Non-Spendable Bitcoin- The truth
What is non-spendable BTC
You might have read my article, “Should I give my Blockchain private key and password to someone for mining?” which was featured by Good Audience (a huge thanks to them). If you haven’t, I highly recommend checking it out first before reading this one. These two scams are interrelated, and thus, it’s essential to be aware of both.
What is this scam
Like any other BTC scam, a con artist approaches you and offers help in exchange for a commission. They work to make you believe in their assistance. The con artist convinces you to provide your blockchain private key and authorize their login to connect your wallet with the miner. They then change your password and proceed to fund your account.
That’s the unfortunate outcome of these scams: investors end up losing their BTC and are subsequently blocked by the scammer.
Non-spendable Bitcoin scam
There are many types of scams involving non-spendable BTC, we are going to discuss two of them.
Firstly, after falling victim to a scam, feelings of anger and hopelessness often drive individuals to seek ways to retaliate against the scam artist or attempt to hack back into their wallets. However, this exploration can lead to falling into another BTC trap. You might encounter other scammers who claim they can assist in recovering your lost Bitcoin by hacking into the wallet where your funds were transferred. It can be very tempting to believe in their promise to retrieve your looted BTC.
How this scam is played out?
Their plan involves requesting your login details and asking for authorization to log into your new wallet (since blockchain wallets typically send an authorization email to the email address used for signup). Once you provide this information, they gain entry.
You’ve informed them about your lost amount, and once they’ve gained access, they proceed with their scheme. After a while — perhaps hours or days, pretending they’ve worked hard — they deposit the same amount of BTC (explained later in this article as non-spendable) into your new wallet.
The crucial moment arrives when you log in. You see the same amount of BTC, but it’s labeled “BTC NON-SPENDABLE.” This means you can’t use or move it, despite it being there.
The Final Trap !
When you see the amount in the wallet, you’ll do almost anything to access it. The scammer knows this and plays on your desperation. They’ll ask for their commission — usually around 20% or 30% of the total amount — as an advance payment to unlock your BTC.
Many people might suggest deducting their commission from the recovered BTC and sending the remaining balance. However, these scammers are prepared with responses like it’s not their policy and insist that the commission needs to be paid upfront to remove the lock. Eventually, you agree to pay, and they provide you with a wallet address to send the fee or commission.
Once you’ve made the payment, they’ll instruct you to wait a few hours for the BTC wallet to be unlocked. With no other choice, you wait, possibly feeling hopeful that your looted BTC is finally coming back to you. After those few hours, you check the wallet, only to find out that the BTC has been moved to another wallet. Once again, you’re left with nothing.
You’ve fallen victim to the scam twice.
Unveiling Another Non-Spendable Bitcoin Scam
The second type of scam involves people posing as forex agents or binary traders. They try to attract victims by sharing pictures of big earnings, testimonials from supposed clients, and other appealing images. Sometimes, they’ll fill their social media with these testimonials.
There’s also a sneaky tactic where scammers use fake identities to post in different groups. They say things like, ‘I lost a lot to scammers, but thanks to Mr. or Ms. X, a binary trader, I made a this much money in just two weeks.’ These posts are just traps to lure unsuspecting victims
The Creation of Non-Spendable Bitcoin in a Blockchain Wallet
Anyone can view data on the blockchain because it’s open-source. To display a certain BTC amount, you just need to find a wallet with that amount and import its address into your Blockchain wallet. Then, that BTC will appear in your wallet as non-spendable, also known as ‘watch only.’ It’s a feature that lets users keep track of multiple wallets from one place
A Distressing Cycle:-
Once scammed, and you spot the non-spendable BTC in your wallet, the search for someone who can unlock it begins. Unfortunately, this quest often leads to more scams. The people posing as helpers end up exploiting you further instead of providing the promised assistance. This unfortunate chain of scams continues until the realization hits that these supposed helpers are actually exacerbating the situation by taking advantage of your vulnerability.
Forex Traders and Miners: Fact or Fiction?
Think about it — real experts in trading or mining should already have enough money, right? So, why do they need others to join them?
They claim they want to help people, but let’s be real. Would someone truly help you make money, especially with Bitcoin? If you buy into these stories, it’s a tough lesson. If you ignore common sense and get lured by greed, well, nature’s giving you a lesson.
Assigning Blame: Whose Fault Is It?
I hate to say it, but it really was your fault. I explained in the first article how a miner operates, so there’s no need to share your wallet password or fund it. No one in their right mind would share their miner with someone else. The more wallets connected to a miner, the less reward each wallet gets.
Also, it’s crucial to grasp that the blockchain network is secure against hacking. Unless you provide login details, no one can hack into your wallet. Your wallet is like your house; it’s your responsibility to keep it safe. Don’t blame the thief for the robbery if you handed them the key
Transaction Red Flags: Don’t Fall for Deception
People often notice transactions appearing in their wallet. It’s important to realize these transactions occur in the wallet that’s been imported into yours. Your wallet simply displays a reflection of that other wallet’s activity. The transactions aren’t actually happening within your wallet, so it’s essential not to get confused by what you see
Important Lessons to Remember:
- No one will help you mine BTC.
- Avoid sharing your wallet credentials or connecting your wallet to external sources.
- Never, under any circumstances, share your login details.
- BTC mining doesn’t require funding your wallet.
- ‘Non-Spendable BTC’ is a deceptive trap, simply an imported wallet from blockchain’s open source.
- The blockchain network is impervious to hacking attempts.
- If your Blockchain wallet is compromised, cease using it immediately.
- Your safety is your responsibility — be cautious of those offering help in mining or recovering lost BTC.
- Properly educate yourself before engaging in crypto earning.
- Secure your BTC and other cryptocurrencies with alphanumeric passwords and 2FA, and never disclose these to anyone.
By adhering to these guidelines, you can safeguard your crypto assets and avoid losses
Still thinking about How to convert Non Spendable BTC into Spendable?
My other articles->
1. Should I give my Blockchain Private key and Password to someone for mining?
2. How Do I Secure My Blockchain Wallet
3. How to Buy Bitcoin in India
4. What is Meditation?
I have tried my best to describe everything, still, you have any question you may ask in the comments or if you want to connect with me directly, find me over Twitter- Vijay Gir.
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