What is non spendable BTC or watch only BTC
You might have read my article “Should I give my Blockchain Private key and Password to someone for mining?” which is featured by Good Audience (huge thanks to them), if you haven’t I highly recommend you check that out first and then come back to read this one. Because these two Scams are inter related to each other and hence you should know about both.
What is with this second scam
Well like any other BTC scam when the con artist comes to you and offers you help in exchange of some commission and makes you believe that he or she (😧 yeah you will find some female con artists too, no one knows if they are real id’s or not), well the con artist will make you give them your blockchain private key and approve their login so they can connect your wallet with the miner, then change your password and then fund your account.
And obviously you end up loosing your invested BTC and getting blocked.
Non spendable Bitcoin scam
There are two types of scams ongoing where this non-spendable btc is used.
- Once you have lost your BTC in any scam, you are angry and hope less. Then you start looking for ways to scam the scam artist or to hack back into their wallet or so many things come into your mind..right? This is probably how you end up reading this article. I am sorry for your loss though.
Your this exploration will lead you to the next BTC trap. You will end up meeting with some another kind of BTC scammers that claim they will help you to get back your lost Bitcoin by hacking into the wallet they were transferred from your wallet. And you be like Oh! thank God, I can have my looted BTC back.
What they will tell you?
They will show you their deep sympathy for your loss and will promise you that they will recover your lost asset. Now here is the game play, they gonna ask you to create a fresh blockchain wallet for the recovery process and let them log into it.
You already have told them the amount you have lost and they have the access to your wallet now.
After a few hours or days (they have to pretend they did a hard work to impress you) they will put the same amount of BTC (non spendable-explained later in this article) to that wallet that you have lost.
The real game starts now. You have the login access so you can see the amount but you can not send it. it is marked as“ BTC NON-SPENDABLE”.(img below)
You are trapped again
Now as you see the amount in the wallet, you will be ready to do anything to get that. The con artist have got your pain point. He will ask you to send him his commission, might be 20% or 30% of the total amount in advance in order to remove the lock so you can have your btc.
Most of the people will say “okay do one thing, cut your commission from the btc recovered and send me the balance.” Those guys have the ready made answers like this is not our company policy, you have to send the commission in advance so we can lift the lock. So at last you agree to pay and they send you a wallet address to send them their fee or commission.
Once you pay that they will ask you to wait a few hours to reach the btc to their wallet and once they have the confirmation , they shall provide you the recovered btc. So now you are waiting. After a few hours you will go to see if you have the wallet unlocked and wooo what you see, the btc which was there has been transferred to another wallet and the remaining balance is again a big Zero.
You have been scammed twice. And now you believe everyone out there is a scammer trying to steal other’s money.
Another type of Blockchain scam with non spendable bitcoin - The second type of scam is performed by people presenting themselves are forex agents, or binary traders. They will show you screenshots of big earnings, testimonials by many people and so many other images to prey you. They might even have the testimonials on their social media timelines.
We have also seen people are using fake ids of different people and post in different groups posts like this “I had lost so much money with scammers and I am really thankful to Mr. x or Ms. x who is a binary trader who made me x amount of money in 2 weeks “. This is just a bait to get the prey.
How Non Spendable Bitcoin is created in Blockchain wallet ?
Understand this in a very simple way. A miner have the authority to create non spendable btc in a wallet. He is not actually adding this amount to the wallet but he is just writing a number to the wallet. Imagine this as a sticky note to remember how much btc to be generated in a wallet. They connect the wallet to the miner, create this sticky note and then removes the wallet from the miner.
A miner can show any amount of BTC as a non spendable btc in a wallet he have access to and he can delete this sticky note when ever he wants.
Why they do this??
With the rise in mining difficulty of BTC, a lot of real miners turned into scammers and they are using the advantage of their miner account to trap people and steal their btc.
They will show any amount of non spendable btc in a wallet and ask the victim to pay them a specific amount of btc , so called their trading or mining fee and then they will release the btc. The truth is, there is no real btc in that wallet actually. That is just a sticky note. Once you pay them, they will block you and you end up with a wallet showing BTC- non spendable in your wallet.
Then you start to search for people who can release this non spendable btc so you can use them. And this scam chain goes on and on until you realize all these guys who pretend wants to help you are actually looting you more and more.
Are these forex traders or miners real ?
Think it your self, if these guys are really what they say they are, why do they need other people to join them? If they are expert means they are in the industry for long time which ultimately means they have made enough money and now they should not need others help. They say they help people. Do you really think somebody will help you to make money especially when it is about bitcoin. If you believe such stories, I am sorry but you are an idiot and you deserve this. If you can’t use your common sense and you are greedy, this is your lesson by nature.
Whose fault it was?
I am sorry to say dear, but it was totally your fault. Yes it was yours. I have explained in the first article how a miner works so you don’t have to give the wallet password or no need to fund it. Well no one would ever share their miner with anybody else. The more wallet connected to a miner the lesser will be the reward for each wallet.
Secondly, you need to understand that the blockchain network is in hackable so until and unless you give the login details no one can hack into the wallet. It’s your house and your responsibility to keep it safe. Don’t blame the thief for the robbery if you gave him the key yourself.
Things to learn and understand
No one will help you mine BTC.
No one will connect your wallet to their BTC miner.
NEVER ever , ever give your LOGIN details to anyone.
A BTC miner does not require a funding to wallet to start mining.
There is nothing like a Non Spendable BTC, it’s just another trap, just a sticky note.
Blockchain network can not be hacked into.
Once your Blockchain wallet has been hacked, never use that wallet again.
Your safety is your concern, never trust on people who are there willing to help you mine BTC or recover your lost one.
Learn things properly before you can earn.
Keep you BTC and other crypto safe by using alphanumeric password and 2fa protection, and never share that to anyone.
If you follow all these, you will never loose your crypto assets.
