Bitcoin Mining And the Mining Scams

Mining And Mining Scam

Possible scams in bitcoin trading and Cryptocurrencies transactions

I have received a lot of complaints and mails from potential crypto lovers already stating that they have severally been scammed and ripped off of so many thousands of their hard earned dollars by all these cyber criminals who call themselves miners. ☹️
Go to Facebook, WhatsApp, Telegram... In fact just go online and you will get them ☹️
Especially if you are new in the cryptosystem, you needs to be head down careful and learn something.
There are much more losses than gains in one's new days in the Cryptocurrencies economy.
But you can still avoid this situation.
The problem is that they only fail to understand what mining means, and most likely cheap ways scammers are using to scam.

SO WHAT IS MINING?

Cryptocurrencies, a type of digital money in which it's regulations techniques are not regulated, as we all know.
They are a decentralized type of currency.
Simply put; Its transactions are not controlled by a central body.
It is a form of payment method that can be used between 2 parties without having to wait for the involvement of a third party. Unlike the usual paper money. I've already made a post about that here.
So let's head down up straight to the point.

Since there is no one controlling the cryptosystem of cryptography, there are big and mighty equipment that confirms transactions ;
The machines confirm if funds were truly sent, and the the destination address they are sent.
They check if the action is really true.

So the machine that does this work is very expensive. Of course they are huge and mighty equipments, which requires a lot of steady electricity to operate it.
So setting up such a system is not easy enough.
Yet this machinery are owned by people.
So these individuals are paid some percentage anytime their system is used to verify and confirm transactions.
Yes, they receives some tokens for having to buy such costly equipments that helps confirm transactions and list them on blockchain, thereby contributing to the growth of Cryptocurrencies.
So the process where by individual receives tokens in exchange for the services their machine renders is called MINING.

Mining scam

Mining scam is very common this days.
Scammers are using the term 'mining' to scam so many innocent individuals.

Some scam websites claim to be mining sites. They will ask you to send your coins for huge turn over and profit which you will never receive after sending your coins.

Remember before you mine, you needs some costly computer system properly put together for that purpose. So mining have not been made that easy.

Some others think that mining involves PONZI and some HYIP shits, but it is not.

Mining does not involve sending your coins to some hyip website address or ponzi scheme to them to double it or multiply it for you.

Smart guys also develop apps and term it bitcoin mining application.

But the virtual shit you mines you can never send to your wallets,, 

And in turn they will ask you to send some coins to them in other to claim your coins.

Which they will also claim in turn.

They are all SCAM,
Don't try it,

They are all scammers.


Nevertheless, you could mine very little of other common and uprising coins.
But sometimes those coins have very little value, hence could be very difficult to exchange for cash.

But bitcoin is not that easy to mine.

Bitcoin Mining And the Mining Scams Bitcoin Mining And the Mining Scams Reviewed by Godwin Akpan on June 06, 2018 Rating: 5

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