Bitcoin and the emergence of a New Age Scam Industry

If you haven’t met me before, my name is Millie Warham, Co-founder of Checked and Vetted. Recently I received a surprising message on Facebook from someone called Nick Kwek, who was a journalist/presenter for the BBC.

Given that I don’t tune in to daytime TV, I had never heard of Nick, but his inquiry had certainly grabbed my attention.

“Hi Millie, apologies for the random message. I saw your comment on Martin Lewis’ money saving article on Bitcoin – I’m a BBC Journalist and TV producer looking to interview females dabbling in Bitcoin – is this something you’d be up for?”

After a quick internet search to ensure that this really was Nick Kwek and not some scammer, I decided to follow through with my curiosity and engage with his proposal. I have had concerns in the past about lucrative propositions from possible cons before, which is why I felt so strongly about proceeding with an interview.

It turned out that the interview Nick mentioned was a special project about Bitcoin for BBC’s Panorama the following week.

Like millions of people globally I was reading about the rise of a society of people investing in a new age of currency. The prospect of becoming a Bitcoin Millionaire was enticing the world.

After doing a lot of reading and arranging some face to face conversations, the mystery started to unfold.

I discovered that Bitcoin is a mere piece in something larger, it turns out there are hundreds of other crypto currencies being actively traded. According to my research, each coin can be aimed at a particular type of business.  For example, the ENJIN coin count (symbol ENJ) is aimed at gamers, particularly Minecraft users, with the idea that they will be able to buy and sell addons easily for their game.

The coins start off as something called an ‘Initial Coin Offering’, which is meant to be bought by someone at a discounted rate from their expected future trade value. This process raises millions of pounds for the organisations creating the coins.

The expected future trade value of these new coins can rapidly increase, in some cases by hundreds of times in value.

The promise for success came from the idea that you could buy a batch of these coins for a low price and then with a stroke of luck, watch their value rise in price. I have also discovered that if you acquire a digital wallet, I fully recommend Coinbase, you can buy a part of Bitcoin and monitor it’s rise and fall in value.

Trading Bots

Once I had bought some of Bitcoin I went deeper down the rabbit hole and pondered how I could make more money from it. Of course I had two choices; I could either watch it from a distance, hoping it’s value would rise. Or I could reach further into this new community and attempt to trade it for a coin that had better growth potential.

Unfortunately, like many others, I’m not much of a trader, but I managed to find something that was. After further research, I discovered software that was programmed to trade for you on the crypto stock exchanges, that you can run on your computer.

Naturally I was excited to discover such potential, but my scepticism took hold. I have £500 in the bank with a 1% interest from the bank – which sums up to £5 a year. Could this Trading Bot do better?

After further research and a few nerves, I took the plunge and bought a Trading Bot called “Profit Trailer” and with my partner Christine we set it up.

However, for this to work I also needed an exchange that would co-operate with my bot. As it was the cheapest to use, I went with Binance.

So, did it work?

After the first three weeks my results were as follows; I was averaging 0 .75% a day! Which meant that within two days I have beaten the bank – but there are twists and turns to this system. Bitcoin’s value was falling and rising all the while I was trading. In any event, if my Trading Bot could maintain 0.75%, I would be back to my £500 in 70 days and have a staggering £4,418 at the end of the year!

I know that there are millions of people in the X Generation like myself, who do not have a pension. They have scraped by over the years and are now looking in Bitcoin’s direction for a fix for their old age or a means to rapidly accumulate money.

Is bitcoin the answer?

Here are my issues

  1. There are multiple “experts” who claim to have a lot of knowledge on the subject. They like to give advice especially on YouTube, often with an agenda i.e. supporting the now defunct Bitconnect, OnCoin or perhaps the controversial MLM  USI-Tech.
  2. Because of this, new comers approach the system with confusion on how to enter it properly and safely.
  3. There is incredible market volatility, and it is a new financial infrastructure which is almost completely unregulated. Meaning that if the company disappears you will almost certainly lose all your money with zero recourse.
  4. It is very easy to get sucked into schemes where the coins are fake, non-existent or simply useless.

Ask yourself

To gain a bit more of an understanding, and to be more aware of who you’re trusting, ask yourself some questions before investing.

What does this coin do? If it has no local purpose it has no intrinsic value. Bitcoin, Ethereum, and Light Coin Ripple are all used for moving money through blockchains. This means that these specific names have a purpose.

Am I willing to keep researching and monitoring this?

Do I want to invest my money with no protection from the FSA?

If you’re unsure, consider this: do you find it appealing to move your money away from the bank? If you’ve done your research and are willing to trust it, would you prefer to move your investments and into a new way of using your earnings?

If you would like to be a part of this technological age and want to entertain the idea of buying selling Bitcoin depending on its value, then I would advise patience. Investing in this new money, involves waiting for years and keeping watch to see how the market patterns change.

Please read up on Internet scammers and don’t get duped.

Do not use credit to buy crypto – you could end up paying for a debt with interest paying for a coin that rapidly loses its value.

Do not ever spend money that you cannot afford to lose.

My current status with Bitcoin is as follows:

I spent £150 early in December on Bitcoin packs with USI-Tech, at that time some of my friends wanted to try buying Bitcoin. I made £1,000 in commission in around 2 weeks. When the Cease and Desist Orders were issued in America I refrained from recommending USI-Tech until I saw the outcome in America.

Entirely separate from USI-Tech I have £120 worth of Bitcoin in my Coinbase wallet, which increased in value to £136 since last Monday. If Bitcoin drops below £4,000 again I will probably buy some more.

I currently am trading Alt Coins on Binance with a trading bot which was a gift from my partner.  Since January I have invested £1400 and it has generated about £500 profit.

If you have any worries or questions, please feel free to message me!

Here are the links to the services I use, in case you’re interested for yourself:

Coinbase

Binance

USI-Tech

I have been asked to produce a dummies guide to setting up a bot.  Message me if you would like help!

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By | 2018-04-05T14:53:51+00:00 February 12th, 2018|Business, Checked & Vetted, Householder|Comments Off on Bitcoin and the emergence of a New Age Scam Industry