{"headers":{"Content-Type":"application\/x-www-form-urlencoded"},"body":"source_lang=EN&target_lang=PT-PT&tag_handling=xml&split_sentences=1&preserve_formatting=1&text=Mining+City+Review+2020%3A+Is+it+Legit+or+a+Scam%3F&text=Mining+City+has+taken+the+world+by+storm.+It%27s+a+bitcoin+mining+investment+promising+people+attractive+returns+on+their+investment.+In+this+detailed+review%2C+we+investigate+how+it+works+to+determine+whether+its+a+scam+or+a+legitimate+investment.&text=%5Breview_badge%5D%0A%3Ch2%3EWhat+is+Mining+City%3F%3C%2Fh2%3E%0AMining+City+is+spreading+rapidly+through+countries+like+Korea%2C+Japan%2C+Vietnam+and+South+Africa.+The+platform+is+claiming+to+create+a+community+for+investors%2C+that+is+focused+on+profitability+and+the+investors+safety.+Mining+City+is+basically+a+Bitcoin+Mining+project+that+assists+people+to+mine+the+digital+currency%2C+while+increasing+the+value+of+their+initial+investment%2C+through+expanding+their+network+and+growing+the+community.%0A%0ANormally%2C+investors+acquire+Bitcoin%2C+either+through+buying+or+mining.+Mining+can+be+a+complex+process%2C+involving+many+factors%2C+this+where+Mining+City+assists.+The+platform+handles+all+the+complex+factors+of+mining+on+the+investors+behalf+and+even+provides+the+mining+equipment%2C+technology+and+maintenance+to+assist+investors+in+minimizing+management+costs.%0A%0AThe+only+requirement+is+that+the+investor+buys+power+from+the+mining+packages+they+offer.+The+mining+packages+have+a+Hashrate+index%2C+and+based+on+this+the+investor+will+receive+a+daily+BTC+payouts.+Mining+City+allows+the+investor+just+over+two+years+to+pay+and+receive+interest+from+their+mining.+Mining+City+is+also+the+strategic+partner+of+BTC.COM%2C+known+as+the+largest+pool+in+the+world.+It+is+reported+that+the+platform+also+signed+a+strategic+investment+document+with+the+Kazakhstan+government+in+the+allocation+of+five-year+land+to+build+a+mining+coin+factory+as+well+as+electricity+price+incentives.%0A%3Ch2%3EHow+Does+Bitcoin+Mining+Work+on+Mining+City%3F%3C%2Fh2%3E%0ABitcoin+is+a+virtual+currency+that+is+the+driving+force+behind+the+development+of+blockchain+technology.+Many+investors+and+financial+analysts+believe+that+Bitcoin+and+blockchain+technology+is+the+future+of+global+finances.+The+process+of+acquiring+Bitcoin+is+referred+to+as+mining.+Bitcoin+mining+requires+specialized+computers+that+use+specialized+software+to+solve+mathematical+formulas.+For+every+mathematical+formula+solved%2C+a+certain+number+of+Bitcoins+are+provided+in+exchange.+This+is+considered+a+smart+way+to+issue+the+digital+currency+and+creates+an+incentive+for+more+investors+to+mine.+Bitcoin+miners+help+keep+the+Bitcoin+network+secure+by+approving+transactions.+It+is+reported+that+mining+is+an+important+and+integral+part+of+Bitcoin+that+ensures+fairness%2C+while+maintaining+the+Bitcoin+network+and+keeping+it+safe+and+secure.%0A%0ABy+joining+Mining+City+and+choosing+one+of+the+plans+on+offer%2C+the+investor+rents+computing+power+that+empowers+them+to+mine+Bitcoin+or+Bitcoin+Vault+%28BTCV%29+at+a+certain+rate+and+speed.+That+speed+is+connected+to+the+high-tech+mining+computers.+Apart+from+Bitcoin+mining%2C+Mining+City+also+provides+a+referral+plan+that+allows+subsidizing+the+income+from+mining+alone.%0A%0A%5Blwptoc%5D%0A%3Ch2%3EMining+City+Packages%3C%2Fh2%3E%0AMining+City+offers+potential+investors+over+five+packages+to+choose+from%2C+each+with+their+one+unique+features.