VBit Against Scam: 6 Ways of Picking Out Dishonest Bitcoin Mining Marketing
In this educational piece, we are taking the front-seat to educate our readers the importance of doing due diligence and outwit scammers.
The sheer amount of misleading information on the internet is staggering.
In 2021, the world is literally a global village. You are just as likely to stumble upon a heartwarming gender reveal video as you are to face the dark side of the web. Bitcoin represents this duality very well.
One on hand, it is a historic asset with unique qualities that give it value. Unfortunately, it also has a propensity for attracting scammers of all kinds. There are loads of mining ads that give promotional claims that don’t hold any water.
Bitcoin mining is still mysterious to the general public. People who know crypto well understand the nitty-gritty. Scammers wish to exploit this lack of knowledge to market falsehoods to unsuspecting victims.
Mining is a competitive exercise that requires sophisticated hardware to be viable. It is not a get-rich-quick scheme that has Bitcoin falling from the skies. VBit Technologies is against these scams and takes customer safety seriously.
Despite their sophistication, there are some giveaways for a dishonest Bitcoin mining exercise. They include the following:
1. The Promise of Huge or Extremely Consistent but Unverified Returns
Nothing screams dishonest mining marketing like promising humongous returns. It is impossible to make such promises accurately because of the complexity of Bitcoin mining. For instance, if someone promises to mine you a Bitcoin, which is worth $35,000 plus, in three days, that claim is full of baloney.
This characteristic is a pretty reliable way of recognizing dishonest marketing. Any claims by a Bitcoin mining enterprise have to tally with logic and facts. Touch any marketing claim of absurd returns with a ten-foot pole.
It is an age-old trick to try and convince people to buy into something by promising the world to them. If any such claims come up on your feed, flag them as likely fraudulent schemes.
2. Be Wary of Unsolicited Bitcoin Mining Messages
When a random person hits you up claiming they are an admirer, it can mean either this could be another opportunity or a Pandora’s box. In the internet age, the latter is more likely to be true. All kinds of unsolicited messages can come your way either by mail or through direct messaging.
Therefore, when you get an unsolicited Bitcoin mining message, keep your guard up. These messages usually offer fantastical stories about people who have made a fortune through that mining operation. Some may appear real and touching stories. Unfortunately, playing with people’s emotions is scam marketing 101.
Avoid indulging such unsolicited messages. Find ways to politely turn down offers that seem tailor-made for you but have loose ends. Sometimes, these messages may come from acquaintances that are caught up in a Bitcoin mining Ponzi Scheme. A lie will travel around the world before the truth can put on shoes. If you find such messages, there is a high likelihood that they have no merit.
3. High-Pressure Sales Tactics
Affiliate marketing is a noble concept and VBit Technologies put to good use this model with their affiliates. Bring more people into a business, and you get a commission for the same.
However, that caution when this is applied to the extreme.
In extreme and unfortunate instances, this can manifest as a fraudulent marketing scheme.
One way of recognizing fraudulent multi-level marketing is high-pressure sales tactics. If the opportunity is good, there is little need for such pressure.
Finding a Bitcoin mining operation that places undue pressure on entry-level marketers is a red flag. Placing too much emphasis on the same is a giveaway. Any effort by a representative of such an enterprise to pressure you too much is a concern.
Similarly, if you join one and are required to meet quotas for recruits before accessing your funds, it may be time to quit.
4. Poor Company Communication
Iron sharpens Iron.
Anyone making claims about Bitcoin marketing must be able to stand up to scrutiny. Dishonest marketing is done in the hope that claims will go unchallenged. Fraudsters hope that their claims sound enticing enough.
Therefore, ask relevant questions and make inquiries to anyone who approaches you through Bitcoin marketing. If you don’t get solid answers or there is silence, this is a red flag. Some dishonest marketers will even chastise you for being a negative person who does not believe in that company. Such responses indicate a company that is only interested in your money.
Proper and timely communication is a feature of serious companies. A Bitcoin mining company should provide basic information to outline its activities. Hesitation and poor communication is a red flag. A serious company would want to have informed and confident customers.
5. Deceptive Advertising Practices
The terminologies and descriptions a Bitcoin mining enterprise uses are vital. Bitcoin mining can be lucrative, but should not be described as a goldmine. The use of flashy terms and descriptions that come straight out of a propaganda playbook is a concern.
Using deceptive tactics is targeted at people new to Bitcoin. In this period of a historic Bitcoin market, there are millions who are in this position. The suggestion that a person can make Bitcoin easier than winning a lottery is offensive. In honesty, Bitcoin mining requires patience and consistency to get on the green side of this industry.
6. Looking Up Reviews
Google often provides answers to many of our problems.
For dishonest marketing, it can also come in handy. This is especially true for an enterprise that has been around for a while. Jaded ex-participants who realized the con often take to the internet to pour out their frustrations.
Any person would take bad restaurant or hotel reviews seriously. Why not apply the same diligence for a purported Bitcoin mining enterprise?
There is every reason in the world to do so. After all, you will be spending significant funds to get started in Bitcoin mining. The accounts and reviews of previous participants can provide a necessary warning.
Reviews serve as a secondary measure. Unfortunately, some companies go to the extent of authoring fake reviews. Use this parameter in conjunction with others to get a feel of whether to trust that outfit.
No company will deliberately have lots of bad reviews online. This feature is a natural law of business. If there are tons of negative reviews, it may be time to shift your attention elsewhere.
Embrace Professionalism In Bitcoin Mining Marketing
Dishonest marketing works with some people because it makes mining sound too easy. Unfortunately, victims don’t notice the red flag because of the absurd promises.
Mining requires professionalism and a concerted effort to maintain high standards. For instance, Bitcoin mining requires sophisticated mining equipment. VBit Technologies has a direct line to the leading equipment manufacturer, Bitmain, to ensure that those who mine with us are competitive.
Professionalism is transparent and verifiable. Any entity that utilizes flashy marketing without concrete information could be taking you on a ride. VBit Technologies is against this form of dishonest marketing and urges crypto enthusiasts to always value honesty.
Bitcoin mining at home is costly. The electricity and cooling costs make mining solo a logistical nightmare. In addition to being an equipment reseller, we offer hosting services to assist the users to mine Bitcoin. This endeavor is possible because of data centers that have cheap renewable power and natural cooling in North America.
Sign up on the VBit Technologies website and get started with Bitcoin mining!