In this post you will learn how to spot a Bitcoin scam, using free and simple tools.
With so many new Bitcoin services showing up every second it’s sometimes hard to tell who’s legit and who is a scam. I have to admit that I can also get fooled by some of these sites since scammers have become pretty elaborate in their ways of hiding their true nature.
However, using a specific toolset you can come to a fair assessment if a specific Bitcoin business is indeed a scam. This toolset is comprised out of different online tools which will help you learn about any Bitcoin site’s reputation throughout the web.
Hopefully next time you encounter such a business you’ll use the process I’m about to explain and decide for yourself if the business is legit. I recommend you bookmark this page so you can refer to it later on when you encounter a business that needs to be put to “The Bitcoin Scam Test”.
Tool #1 – Bittrust reviews
Bittrust is a website that was formed in order for people to review other Bitcoin businesses. Using the search bar on the top it’s pretty easy to find many reviews about different players in the market.
Keep in mind that when it comes to reviews in general users are more inclined to leave a review when the service was bad than when it was good. So if you don’t find your business listed in Bittrust that’s actually a good sign.
I would take Bittrust’s reviews with a grain of salt as anyone can leave a review and it’s pretty easy to manipulate the system. Bittrust is more of a starting point to see what people are saying about the specific business and finding out what issues can occur.
For example, Coinbase, which is a
Originally appeared at: https://99bitcoins.com/bitcoin-scam-test-10-tools-determine-business-legit/
The Bitcoin Scam Test – 10 Tools to Determine if a Bitcoin Business is Legit is a story from: BitcoinWarrior.net