+Here+is+a+list+of+the+packages+on+offer%3A%0A%3Ch3%3EPrimary+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%24300%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period+%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+3+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch3%3EStandard+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%24600%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+6+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch3%3EBronze+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%241200%3C%2Fli%3E%0A+%09%3Cli%3Elan+Option+3%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+12+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch3%3ESilver+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%242400%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+24+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch3%3EGold+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%244200%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+42+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch3%3EPlatinum+Package%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EMinimum+investment+of+%2412600%3C%2Fli%3E%0A+%09%3Cli%3E1100+days+of+mining+guaranteed%3C%2Fli%3E%0A+%09%3Cli%3EContract+period%3A+1100+days%3C%2Fli%3E%0A+%09%3Cli%3EMining+start%3A+10+days+after+purchase%3C%2Fli%3E%0A+%09%3Cli%3EEquipment%3A+WhatsMiner+M21S%3C%2Fli%3E%0A+%09%3Cli%3ECoin+mined%3A+Bitcoin%3C%2Fli%3E%0A+%09%3Cli%3EPlan+Hashrate%3A+138+TH%2Fs%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch2%3EKey+Features+of+Mining+City%3C%2Fh2%3E%0A%3Cul%3E%0A+%09%3Cli%3E%3Cstrong%3EReceive+Bitcoin+Daily%3A%3C%2Fstrong%3E+Mining+City+claims+that+investors+can+receive+daily+interest+by+BTC+%28from+the+11th+day+since+the+activation+of+the+package%29.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3EAccess+to+Global+Markets%3A%3C%2Fstrong%3E+Mining+City+claims+that+investors+will+have+access+to+communities+around+the+world.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ELong-term+investment%3A%3C%2Fstrong%3E+Mining+City+claims+that+they+have+an+attractive+model%2C+suitable+for+long-term+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2F10-ways-to-make-money-with-bitcoin%2F%22%3Einvestments%3C%2Fa%3E.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECertificate+of+license%3A%3C%2Fstrong%3E+It+is+reported+that+Mining+City+has+a+real+coin+digging+plant+in+Kazakhstan%2C+which+is+fully+licensed.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ETransparency%3A+%3C%2Fstrong%3Eaccording+to+the+official+website%2C+Mining+City+is+completely+public.%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch2%3EMining+City+Bitcoin+vs.+Mining+City+Referral+Commissions%3C%2Fh2%3E%0A%3Ch3%3EMining+City+Bitcoin%3C%2Fh3%3E%0AThere+are+basically+two+ways+of+joining+the+Mining+City+platform%2C+the+first+one+is+mandatory+and+can+be+regarded+as+the+entry+point+to+the+platform.+It+requires+that+investors+buy+Bitcoin+shares+in+whatever+package+they+chose.+This+way+investors+qualify+to+earn+daily+dividends+of+what+gets+mined+in+the+purchase+pool.+According+to+reports%2C+Mining+City+pays+out+dividends%2C+every+day+SAT%2C+of+what+the+company+mines.%0A%3Ch3%3EMining+City+Referral+Commission%3C%2Fh3%3E%0AThe+Mining+City+Referral+Commission+basically+refers+to+satisfied+investors+choosing+to+promote+Mining+City+and+its+products+to+other+prospective+investors%2C+and+earning+a+profit+and+bonuses+while+doing+so.+The+referral+commission+operates+like+a+referral+network.+The+more+people+converted+to+an+investor%2C+the+more+profit+the+initial+investors+earn.+These+profits+are+paid+via+a+hybrid+unilevel+model.