Earlier this year I experimented with telegram bitcoin mining bots, not because I don’t know they are fraud, but because I needed to see how the fraud works.
There are many of these telegram mining bots out there, and many individuals have fallen for them. So I have decided to do a post on how they work and why you should avoid them.
The funny thing is that even those with considerable Cryptocurrency know-how still fall for these schemes. I feel it’s because of the way the bots where designed.
The bots will actually ask you to have a wallet before you can withdraw your bitcoin or etherium. They will also show you logs of those who have cashed out.
So how does it work?
First, you join the service through a telegram bot. This bot is both the program and the chaperone. It assists you through. You set up through a series of instructions and after that, you continue clicking a refresh button every 30 minutes or any other specified amount of time, and you are given bits bitcoin every time you refresh.
As your bitcoin keeps accumulating, you get excited, but the rate is too slow you think. Then they offer you a way out. You pay such an amount and your hashrate gets faster.
If you don’t pay hit keep clicking for several days, you eventually get to the threshold you can withdraw, which is usually around 0.0030000 bitcoin. At this stage, you can withdraw, but you must provide a wallet. Once you add your wallet, you become super excited. The next news is that the system is unable to pay at the moment or some other error message.
Some may even ask you to pay some fees upfront to release your funds. It’s all lies.
For starters, Bitcoin mining is too powerful and complex for mobile phones. For yelling sake, bitcoin mine farms use specialised CPUs to mine for bitcoin and it still takes too long to have one bitcoin.
Much less a telegram app bitcoin mining bot. It’s completely bizarre to think that it will work, or even work at the rate it does.
It’s all scam!
The moment you pay or reach cash out stage, you will realise your time and money have been wasted.
There are several fraudulent schemes on the internet and telegram especially, don’t fall for it. Telegram ICOs are another thing. They are all lies.
If you want to trade or buy bitcoin, it’s best you buy or trade from an exchange platform that you trust. It’s best you follow our blog for cut edge guide and stories on bitcoin and other Cryptocurrencies.