Bitcoin Scam? Negative experiences [2021]

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Published: February 26, 2021 by Andrew

Is Bitcoin a scam or is it a profitable investment? Those who traded on Bitcoin in the right way and at the right time were able to quickly accumulate a great economic fortune. However, there are also many investors who say they have had negative experiences with Bitcoin, and some have actually suffered from Bitcoin-related scams.

In this guide, we explain what Bitcoin scam is and how they can be recognized. We will also explain how to really make money with Bitcoin trading, avoiding scams and operating optimally with authorized and regulated platforms such as eToro.

Indeed, there are various serious and trustworthy platforms, but we immediately mention eToro because it definitely has an edge.

An example? eToro allows you to copy, in a completely automatic way, what the best cryptocurrency investors in the world do. In this world, even a beginner can get, from day one, the same results as the best professional in the world (we will explain later on this single detail that makes the difference).

You can sign up for free on eToro by clicking here

Bitcoin Scam: reality or phobia?

Why are there so many people who think Bitcoin is a scam? Evidently, some aspiring Bitcoin investors have suffered scams and have also experienced negative experiences (among other things, we will see shortly how these scams are avoided) but in reality there are many more people who have earned a lot with Bitcoin.

Anyone who bought Bitcoin when it was worth a few cents, say, could resell it for $ 20,000 and more. It is also difficult to calculate the return on this investment, however large it is.

Bitcoin is the first cryptocurrency, the one with the highest capitalization: it has proven over time to be a very profitable investment.

Precisely for this reason, some scammers began to create Ponzi schemes or other types of scams that used the name of Bitcoin to attract the most naïve. Unfortunately, many cryptocurrency exchanges have also turned out to be real scams and have caused heavy losses to investors.

The alarm generated by Bitcoin, however, is much greater than the actual risks. In 2017, when Bitcoin became famous among the general public for the very high profits it had generated, a famous consumer association filed a complaint against unknown persons for scam: in practice they said that all Bitcoin is a scam and that it was necessary to intervene.

History has shown, assuming that it was needed, that Bitcoin is not a scam and that it is possible to invest profitably (a lot of profit) and without risk. Everything is about knowing how to avoid scams and scams that can actually exist.

How to avoid scams and invest successfully

But how do you avoid these scams? There is a safe way to trade without the risk of scams and scams: thanks to authorized and regulated trading platforms.

These platforms have been around for many years (long before Bitcoin was invented) and allow you to trade traditional financial assets such as stocks, currencies and commodities. With the boom of Bitcoin, these platforms have begun to offer the possibility of operating also with Bitcoin and other major cryptocurrencies.

These platforms operate in compliance with the European legislation that protects investments and are subject to continuous control by the competent authorities (like CONSOB and CySec). Basically, these platforms couldn’t scam their customers even if they wanted to.

Using these platforms it is possible to invest with the same level of security guaranteed by banks. Those who invest in Bitcoin with these platforms have the same level of security guaranteed by banks: in this way they have the absolute certainty of avoiding Bitcoin scam.

Best platforms for Bitcoin

Fortunately, there are many reliable and safe trading platforms that allow you to invest in Bitcoin with confidence (here you can see our list of the best cryptocurrency platforms). In this paragraph we present some of the best trading platforms which, in addition to being safe, are also very easy to use, even for beginners.

Platform: etoro
Min. Deposit: 200€
License: Cysec
  • Social Trading (Copy the best)
  • Simple and intuitive
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: xtb
    Min. Deposit: 400€
    License: Cysec
  • Free demo
  • Whatsapp Group
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: iqoption
    Min. Deposit: 10€
    License: Cysec
  • Free demo without limitations
  • Minimum deposit low
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: plus500
    Min. Deposit: 100€
    License: Cysec
    Buy and sell CFD
  • Professional Platform
  • Intuitive and Reliable
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: trade
    Min. Deposit: 100€
    License: Cysec
  • Free demo
  • Free course trading
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: forextb
    Min. Deposit: 250€
    License: Cysec
  • Free trading course
  • Free trading signals
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: avatrade
    Min. Deposit: 250€
    License: Cysec
  • Copytrading
  • Protection from risks
  • ➥ Start
    1star 1star 1star 1star 1star
    Platform: ubrokers
    Min. Deposit: 250€
    License: Cysec
  • Free Training
  • Zero Commissions
  • ➥ Start
    1star 1star 1star 1star 1star

    eToro

    eToro is the first great option for those who want to start trading Bitcoin without the risk of losing money for scams or scams. eToro is not only very easy to use but also offers an exceptional automated trading system.

