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What is the one thing other than hacking and ransomware that’s plaguing the bitcoin ecosystem? The answer will be scams which includes lots of pyramid scams, Ponzi schemes and more. How do you differentiate between a legitimate investment deal and a scam? Well, that is simple. If it sounds too good to be true… It is too good to be true! So, it’s better to stay away from it.

If you want an example, we have got one making rounds from the past few days. It is called Miners Center. You might have come across a press release or news articles covering the announcements made by Miners Center, which claims to be in the process of building up bitcoin reserves so that they can start operating their bitcoin exchange. The company also claimed to buy bitcoin from users at a 10 percent premium, that’s 10 percent over the market rates which will translate to about $375 per bitcoin.

While some publications initially carried the story, their latter attempts to contact the company wasn’t successful. However, this has not stopped Miners Center to keep pushing press releases. Apart from the 10 percent premium, there is not much clarity in rest of the claims they make in these press releases. There is also a mention of Miners Center establishing its offices in multiple offices across the world including few in USA, Canada, Australia, UK, Germany and Hungary without divulging any more specifics.

There are also claims by some people who decided to try the service out lost their bitcoin. According to reports once they transferred bitcoin, they received a PayPal transfer of the promised amount from a PayPal account registered to unknown individual. The transfer was then reversed saying that it is a fraudulent transfer. While the identity of people behind Miners Center is still known, it is confirmed to be a scam.

For those who still find the offer made by Miners Center attractive, better not try it unless you want to see your bitcoins again.

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