+How+the+unilevel+model+works+is%2C+the+affiliates+that+are+recruited+under+the+investor%2C+are+categorized+under+the+investor.+Affiliates+they+recruit+are+placed+on+level+2+of+your+unilevel+team+and+so+the+network+is+built.%0A%3Ch2%3EMining+City+Affiliate+Ranks%3C%2Fh2%3E%0AThere+are+five+affiliate+ranks+that+come+with+the+referral+commission.+We%E2%80%99ve+detailed+them+below%3A%0A%0A%3Cimg+class%3D%22aligncenter+size-full+wp-image-101134%22+src%3D%22https%3A%2F%2Fwww.coininsider.com%2Fwp-content%2Fuploads%2F2020%2F10%2FMining-city-compensation-plan.png%22+alt%3D%22mining+city+affiliate+ranks%22+width%3D%22682%22+height%3D%22918%22+data-wp-pid%3D%22101134%22+%2F%3E%0A%3Col%3E%0A+%09%3Cli%3E%3Cstrong%3ECitizen%3A%3C%2Fstrong%3E+this+requires+the+investor+to+sign+up+and+invest+at+least+%24300.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECity+Builder%3A%3C%2Fstrong%3E+this+requires+that+the+investor+maintain+a+%24600+investment%C2%A0+and+recruit+five+or+more+Citizens+and+generate+%2410%2C000%2Bin+down-line+investment+volume.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECity+Developer%3A%3C%2Fstrong%3E+this+requires+the+investor+to+invest+%24600+in+active+investment%2C+maintain+five+recruited+affiliates+with+an+active+investment+%28+of+which+three+must+be+City+builders%29%2C+and+generate+at+least+%2450%2C000%2Bin+downline+investment+volume.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECity+Manager%3A%3C%2Fstrong%3E+this+requires+the+investor+to+invest+%242%2C400+in+active+investment+and+maintain+five+personally+recruited+affiliates+with+a+running+investment+of+which%2C+three+must+be+developers+and+generate+%24250%2C000%2B+in+downline+investment+volume.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECity+Chief+Manager%3C%2Fstrong%3E+-+this+requires+the+investor+to+invest+%244%2C200+in+active+investment%2C+have+3%2B+recruited+city+mangers+and+%242%2C000%2C000%2B+in+downline+investment+volume.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3ECity+Mayor%3A%3C%2Fstrong%3E+this+requires+the+investor+to+invest+%2412%2C600+in+active+investment%2C+maintain+five+personally+recruited+affiliates+with+an+active+investment%2C+at+least+three+must+be+City+Chief+Managers%2C+and+generate+%2410%2C000%2C000%2B+in+downline+investment+volume.%3C%2Fli%3E%0A+%09%3Cli%3E%3Cstrong%3EGovernor%3A%3C%2Fstrong%3E+Invest+%2413%2C800+in+active+investment%2C+have+3%2B+recruited+City+Mayors+and+%24100%2C000%2C000+in+downline+investment+volume.%3C%2Fli%3E%0A%3C%2Fol%3E%0A%3Ch3%3ECapped+Earning+Potential+Per+Rank%3A%3C%2Fh3%3E%0A%3Cul%3E%0A+%09%3Cli%3EResidents+can+earn+up+to+%24200+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECitizens+can+earn+up+to+%24800+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECity+Builders+can+earn+up+to+%241000+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECity+Developers+can+earn+up+to+%241200+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECity+Managers+can+earn+up+to+%241600+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECity+Chief+Managers+can+earn+up+to+%242000+a+day%3C%2Fli%3E%0A+%09%3Cli%3ECity+Mayors+can+earn+up+to+%242400+a+day%3C%2Fli%3E%0A+%09%3Cli%3EGovernors+can+earn+up+to+%242800+a+day%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch2%3EIn+Which+Countries+is+Mining+City+Available%3C%2Fh2%3E%0AAccording+to+the+Mining+City+official+website%2C+the+platform+is+available+in+Europe%2C+Asia%2C+Africa+and+America.+However%2C+Africa+has+the+most+investors.