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The Bitcoin Scam Test – 10 Tools to Determine if a Bitcoin Business is Legit

In this post you will learn how to spot a Bitcoin scam, using free and simple tools.

BY  on 99bitcoins.com ON JULY 10, 2015

With so many new Bitcoin services showing up every second it’s sometimes hard to tell who’s legit and who is a scam. I have to admit that I can also get fooled by some of these sites since scammers have become pretty elaborate in their ways of hiding their true nature.

However, using a specific toolset you can come to a fair assessment if a specific Bitcoin business is indeed a scam. This toolset is comprised out of different online tools which will help you learn about any Bitcoin site’s reputation throughout the web.

Hopefully next time you encounter such a business you’ll use the process I’m about to explain and decide for yourself if the business is legit. I recommend you bookmark this page so you can refer to it later on when you encounter a business that needs to be put to “The Bitcoin Scam Test”.

Tool #1 – Bittrust reviews

Bittrust is a website that was formed in order for people to review other Bitcoin businesses. Using the search bar on the top it’s pretty easy to find many reviews about different players in the market.

Keep in mind that when it comes to reviews in general users are more inclined to leave a review when the service was bad than when it was good. So if you don’t find your business listed in Bittrust that’s actually a good sign.

I would take Bittrust’s reviews with a grain of salt as anyone can leave a review and it’s pretty easy to manipulate the system. Bittrust is more of a starting point to see what people are saying about the specific business and finding out what issues can occur.

For example, Coinbase, which is a very respected Bitcoin business gets a rating of 2.57. Thiscoinbase reviews does not mean Coinbase is a scam necessarily. Once you read the reviews you’ll see that most people are generally pissed off about the customer support.

Tool #2 – Alexa rank

One of the main things I like to check when investigating a specific Bitcoin business is how much traffic does that website get. I mean if it’s a legit business I expect it to have a decent amount of traffic.

I check this criteria through Alexa which is a web analytics tool. Just type in the domain of the Bitcoin business and you’ll get an alexa ranking. Here are my rules of thumb to interpret these ranking:

0 – 10,000 – Huge amounts of traffic

10,000 – 100,000 – Established business with large amounts of traffic

100,000 – 500,000 – Decent amount of traffic

500,000 + – Very little traffic

Circle alexa checkSo if I check Circle for example (see above) I get a result around 60K. This means that Circle has large amounts of traffic and can probably be trusted.

You can also add the Alexa extension to your Chrome browser and be able to check each website instantly as you visit it.

Alexa chrome extension

Keep in mind that the Alexa test also has its weak spots. Meaning you can easily buy tons of traffic for as cheap as $25 and make it look as if your website is pretty popular. Most of this traffic comes from spammy pop under windows and isn’t from people actually using the service.” CLICK BELOW TO READ THE ENTIRE ARTICLE>>>>

The Bitcoin Scam Test – 10 Tools to Determine if a Bitcoin Business is Legit

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