Get-rich-quick scams are notoriously popular on the Internet, duping visitors into parting with their hard earned cash under the belief that doing so will make them rich. And the latest get-rich-quick scam is called the Bitcoin Loophole.
This shady operation is one of a high number of get-rich-quick websites that have been creeping onto the Internet over the last few years that essentially use this playbook…
1. The get-rich-quick scammer will create a website falsely telling visitors they can get rich using some sort of “secret” or “underground” system they have developed.
2. At the same time, the get-rich-quick scammer will affiliate themselves with high-risk (often unregulated) Binary Options brokers, who will pay a commission to anyone who refers a customer to them.
3. The get-rich-quick scammer uses their website to lure visitors to the Binary Options brokers, claiming this is how they can get rich.
4. The get-rich-quick scammer then receives a nice commission from the Binary Option broker for doing so, knowing full well that each visitor will probably lose money with Binary Options.
As such, The Bitcoin Loophole is one of a number of websites that essentially act as a “middle man” to try and persuade (nay, trick) victims into signing up for Binary Options trading, under the illusion that it’s some sort of get-rich-quick method. After all, what better what to entice someone to Binary Options than to tell them it’s going to make them rich!
What is Binary Options?
First of all, we discuss this in more detail in our article on it here.
But the short story is this; it’s a form of trading, much like the traditional stock market where you buy and sell stock. However with Binary Options you don’t buy stock; instead you predict whether it will rise or fall in price over a short period of time. Get it right, get a return on your investment. Get it wrong and you lose your investment.
Simple yes, but not easy. Stock prices are extremely volatile and rise and fall all the time. As such, many industry experts compare Binary Options to gambling. Basically, you’re just likely enough to get rich in an online casino.
Such get-rich-quick scams will famously use a number of misleading tactics to lure you into signing up.
– Claim there are limited spots available.
– Use fake celebrity endorsements, or falsely claim a celebrity has developed or funded the site.
– Setup fake news websites to make it appear it has been endorsed by business media.
– Fake names and the use of stock photos of models.
– And of course, they claim you can get rich quickly and easily.
And if you’re wondering what the Bitcoin Loophole has to do with Bitcoin, absolutely nothing. It’s just a term that the crooks are hoping their visitors will recognise as a trending tech term to give their scheme the look of a legitimate operation, which it isn’t.
If you’re interested in making good money online, even a full time income, there are no easy shortcuts like this. It is possible, however, and we recommend some legitimate avenues in our article here.