    How does eToro’s automated trading work? It is possible to look for investors who have earned the most in the past with the least risk. These investors can be selected and copied automatically: eToro’s software system takes care of replicating transactions in real time, without the need for any kind of intervention by the account holder.

    In this way, even beginners can immediately get spectacular results and, at the same time, learn how to trade Bitcoin and other stocks simply by copying the best investors.

    You can register immediately on eToro by clicking here

    You can learn more by reading our eToro review.

    ForexTB

    ForexTB is the other great option for those who want to invest in Bitcoin (and many other financial stocks) without the risk of being scammed and with the guarantee of the best results.

    ForexTB is a safe and reliable platform that is free and easy to use. Subscribers are followed on the phone for free, truly step by step, by true Bitcoin and investment experts who provide advice and guidance.

    This really minimizes the possibility of errors. In addition, all members have the opportunity to download an excellent course for free that explains, in detail, how to invest in Bitcoin and any other financial asset.

    This course is very popular because it is completely free, while other courses are paid and cost a lot. In addition, it is a simple course to study, even for a beginner and completely practice oriented.

    You can download the ForexTB course by clicking here

    If this is not enough, ForexTB guarantees the possibility of investing in demo mode, in order to increase the experience without taking risks.

    You can sign up for free on ForexTB by clicking here

    Trade.com

    It’s hard to find a better platform than TRADE.com, especially for those who are truly starting from scratch. TRADE.com is a simple and intuitive platform: as soon as you sign up, you receive free assistance from a true Bitcoin, trading and investment expert who provides precise information: making mistakes is impossible.

    Those who want to learn more have the opportunity to download an excellent guide for free that explains in simple words how to earn with trading and investments (of Bitcoin but also of traditional financial stocks).

    This ebook has had hundreds of thousands of downloads precisely because it is really easy to read, even for a beginner and above all because it is very practice-oriented: it explains in simple words how you earn.

    And then it’s free, which doesn’t hurt since other trading guides have very high costs (and are probably even less good). Click here to download the TRADE.com ebook for free.

    The benefits of TRADE.com don’t end there. For example, it is possible to use the platform in demo mode, i.e. with virtual money, in order to experiment without risk before starting to operate with real money.

    You can sign up for free on TRADE.com by clicking here

    You can learn more by reading our TRADE.com review.

    Iq Option

    Iq Option is a trading platform that is particularly close to the heart of many beginners. Not only is it safe, reliable, very easy to use, but it is also the only platform that allows you to start trading Bitcoin with a capital of just 10 euros.

    The other platforms require a minimum investment between 100 and 250 euros (however these are small amounts) but Iq Option requires very little.

    In practice, everyone can operate with Iq Option both because they do not need large capital and because it is really easy to use. Those who want to know more have the opportunity to access for free an educational area full of video courses, which explain everything there is to know to obtain positive results with cryptocurrencies and other investments.

    Iq Option also offers an exceptional demo platform for free, without limits and without restrictions.

    You can sign up for free on Iq Option by clicking here

    You can learn more by reading our Iq Option review.

    The main Bitcoin Scam

    But what are the main and most dangerous Bitcoin-related scams? Many times these are real Ponzi schemes that refer to Bitcoin only for marketing reasons, that is, to convince people to enter these scam schemes.

    One of the most famous of its kind was OneCoin, whose perpetrators were recently arrested.

    There are also many scams that refer to phantom automatic systems to make money with Bitcoin. We recall systems such as Trust Investing or Bitcoin System.

    These scams are massively advertised on Facebook with spam emails, often misusing the image of famous people such as Donald Trump, Warren Buffet or Elon Musk.

