Bitcoin + online chain referral = illegal scheme

Deceptive Bitcoin Referral Chain Letter Links 

Compared to regulated trades, bitcoins are uncontrollable, highly volatile and risky options. The price inclination shows several occasions where the figures spiked and came down crashing very quickly. For example, in 2017, the rate was nearly $20K, which collapsed by 30 per cent in a single day, and in 2018, it reached as low as $3K. 

Sometimes, these options are marketed by unscrupulous buyers who deliberately manipulate the trade to get collective gains. Unaware of the tactics, one fails to sell their options before the market declines. Therefore, you should be mentally prepared to handle such kind of inconstancy.  

Also, some fake exchanges offer retrade in crypto, and the buyer gets an aggressive invitation to use the exchange and earn huge gains or get a guaranteed rate. 

One should be aware that no financing can ensure market security, and the initial charges associated with bitcoins are very high. 

How Does the Chain Letter Work?

Some may receive a chain letter where the person wants referrals from you to help you earn through it. Such schemes (e.g. Bitcoin Funding) require people to pay to become eligible to recruit others into the project, and the firm pays them in bitcoins or crypto assets to procreate recruits. 

The scheme does not involve any form of sale or purchase of any product or service, but it claims transactions/transfer of gained crypto assets to secure the payment. 

How To Identify?

One may receive a random letter that pretends to get your huge reward for forwarding it to others. Such schemes primarily prey on elders and run on illegal referral chains, and the scammers use new clients 's money to pay for the existing recruits.  

These schemes have transformed from the Western Union and wire money transfers to crypto, sometimes involving religious endowments and referrals. 

Once the backing dries up, the scheme fails to retrieve any form of the fund; hence, if you get any such signup offer or discounted special offer, you can join crypto schemes to get outstanding customer support for no initial payment or commission. It would be best if you denied it. 

Many other types of deceptive schemes are running online, often found on blogs, videos, and recorded conference calls where the invitees are promised to get huge bucks quickly. The trickster claims to get guaranteed high returns, low-risk, too-good scenarios, huge earnings, and great prospects. 

How To Protect?

The best way is to do a complete investigation before accepting such proposals. First, you should determine the risks by contacting a proficient financial advisor. Moreover, it would help if you did not believe in the assured unrestricted earnings offers with low risks and high-profit claims, as most legitimate investments take their time to generate profits.