Bitcoin Doubler – Watch Out!
Warning: Do not invest in Bitcoin Doubler sites.
I’ve written a bit about cryptocurrency in general and about Bitcoin specifically and how it’s possible to make money with Bitcoin and altcoins.
In order to do that, you should treat your investment in cryptocurrency as you would any other investment – do your research and be sure that you’re investing your money in a way that won’t leave you spending money you can’t afford to lose.
With the attention that Bitcoin has been getting in the news the last few months, numerous Bitcoin Doubler Websites have popped up recently, and they’re all making the same promise:
You can deposit money with them and double your money in just a few hours.
Does this really work? Can you really make money with a Bitcoin Doubler?
Read on for the Bitcoin Doubler review.
Bitcoin Doubler Overview
This review is a bit different than most, where I review a specific site or product. In the case of Bitcoin Doubler, I really don’t need to do that, because there are dozens, or even hundreds of sites that use the words Bitcoin Doubler in their name.
I can list a few here, but this list is far from complete:
This week, I have even received a number of spam email messages that promote a Bitcoin Doubler service. The messages as me to send one Bitcoin to a certain address and promise me that I will receive two Bitcoin in return the same day.
Here is an excerpt from the email message:
Hello friends. I want to share with you a magical purse that doubles your bitkoins. I do not know why this works, but it works! For a month I have already earned 3,579 bitcoins and I’m a millionaire, repaid all loans and debts, I bought myself an elite housing and yesterday I took a new Lamborghini from the saloon. The essence of the purse is that you send him 1 bitcoin and after 3 hours you get 2 bitcoins.
I did a search on Bing for Bitcoin Doubler and I found dozens of sites that used that name, though they were all different sites, in different countries and were likely owned and operated by different people.
They all claim to work in much the same way, however:
- You visit the site.
- You send a certain amount of Bitcoin to an address that the site specifies
- You receive twice as much money as your deposit via Bitcoin transaction in anywhere from 3-100 hours after making your deposit
Every Bitcoin Doubler site that I visited worked in much the same way. None of them required you to set up an account. They just give you a Bitcoin address, such as this one:
…and tell you to send money there. Minimum and maximum deposit amounts vary, but one site I visited had a minimum deposit of 0.005 Bitcoin (about U.S. $30 at current rates) and a maximum deposit of 10 Bitcoin (about $63,000 U.S. at current rates.)
Every one of these Bitcoin Doubler sites accepts deposits in Bitcoin only. You cannot deposit dollars, or euro, or yen, or pounds, or anything else. They only accept Bitcoin.
They say that within a few hours, they will send twice as much to your Bitcoin address as you deposited. The time varies; I saw a couple of sites that promised you would double your money in 100 hours. I saw another one that said you could double your money in just 10 hours.
In order to “prove” that these Bitcoin Doubler sites work, every one of these sites has a list of people that they claim have been recently paid. It’s a long list, with the time, the Bitcoin address that got paid, and the amount of Bitcoin that the site supposedly paid out.
One site said that you could double your money in just three hours.
How do these sites work? How do they make money?
I’m always suspicious of any site that says that you can make money quickly, and when a site says that if I give them money, they’ll give me twice as much back in a few hours has me really suspicious.
So, what are Bitcoin Doubler sites all about? What happens when you make a Bitcoin deposit?
Nothing happens. You lose your Bitcoin.
There is a reason that these Bitcoin Doubler sites only accept deposits in Bitcoin – the deposits are not easily traced and no one knows who owns the address to which you’re sending the money.
All of these sites have been registered with private registration, so you cannot easily find out who owns them.
All of the information that shows people being paid is fake.
These sites are simply set up in order to persuade people to give them Bitcoin and they’re not going to provide anything in return.
So why are they promising to pay you twice as much in just a few hours if you make a deposit?
That’s easy – they wouldn’t make any money if they simply built a Website that said “Please give us your Bitcoin.”
So instead, they ask you to invest your Bitcoin and promise you that they will invest it on your behalf and that when they make money with your investment, they’ll share the profits with you.
How, exactly, are they making money with the Bitcoin they send you? Here is one explanation from a Bitcoin Doubler site:
As previously mentioned, we are the group of professional traders and skilled analysts with valuable experience in the sphere of cryptocurrency. All transactions in the cryptocurrency market are carried out according to an elementary principle: buy at a lower price, sell at a higher. And, vice versa, respectively – sell at a higher price, buy a lower. Due to the variability of the exchange rate, we make a great profit on this difference.
If you read that explanation, you’ll realize that it doesn’t actually explain anything at all. That’s because it’s nonsense. You’re not investing money, and they’re not trading the money you give them.
The Bitcoin Doubler sites are simply stealing your Bitcoin.
So, you’ll likely read about Bitcoin Doubler sites on the Web, or on social media, or perhaps you’ll see messages in your inbox about how you can supposedly double your money in 24 hours or less by “investing” money at a Bitcoin Doubler site.
You cannot. The sites don’t work, and you will lose your money.
Here are the pros and cons of Bitcoin Doubler sites:
- No signup required
- No fees, aside from the amount of Bitcoin you deposit
- You get nothing in return.
- You lose your money.
- You get paid nothing.
Bitcoin Doubler Summary
Bitcoin Doubler sites are a scam. No one is going to give you 2 Bitcoin tomorrow if you pay them 1 Bitcoin today. They are simply going to steal your money and you will get nothing back.
If you want to make money online, there are better ways to do it than by investing in Bitcoin Doubler. I suggest that you try one of them.
Bitcoin Doubler Websites are a waste of time. Stay away. Do not invest there.