I’m writing this review (if I can call it that) on bitcoin generator with mixed feelings. This is because I know what it feels like to be naive and basically ignorant concerning a subject.
Years ago, I came across a website that described itself as a “Bitcoin Generator”. The site demanded input of a Bitcoin address as well as how much bitcoin you wanted to generate.
Bitcoin Generator: A Well-Scripted Scam
Then in parenthesis, the user is advised not to put in values that are too high so that their bitcoin generation wouldn’t take too long. The user chooses a specific amount of BTC and clicks a button that starts churning out strings of numbers and alphabets as if you are actually viewing a bitcoin ledger or transaction activities from a mining pool.
When it is done with its churning, the user is asked to pay some small fraction of bitcoin, way too small compared with the amount the Bitcoin generator ‘mined’ for them.
An address is exhibited on the site. “Pay 0.01 btc to this address to withdraw your 2btc”.
Wow…0.01 btc and I’ll get 2btc?
In my own case, as someone new to Cryptocurrency, I didn’t have up to that in my wallet but I had access to fiat that could cover up the ‘fee’ somehow (I can barely remember why) the time I needed to make the payment expired so I decided to do a little research on Bitcoin generators and the result was shocking.
Scam! Scam!! Scam!!!
All the information I got about bitcoin generation pointed to the fact that there is nothing in practice like a website that generates or mines bitcoin for any and every visitor.
Scammers are just taking advantage of people’s ignorance concerning cryptocurrencies to steal their money.
Now think about it, if Bitcoin and other cryptocurrencies is money, why could it be picked up on any website (many for that matter) as if one is picking berries off the shelf of a supermarket?
That is the consequence of ignorance. And new ‘Bitcoin generators’ keep springing up daily as dubious developers and conmen work in tandem to steal money from people.
So today as I remembered the bitcoin generation topic, a look at Google search returned a number of these scam websites.
Scammer Marketing Bitcoin Generator
Interestingly, people are also discussing it at Quora and one discussant caught my attention. It was a fellow claiming that he made money from a bitcoin generator, a closer look I realized this is one of the scammers ‘marketing’ his scam. Read what he wrote:
“There are a lot of locales offering bitcoin generators that are free or some that accompany a cost. Little did I realized that it won’t work. Still each week I find new Bitcoin generator flies up by means of new site that guarantees to work. There is totally none that works.
Aside from the bitcoin generator that I have from one of the site that is in reality genuine and works like appeal.
With this Real Bitcoin Generator I have officially made 100 Btc that is worth 150K USD now. It is a basic doubler and tripler programming that copies or triples bitcoins in your wallet inside 5-10 minutes of time.
It works with all Bitcoin wallets including Blockchain, Xapo, Coinbase, and so on. You ought to have no less than 0.1 Btc to begin utilizing this Real Bitcoin Generator.”
Easy Money Don’t Always Come Free
The bad news about having such audacity to promote these scams is that there are people that will actually believe this and learn their lesson after they have been scammed.
If you’ve got any sense, what makes sense is the first paragraph of the scammer’s marketing effort. Trying bitcoin generators won’t make you a dime but rather would make you lose money if you’re as foolish as I was in trying to pay these scammers.
Donate to Charity Instead of Scammers
If you own bitcoins and thinking of trying these Bitcoin generators or their sister Bitcoin Doublers, you’d better donate them to charity. At least you’d feel good for doing something worthwhile.
Any bitcoins or crypto sent to these generators with the hope that you’re going to make any money off them is money flushed down the drain.
Wise Advise You Can Bank On
I’ll like to highlight the contribution of , a Master Electricians & Instrumentation Technician at Northern Alberta Institute of Technology because he brought out another aspect of the bitcoin generation scam.
These scammers can actually pay initial users small fractions to create awareness and get more users to scam. According to Miller,
“Well, it’s nothing good. The term “bitcoin generator” is one mainly used to scam people. They promise outsized returns on any deposit you make with them.
If you want to experiment, invest only a small amount and request your funds at the end of the first investment period. If a small enough amount, you will usually get your initial deposit plus a good bonus.
This ploy is to instill confidence in the process and get you to invest a much larger amount. If this is a large enough amount then the website you have been utilizing for the investment disappears and you will never get your funds returned.
Always remember: if it seems too good to be true it’s a scam!”
How apt, this is the reason why you should keep off these sites. The rule is, “Never send them any money” irrespective of the appeal.
These scams sites are integrated with mostly automated discussions where the people behind the scam pretend that they were paid by the site.
You may see messages like “Mmxer44 has just receive 0.2 btc” . Vijay Gir, an entrepreneur and Bitcoin miner explained it this way,
“This thing has been explained millions of times on Quora and different forums that there is no such thing exist like a bitcoin generator.
Bitcoin is not a thing that can be generated or blockchain is not a that kind of network that can be hacked or spoofed or there is no way to inject any exploit to it, so please remove this belief from your minds that bitcoins can be stolen using so called bitcoin generators.
These are actually scripted websites that are made to fool people to believe that bitcoins can be stolen.
The chat there is triggered when a real visitor lands on the website. When you open the website, hold on for some minutes there are see the chat is actually repeated.
If you put in some comment you get the scripted reply, like don’t waste time and get the free btc or, it seems like “<yourchatname> is new here”.
Try to open the website in another browser or device and type in some other comment you will get the same reply there too.“
The summary of this article is that you should know by now that there is nothing like bitcoin generator. This is just a scam designed to steal from people that know little or nothing about Bitcoin. Do not fall victim to this scam.
Have you had experience with this scam? Let us know in the comment box.