Do Not Get Scammed
Bitcoin can only be earned through mining Bitcoin
Do not fall for Bitcoin sites that are not regulated by some trusted entity. These sites are getting more clever every day and getting more and more people to invest minimum amounts with promises of huge returns.
Some sites will promise: Automated Software to trade the crypto that will work for you 24/7. Again, this is a ruse to get you to invest with them. Your money will be wasted, and, there will be little or nothing you can do to get your money back.
There are many of these groups who promise to double your money overnight or promise to guarantee an amount per day to entice you to give them your deposit.
STRATEGY: If you get caught up in a project of this sort, request withdrawals immediately or as soon as possible and take them regularly until you at least get your initial deposit back. Then put your money into your wallet and use the profits shared, from then on, by splitting 50/50-deposit 50% and save 50% into your wallet using the house money. But always expect to lose your deposits. If you are one of the early depositors, you may be lucky enough to get some returns. But as we always say: ” Never invest more than you can afford to lose.” Please do not fall for anything they say. You are in charge, but expect to lose your deposit. Never sacrifice family budget money on risk in these projects.
Many have asked, “How can I get my money back from a scammer?” The short answer is that you can’t if they are an unregulated company or group. Of course, if you were able to use a credit card to make the investment, there may be a remedy through the card company. Documentation will be necessary to prove that you made your investment, the amount and any emails from your to them or them to you can help prove that you are entitled to a chargeback. However, most scammers do not take credit cards and want you to use a crypto wallet. Even though the blockchain records your transaction with a hash code, it remains impossible to get back your deposits. You may be able to post poor reviews on their Facebook pages or in forums or even on your Facebook personal site, but understand that the only persons seeing your posts are your followers, and even then only the followers that Facebook allows to see your post.
Bitcoin is made through mining. There are only 21,000,000 BTC and current miners have mined approximately 19,000,000. So only 2,000,000 are left to mine.
Bitcoin mining is the process of creating a new bitcoin by solving algorithmic puzzles. It consists of powerful computing systems equipped with specialized chips all competing to solve mathematical puzzles. The blockchain is a chain of transactions placed into nodes or blocks that miners compete to solve the puzzles in the node. The first bitcoin miner to solve the puzzle inside the Node is rewarded with a bitcoin. The mining process also confirms transactions on the cryptocurrency’s network which makes them trustworthy.
For a short time after Bitcoin was launched, it was mined on desktop computers with regular central processing units (CPUs). But the process was extremely slow. Now the Bitcoin is generated using large mining pools spread across many geographies. China has made these pools illegal and banned them from the country, destroying the computer banks when they found them. So many countries are competing to establish mining pools. USA is now one of the main countries having miners set up mining banks. Bitcoin miners are being accused with charges that mining systems consume massive amounts of electricity to mine the cryptocurrency and therefore should be regulated or banned.
In regions where electricity is generated using FOSSIL fuels, bitcoin mining is considered detrimental to the environment. As a result, many bitcoin miners have moved operations to places with renewable sources of energy to reduce Bitcoin’s impact on climate change.