%0A%3Ch2%3EIs+Mining+City+a+Scam+or+Legit%3F%3C%2Fh2%3E%0AMining+is+the+only+way+to+acquire+Bitcoin+other+than+buying+or+exchanging+them.+However%2C+Bitcoin+mining+has+become+a+resource+intensive+activity.+New+coins+are+mined+in+unique+ways+and+this+requires+massive+amounts+of+processing+power+and+equipment%2C+which+can+be+costly+when+it+comes+to+mining+coins.+Mining+City+offers+investors+the+platform+to+buy+packages+that+give+them+access+to+this+computing+power+and+equipment.+Mining+City+makes+bold+claims+regarding+returns+on+each+package%2C+however%2C+we+have+found+no+further+information+about+the+true+costs+or+established+if+there+are+diminishing+returns.+There+have+been+claims+online+that+Mining+City+is+a+Ponzi+scheme+that+will+lead+investors+to+suffer+huge+losses.+%3Ca+href%3D%22https%3A%2F%2Fwww.sec.gov.ph%2Fadvisories-2020%2Fmining-city%2F%22%3EThe+Philippines+SEC+released+a+warning%3C%2Fa%3E+about+Mining+City+advising+people+to+steer+clear+from+it+and+other+investments+with+similar+characteristics.+However%2C+to+establish+whether+or+not+Mining+City+is+a+Ponzi+Scheme%2C+we+first+need+to+understand+what+a+Ponzi+Scheme+is.%0A%3Ch2%3EWhat+is+a+Ponzi+Scheme%3F%3C%2Fh2%3E%0AA+Ponzi+Scheme+is+basically+a+fraudulent+type+of+investment%2C+promising+investors+high+returns+with+very+little+risk.+The+way+the+Ponzi+scheme+generates+these+high+returns+for+early+investors%2C+is+by+acquiring+new+investors.+This+can+be+likened+to+a+pyramid+scheme%2C+in+that+both+are+based+on+using+the+funds+deposited+by+new+investors%2C+to+pay+the+earlier+initial+investors.+The+cycle+continues+as+new+investors+join+the+network.+Ponzi+Schemes+usually+dry+up+after+a+while%2C+when+the+influx+of+new+investors+decreases.+At+first+glance+it+would+seem+that+Mining+City+has+some+fundamental+Ponzi+Scheme+traits%2C+however%2C+we+cannot+confirm+that+the+rumours+online+are+true%2C+since+there+are+user+testimonials+on+renowned+review+platform%2C+TrustPilot%2C+which+are+both+positive+and+negative.%0A%3Ch2%3EFailed+Ponzi+Schemes+That+Have+Been+Reported+in+the+Media%3C%2Fh2%3E%0A%3Ch3%3EBitconnect%3C%2Fh3%3E%0AIt+is+reported+that+Bitconnect+was+a+controversial+cryptocurrency+exchange+and+borrowing+platform+which+eventually+closed+its+doors.+Long+before+the+total+closure+of+the+platform%2C+reports+were+circulating+online+that+Bitconnect+was+a+Ponzi+scheme.+With+Bitconnect+%2C+investors+needed+to+send+Bitconnect+Bitcoin+in+exchange+for+Bitconnect+Coin+%28BCC%29+on+their+exchange.+According+to+reports%2C+once+the+BCC+has+been+sent%2C+users+were+guaranteed+up+to+120+percent+return+per+year.+Reports+claim+that+the+platform+was+shut+down+by+two+American+regulatory+platforms+and+has+since+been+denounced+on+social+media.%0A%3Ch3%3EBitclub+Network%3C%2Fh3%3E%0AIt+is+reported+that+the+Bitclub+Network+was+one+of+the+biggest+cryptocurrency+Ponzi+schemes+to+date.+Founded+in+2014%2C+Matthew+Brent+Goettsche+and+Jobadiah+Sinclair+Weeks%2C+both+of+Colorado%2C+along+with+Joseph+Frank+Abel+of+California%2C+allegedly+ran+the+BitClub+Network+%E2%80%94+a+service+that+promised+to+take+investors%27+money+and+put+it+toward+mining+cryptocurrency.+Basically%2C+investors+would+earn+returns+based+on+the+bitcoin+mined+by+BitClub+Network.+Reportedly%2C+the+more+an+investor+shared+Bitclub+Network+with+others%2C+the+higher+their+returns+would+be.+Bitclub+Network+is+currently+not+in+operation+anymore.%0A%3Ch3%3EPlusToken%3C%2Fh3%3E%0ASimilar+to+other+Bitcoin+Ponzi+schemes%2C+PlusToken+scammed+investors+out+of+their+cryptocurrency+by+promising+unrealistic+high+returns.