Bitcoin Ponzi Scheme: Watching out for Scams.

The Bitcoin Ponzi , HYP or MLM schemes promises to yield high rate of return and interest, your investment is safe and secured but there is limited information on companies and owners; there are some constraints involved at withdrawing your funds.

How Do Bitcoin wallet and exchange Scammers Operate? 

  •  Some claim that some wallet which can be used to store Bitcoin.
  • Some claim to be exchanges while others claim Bitcoin.
  • Others claim to do the two.

These scammers operate with their scam sites, they make you to sign up and deposit Bitcoin or local currency for some periods in order to build trust. However, after sometimes they make you off with the money.

What should I watch out for?

  1. Invest with a reputable and registered companies, e.g Luno.
  2. Ensure that you can identity employees and the owners.
  3. Find out whether they are mentioned in a standard local or international news and publications.
  4. Always treat anonymous and new exchanges browser extensions with caution.

The are some sites which focus on this issue. Sites like:



Chris Adedoyin


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