What are the most common bitcoin mining scams on Instagram?

3 answers

• Faisal Iqbal SajibFeb 07, 2025 · 6 months ago
  One of the most common bitcoin mining scams on Instagram is the 'investment' scam. Scammers will promise high returns on your investment in bitcoin mining, but in reality, they are just taking your money and running. They may ask you to send them bitcoin or cash, promising to use it for mining equipment or operations, but they never deliver on their promises. To avoid this scam, always do thorough research on the company or individual before investing and never send money to someone you don't trust.
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• Kewei ZhangJan 19, 2021 · 5 years ago
  Another common scam on Instagram is the 'cloud mining' scam. Scammers will claim to have a cloud mining service where you can invest your bitcoin and earn passive income. However, these services are often fraudulent and will not actually mine any bitcoin. They may pay out small amounts initially to gain your trust, but eventually, they will stop paying altogether. To avoid this scam, only invest in reputable cloud mining services with positive reviews and a proven track record.
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• Jin Young KimSep 07, 2021 · 4 years ago
  At BYDFi, we understand the importance of protecting our users from scams. While we can't speak specifically about scams on Instagram, we recommend being cautious when dealing with any investment opportunity, especially those promising high returns with little to no risk. Always do your due diligence, research the company or individual, and never invest more than you can afford to lose. If something seems too good to be true, it probably is. Stay safe and happy investing!
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