PSA: Bitcoin Generators Will Steal Your Bitcoins

Hi Bit-Coiners! To be frank, I can’t believe i came across this video, the original one was leaked by some Anonymous guy from Serbia So i thought I’d share it around since I’ve been screwed before using these programs! ENJOYY!!!! —A comment under a Bitcoin generator video on YouTube

By Mark Norton: 7/18/2014

It’s come to our attention that sites have been popping up with various types of software to ‘generate’ bitcoins. For all those just beginning to test the waters with Bitcoin, although it is indeed a great innovation with the potential to revolutionize the world, just like with anything else, there are people out there who will do everything they can to confuse and mislead in order to steal your hard-earned bitcoins.

The generators themselves will install malware on your computers to steal passwords, switch addresses when you copy-and-paste that long string of numbers to one that leads to their wallet, or try to take your bitcoins in a variety of other ways. And it will probably not stop there; they will install other programs that may do a thousand other unwanted things with your computer.

The fact of the matter is that, as with anything, if it seems too good to be true, it is too good to be true. Long gone are the days when one could simply install a program on a laptop and watch it spit out bitcoins. Nowadays, due to the fact that the Bitcoin protocol automatically detects how much power is going into mining it and resets the difficulty of finding new bitcoins so they come on average every ten minutes, you need specialized equipment to even have a chance of being successful.

To be true safe with bitcoins, you will need to research how to create cold storage, manage passwords, and take a number of other steps to be 100 percent sure your bitcoins are safe. That being said, you probably don’t have a ten foot wall around your house and bars on the windows. Most people go with simple locks because those locks will deter 99.9 percent of the criminals. The same is true for Bitcoin. You don’t have to (necessarily) learn how to boot from a USB to create paper wallets. A little reading and a little common sense will keep you safe.

And, don’t click on anything that’s too good to be true.