+Allegedly%2C+all+investors+needed+to+do+was+acquire+the+PLUS+cryptocurrency+with+Bitcoin+and+Ether%2C+and+were+promised+that+they+would+generate+lucrative+profits+from+exchange+dividends%2C+and+referral+bonuses.+It+is+reported+that+several+Chinese+exchanges+listed+PLUS+and+its+price+peaked+at+%24350%2C+as+referred+investors+started+to+invest+in+the+platform.%0A%3Ch2%3EHow+to+Detect+a+Bitcoin+Scam+or+Ponzi+Scheme%3C%2Fh2%3E%0AWe%E2%80%99ve+curated+a+useful+checklist+to+assist+new+or+potential+investors+in+identifying+bitcoin+website+scams%3A%0A%3Cul%3E%0A+%09%3Cli%3ECheck+whether+the+website+connects+securely+over+https+%28not+http%29.+If+the+address+starts+with+%E2%80%9Chttp%E2%80%9D+instead+of+%E2%80%9Chttps%E2%80%9D+the+data+you+send+to+the+website+is+not+secure.%3C%2Fli%3E%0A+%09%3Cli%3EMake+sure+you+can+see+the+word+%E2%80%9Csecure%E2%80%9D+or+a+padlock+icon+in+your+web+browser%E2%80%99s+address+bar.+This+indicates+that+the+website+is+indeed+secure.%3C%2Fli%3E%0A+%09%3Cli%3EIf+the+URL+has+noticeable+spelling+errors%2C+the+chances+are+that+the+website+is+fake.%3C%2Fli%3E%0A+%09%3Cli%3EIf+you+do+find+further+bad+grammar%2C+awkward+phrasing+or+spelling+mistakes+on+the+website%2C+please+proceed+with+caution.%3C%2Fli%3E%0A+%09%3Cli%3EIf+the+website+promises+abnormally+high+profits%2C+please+proceed+with+caution.+This+may+not+necessarily+indicate+a+scam%2C+but+it+should+be+flagged.%3C%2Fli%3E%0A+%09%3Cli%3ETry+and+find+the+%E2%80%9Cabout+us%E2%80%9D+page+and+check+whether+there+is+any+information+on+the+people+who+work+for+the+company+or+if+the+company+is+registered.+If+there+is+little+to+no+information+proceed+with+caution.%3C%2Fli%3E%0A+%09%3Cli%3ECheck+if+other+reputable+websites+link+to+the+website+you%E2%80%99re+on.+This+will+give+you+an+indication+that+the+site+can+be+trusted+and+is+reputable.%3C%2Fli%3E%0A+%09%3Cli%3EAlways+check+for+reviews+or+testimonials+from+previous+users.+The+crypto+community+usually+spreads+the+news+about+scams+fast.%3C%2Fli%3E%0A+%09%3Cli%3EBe+wary+of+websites+who+claim+any+celebrity+endorsements.+Many+investment+scams+fake+celebrity+endorsements.%3C%2Fli%3E%0A+%09%3Cli%3ELearn+as+much+about+cryptocurrency+exchanges%2C+coins+and+companies+and+how+they+work.+Learn+if+what+they+do+actually+adds+any+real+value+or+functionality.+The+cryptocurrency+market+is+complex.+Before+investing+do+the+research.%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Ch2%3EThree+Main+Bitcoin+Scams%3A%3C%2Fh2%3E%0A%3Ch3%3EPhishing%3C%2Fh3%3E%0APhishing+is+the+most+common+of+all+bitcoin+or+cryptocurrency-related+scams.+This+scam+usually+takes+place+when+an+investor+receives+an+unsolicited+email%2C+that+claims+to+be+coming+from+the+bank+or+in+this+case+your+crypto+exchange+or+wallet+provider.+This+email+contains+a+link+that+takes+you+to+a+site+that+looks+identical+to+the+exchange+or+wallet+you+usually+use.+Once+you+enter+your+account+details+on+this+unofficial+page%2C+the+scammers+have+everything+they+need+to+log+in+to+your+real+account+and+steal+your+funds.%0A%3Ch3%3EFake+Exchanges+and+Wallets%3C%2Fh3%3E%0ABe+careful+of+bitcoin+exchanges.+Some+will+entice+potential+investors+with+promotional+offers+that+sound+unrealistic%2C+while+others+pressure+investors+to+create+an+account+and+deposit+funds.+Even+going+as+far+as+offering+bonuses.+There+are+also+scammers+who+have+created+sophisticated+fake+wallet+apps%2C+allowing+the+user+to+download+and+register+on+the+app.+These+apps+are+created+to+steal+critical+account+information.%0A%3Ch3%3EFraudulent+ICOs%3C%2Fh3%3E%0AMany+potential+investors+are+interested+in+generating+high+returns+from+the+cryptocurrency+market.