in exchange for bitcoin as a means of extortion.

In this vast and ever-changing world of cryptocurrency, the safety of your coin is PARAMOUNT.

bitcoin investment scam

As bitcoin becomes more popular, more people have sought to acquire it by hook, line, and sinker.

Unfortunately, nefarious people have taken advantage of this and have been known to set up fake bitcoin exchanges. 

These fake exchanges may trick users by offering extremely competitive market prices that lull them into thinking they’re getting a steal, with quick and easy access to some cheap bitcoin. 

One common execution of this method is by email.

Scammers use stolen email lists and other leaked user information to run this scheme across thousands of people everyday all in an effort to rob them of their coins.

uranuscrypto

Unfortunately, it’s very easy for con-artists to create social media profiles and even go as far as joining questions and answer forums all in the name of impersonating people.

Hackers have become very creative in finding ways to steal from people these days. 

Note that, It is essential to always be sure to double or triple check the address you’re sending to when sending bitcoin

Be sure to use a reputable exchange when buying or selling bitcoin as well.

Do not trust people who entice you or others to invest because they claim that they know what the bitcoin price is going to be. 

Another common front for bitcoin scams is to pose as a mining pool. 

While mining bitcoin can be profitable for big players, it is not effortless, and the fake mining websites give themselves away in the same manner as the others.

Promising easy gains via vague language designed to dupe those who haven’t done their due diligence in learning about bitcoin and cryptocurrency in general.

cryptocurrency education

Thankfully there are plenty of sound bitcoin investment sites (bitcoin exchanges), trading, and mining opportunities out there, but they all require something scam platforms do not: hard work, time, and due diligence in research.

Now It’s Your Turn 👍

I really hope you enjoyed my new bitcoin investment guide.

And now I’d like to hear from you.

Which tip from today’s guide are you going to try first?

Are you going to diversify your portfolio?

Or maybe you want to use the Dollar-cost average strategy to earn more bitcoin.

Either way, let me know by leaving a quick comment below.

Patrick Amaechi

By Patrick Amaechi

My team and I write about all things bitcoin and cryptocurrency.

Our blog conveys the views of Uranuscrypto and the many unique opinions and characters within our team.

We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies in this vast and ever-changing world of digital currency😊

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