Bitcoin doublers claim to provide an easy way for people to double their bitcoin investments within a short period. These sites often tag themselves as legitimate bitcoin investment platforms but that is never the case. Bitcoin doublers are one of the unfortunate scams that are plaguing the crypto ecosystem today.
In this post, you will find out what bitcoin doublers are, why they are scams, and why you should stay far away from self-proclaimed “legitimate bitcoin doublers”.
Bitcoin Doubler Schemes
A bitcoin doubler is a service that promises to double your bitcoin investment by making use of some vague trading strategy, unique investment scheme or special algorithms. Most of the bitcoin doubler sites claim to use algorithmic trading bots to predict the price of bitcoin. Often, these platforms claim to be able to generate a return of 100 percent in only a few hours, days or weeks.
Some of their other claims include:
- Zero chance for their investment to fail
- Guaranteed capital
- Transparency and uniqueness
- Advanced algorithms
How Does the Bitcoin Doubler Scheme Work?
There are several variations of this bitcoin scam. Some of them claim to double your bitcoin within hours or days for a fee, others claim they deploy profitable trading algorithms while others are multi-level marketing-type scams.
1. Double your BTC in a few hours or days schemes
Some of these platforms convince people that they can hack the Bitcoin network and double their assets instantly. Then, they will ask them to pay the hacker a fee to write the script to hack into the network.
There are others who say they are engaged in “Pump and Dump” schemes. They claim to deploy people’s capital to create an artificial increase in the price of a cryptocurrency with low trading activity, which attracts investors chasing returns. Once the returns are large enough, they sell the coin for a profit.
2. Double your BTC betting schemes
These bitcoin doubler schemes claim that they have an algorithm that allows you to place a bet that would give a 50 percent chance to either double your deposit or lose. What exactly you are placing a bet for or against is not always explicit.
The bitcoin doubling site says you could place bets by just sending your BTC to their bitcoin wallet address. They get to determine if your bet was successful or not. If successful, the platform claims that you get double your investment while you lose your BTC if the bet was lost.
3. Double your BTC MLM schemes
Most bitcoin doubling sites have referral programs where people are rewarded with up to 50 percent in earnings derived from a pyramid-shaped compensation commission system. One platform even boasted that the more capital that is brought in, the faster and easier they would make profits for everyone.
Just like traditional MLM companies, these platforms often have (fake) testimonials on their sites to entice naive crypto newcomers to join their fraudulent scheme.
Why There Are No Legitimate Bitcoin Doublers
One of the rules of thumb in investment states that any platform that promises quick, exceptionally high or guaranteed returns is almost certainly a scam.
Critically assessing how the whole bitcoin doubling thing works, there’s no doubt that it is a program that is doomed to collapse soon. And that the creators of these schemes are trying to defraud new entrants to the bitcoin ecosystem.
Reasons Why All Bitcoin Doublers Are Scams
- There is only vague information available on these sites as to the mechanics or technology used to double your investment.
- The claim of 100 percent guaranteed returns within a few hours or days is absurd. All investments carry some degree of risk and there are never any guarantees.
- There are no names or faces behind these bitcoin doubling sites.
- The business plan of these schemes makes no sense. On one of the bitcoin doubling websites, it says “your investment is backed up by a part of the capital we already have that was never traded.” It means your capital is only guaranteed by other people’s capital.
There are several legitimate ways to invest and earn bitcoin but bitcoin doublers are not one of them.
To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.