+For+those+wanting+to+get+in+on+the+ground+floor%2C+the+easiest+option+for+the+average+person+is+to+buy+coins+or+tokens+from+an+ICO.+In+2018+alone.+ICO+raised+a+total+of+%2411.69+billion.+Scammers+have+taken+advantage+of+potential+investors+by+creating+fake+ICOs+and+convincing+people+to+buy+a+cryptocurrency+that+doesn%E2%80%99t+exist.+Therefore+it+has+become+vitally+important+to+read+testimonials+and+reviews+like+this+Bitcoin+trader+review+to+test+legitimacy+and+gain+more+insights.%0A%3Ch2%3EAlternative+Ways+to+Make+Money+with+Bitcoin%3C%2Fh2%3E%0AWith+Bitcoin+becoming+a+sought-after+commodity%2C+we%E2%80%99ve+found+are+alternative+ways+to+make+a+profitable+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2F10-ways-to-make-money-with-bitcoin%2F%22%3Eincome+from+the+cryptocurrency%3C%2Fa%3E.+We%E2%80%99ve+listed+them+there%3A%0A%3Ch3%3EHODLing%3C%2Fh3%3E%0AHODLing%2C+commonly+referred+to+as+Buy+and+Hold%2C+means+that+an+investor+buys+Bitcoin+from+a+cryptocurrency+exchange+and+holds+it+in+the+account+%28HODL%29+until+it+increases+in+value.+The+term+HODL+came+about+when+an+investor+misspelled+the+word+HOLD.+Eager+Bitcoin+investors+can+HODL+as+a+form+on+long+term+investment+and+sell+in+the+future.%0A%3Ch3%3EBitcoin+Trading%3C%2Fh3%3E%0A%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2Fbitcoin-evolution-review%2F%22%3EBitcoin+trading%3C%2Fa%3E+refers+to+investing+in+the+cryptocurrency+market+via+a+trading+technology+or+system.+These+systems+usually+make+use+of+advanced+fundamental+and+technical+analysis+to+assist+investors+in+making+the+best+and+most+profitable+trading+decisions.%0A%0A%5Breview_badge%5D%0A%3Ch3%3ECFD+Trading%3C%2Fh3%3E%0ACFD+Trading%2C+refers+to+Contract+for+Difference+Trading.+%3Ca+href%3D%22https%3A%2F%2Fwww.coininsider.com%2F24option-review%2F%22%3ECFD+trading%3C%2Fa%3E+is+considered+derivative+trading+and+it+occurs+when+investors+speculate+on+financial+markets%2C+without+buying+or+selling+any+underlying+assets.+There+are+no+physical+goods+or+services+that+are+exchanged+with+CFD+trading.%0A%3Ch3%3EBitcoin+Arbitrage%3C%2Fh3%3E%0ABitcoin+arbitrage+refers+to+the+buying+of+Bitcoin+at+a+very+low+price+on+a+cheap+exchange+and+then+selling+it+at+a+higher+price+on+another+exchange.+Bitcoin+Arbitrage+takes+advantage+of+price+differences+between+different+exchanges+to+make+a+quick+low-risk+profit.%0A%3Ch2%3EOur+Conclusion%3C%2Fh2%3E%0AFrom+our+analysis+and+research%2C+we+cannot+confirm+that+Mining+City+is+a+Ponzi+scheme.+The+platform+is+still+up+and+running+and+user+testimonials+suggest+that+there+is+some+credibility%2C+since+some+have+reported+receiving+returns+on+their+investments.+However%2C+Mining+City+does+have+characteristics+of+a+Ponzi+Scheme%2C+especially+when+compared+to+other+Ponzi+Schemes+that+have+been+featured+on+mainstream+media.+It+is+important+that+all+new+investors%2C+eager+to+invest+in+Bitcoin%2C+especially%2C+make+sure+they+review+the+platforms+they+are+considering+thoroughly+before+investing%0A%0ATypically+in+a+ponzi+scheme+the+participants+make+their+money+at+first+until+the+scheme+is+no+longer+sustainable+as+the+funds+were+coming+from+other+users%2C+if+the+scheme+disappears+overnight+it+is+next+to+impossible+to+recover+funds.+This+is+true+for+all+international+scams%2C+cryptocurrency%2C+in+particular%2C+is+especially+difficult+to+recover.+Cryptocurrencies+are+speculative%2C+complex+and+involve+significant+risks.+Performance+is+at+times+unpredictable+and+there+is+no+guarantee+that+high-returns+will+be+made+on+every+attempt.","timeout":15}