    An infallible way to defend against these scams is to not believe in fairy tales: easy money does not exist, it is not possible to get rich without doing anything and without even knowing anything, simply by investing an initial sum.

    Those who actually made money with Bitcoin did it seriously, using serious platforms, it took time and effort.

    Bottom line: do you want to invest in cryptocurrencies? Excellent idea, but know that it takes the right tools and a little study.

    Bitcoin Scam: the exchanges

    Another rather concrete danger for those who want to make money with Bitcoin is represented by cryptocurrency exchanges. In fact, the history of Bitcoin is studded with an impressive series of scams, so much so that some have thought for years that Bitcoin is a scam precisely because many exchanges have scammed their customers.

    Among the main scams and / or bad experiences due to exchanges we can mention:

    • MTGox, a Japanese exchange at the center of the first great crack in the history of Bitcoin
    • Quadriga: 140 million dollars in Bitcoin were lost following the death of the founder of the exchange (many have doubts about this story).
    • Bitgrail: Italian exchange failed following a theft that many have doubts about.

    The list could be frighteningly long but the sense is that exchanges are not at all safe for those who want to invest in Bitcoin or other cryptocurrencies. The underlying reason is that cryptocurrency exchanges operate, in fact, outside any legislative framework.

    With the trading platforms that we have presented, however, these problems do not exist because they are authorized and regulated and therefore allow you to operate with the same guarantees offered by a bank.

    Bitcoin scam and negative experiences

    Why are there people who have had bad experiences with Bitcoin? Why are there those who earn and those who lose money?

    Reading a few posts on cryptocurrency forums, it is easy to realize that there are several cases. The first case, which includes most of the people who have lost money with Bitcoin, is that of scams.

    If someone entrusts his money to a Ponzi scheme like OneCoin (recently several members of the organization were arrested) or to a method that promises quick and easy money like Bitcoin Era, it is obvious that he will be scammed and lose everything.

    Even those who try to trade Bitcoin with exchanges usually risk losing all their money: even exchanges that seem to work well sooner or later have some problems.

    Make money when Bitcoin’s price drops

    But it’s not just scams that are at the root of negative experiences with Bitcoin: some lose money and talk about negative experiences because they are ignorant.

    Many think, in fact, that to earn with Bitcoins it is enough to buy and wait for the price to rise. Too bad, however, that the price of Bitcoin does not always increase: during 2017 the price literally exploded, creating an industrial quantity of millionaires. Also in 2020 it increased a lot while in 2017 it fell.

    What Happens When the Bitcoin Price Goes Down? Nothing serious, you can continue as always because the best trading platforms allow you to sell Bitcoin short. Short selling is a speculative operation that generates a profit when the price of a financial security decreases.

    Unfortunately, many novice traders do not even know this possibility or operate with platforms that do not allow short selling.

    Result? When Bitcoin’s value falls, they lose money. Those who trade Bitcoin wisely, on the other hand, have the opportunity to earn in any market condition. For this you need to study: you can download here the best free guide that explains, step by step, how to trade without errors.

    bitcoin scams

    Conclusions

    Bitcoin is not a scam, on the contrary, those who invest in the right way have the possibility of easily obtaining very high profits, even if they start from zero, that is, with very little capital (10 euros is enough) and without initial knowledge (provided, however, to dedicate time and commitment to study).

    Those who have had negative experiences with Bitcoin have most likely been the victim of a scam or invested without knowing how to do it. For this reason, we always suggest to use only authorized and regulated platforms and to study before starting to operate: this is probably the best guide for beginners and you can download it for free.

    Is Bitcoin a Scam?

    Absolutely not, indeed, it is one of the most profitable investments but there are many scams.

    How can Bitcoin scams be avoided?

    It is sufficient to operate exclusively with authorized and regulated cryptocurrency platforms. It is important to avoid believing the messages that promise easy profits (money is never easy).

    What are the risks of having a bad Bitcoin experience?

    The greatest risk is that of being scammed (but it is easy to avoid them). The other big risk is to start investing in Bitcoin without adequate preparation.

    Is it possible to recover the money lost with Bitcoin scams?

    Unfortunately in most cases the stolen money is transferred to some tax haven where the judiciary cannot reach.

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