Bitcoin Revolution Scam Continues to Draw in Unsuspecting Victims
Despite being exposed by a number of scam review websites, it appears the scammers behind Bitcoin Revolution are still drawing in customers.
The fraudulent operation promises an app that claims to provide 99.4% accurate trading signals by being 0.01 seconds ahead of normal markets. It uses celebrity videos and images without permission to promote the scam, prompting some celebrities to publically denounce their affiliation with the service.
The scam is so popular that it has now been copied and perpetuated by other scammers hoping to also dupe naive investors. Replica websites have popped up with names like Bitcoin Secret, Bitcoin Formula and Bitcoin Trader, but are otherwise almost identical to Bitcoin Revolution.
For anybody involved in investing or financial technology, the websites should be instantly recognizable as scams. However, for many inexperienced investors who are hoping to get involved in crypto, they can be quite convincing. Bitcoin’s meteoric price rise in December late last year created a lasting impression that lots of money can be made through investing in cryptocurrency. However, the unfortunate reality is that only a small percentage of investors profit from the cryptocurrency market, with a far larger portion losing money.
Scams like Bitcoin Revolution feed off a fear many people have that they missed out on Bitcoin’s last bull run and don’t want to miss the next one. Using phrases like “Bitcoin is making people rich” and “you can become the next millionaire”, the scam targets impatient and lazy investors who just want to get rich quick instead of doing the necessary research.
As with most thing in life, if it’s too good to be true, it probably is. People without proper financial training really shouldn’t be investing in any market, especially an unregulated and emerging one. Without the requisite amount of knowledge, experience and hard work, you’re more likely to make money playing the lottery than investing in speculative markets.
Unfortunately, tracking the perpetrators behind scams like Bitcoin Revolution is almost impossible, making it highly unlikely that any victims will ever see their money again.