The confusion state
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There are only two possible reasons that you are here at this article.
Either you came here from my other story “Non Spendable Bitcoin- The truth” or you met some Bitcoin miner online. And he promised you that he will help you to mine bitcoin or there is some Forex trader/manager who said he is working with a great bitcoin trading firm which allows you to earn $3, in 24 hours by investing $ What ever is the case, but now you have some Non-spendable btc showing up in your wallet.
So now, you are told that the promised amount has been added to your Blockchain wallet but it will remain Non-Spendable until you pay them the specific fee amount.
You might have already made an investment of $ or so. If not, now they will ask you to make them a payment of some percentage of this btc in your wallet just say 10% and only then they will make this amount spendable.
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You might feel, I have BTC (Above example) in my wallet and if I pay him 10% of this I will have enough for myself.
Some people also ask the trader to cut his10% share from the wallet and process the rest for withdrawal to which they have very diplomatic answer that we can not touch your funds accounring to the company policy and you need to pay the 10% fee before your wallet is processed.
Now, the user is struck, he has this much btc in front of his eyes that he can’t afford to buy with his money and can’t loose them either. So he arranges money and pays them the amount, once the trader gets the amount he blocks you on the social media and leave you handing with your Non-Spendable BTC in your Blockchain wallet.
The trader left you in a confusion state, you don’t know why he blocked you and what to do with this Non-Spendable BTC in your wallet.
Initially, you try to explore the Blockchain wallet to see if you can find some option to convert these non-spendable btc into spendable and even when spending hours on this research you find nothing, you start searching on Google and YouTube -How to make non spendable btc spendable or how to convert non spendable btc into spendables. Most of the things you find are shit.
But, you might come across some article online or some person on social media that says they can help you to convert the Non-Spendable BTC into Spendables but you need to make some payment for the serivice.
They ask you for $ or $ and you feel okay I have around $3, in BTC , even if he take and adding the previous losses I will still stand with enough money. So you Pay and loose another $
Now this is devastating, right?
You really want to unlock your funds but you are not getting any ways to do that and everyone who promices help loots you.
How about, if I show you how these Non-Spendable funds are made? Will that help you to understand some thing? I am sure it will.
The sole reason to teach you about this is to share the knowledge and educate you to prevent this kind of scam happening with you or your friends. If you try to do this scam with people, you will be responsible for the consequences, the author has no responsibility for any person’s action after reading this article
We are going to start with a fresh Blockchain wallet which is just created, same as those traders ask people to do, create a new Blockchain wallet.
You can see in the above image that there are no funds in this wallet and it is completely empty.
Point to remember:- The Blockchain is an open source ledge that means everyone on the internet has the access to this ledge and check the funds in any wallet and even the real time transactions going on Blockchain.
Lets move to Blockchain explorer now. By default it is showing the blocks so we click on the Transactions because we need some wallet address for this experiment. So have the latest unconfirmed transactions on the blockchain along with their hash id, time, amount in BTC and amount in USD.
Let’s click on any hash id which whill show the break up of the different transaction under that transaction id.
Here, we have the two wallets that received some btc under this transaction id, lets click on the wallet address that received the bigger amount i.e. BTC.
We have the full details of this wallet address. And we can see this is a fresh wallet as it only has just one transaction which is yet unconfirmed. We click on the clipboard icon in front of the wallet id and it will be copied to our clipboard.
Now we will come back to our own wallet that we opened for this demonstration.
We click on Settings and the Wallet & Addresses. This will open the following page on the screen.
[1] shows our default BTC wallet in this BLockchain account & gives us the option to create another wallet within this same account. We don’t need that.
We are going to use [2] Import Bitcoin Address. Clicking on [2] will open a pop up.
Here is will give us these two options, import exisiting address generated in this wallet (wallets which were created in the same account using [1]), or import existing address generated outside this wallet? What this means that we will be importing a btc wallet address that is not actually a part of this account or this address. As soon as we click the second option, new options appear in the same pop up.
Blockchain shows a warning in blue that this feature is only to be used by advanced users, means the users who have good understanding of Blockchain.
At [1], we paste the wallet address we copied from the Blockchain explorer and in [2] it is optional if you want to label this wallet, it is same like captioning an image. After which we hit the import button and see what happens.
BOOOM
We have successfully imported that wallet into this address and created the Non-Spendable BTC in this wallet.
Now we have to understand one thing.
Do we have access to that particular wallet which we imported? No
Did we imported the btc into this wallet? No
Then what did just happen?
As I told you before, Blockchain is an open source ledger, so anyone can see any wallet address and its transaction.
You might have seen many websites where the live crypto market or share market rates keeps updating, how? They have the APIs of the actual market website, does that mean they have actual control on the market or on the numbers? Hell no, they can only see them. Same is this case.
You just imported a wallet address into your account and now you can just see how much btc that wallet has. If the owner of the wallet(unidentified) makes and transactions, you can see them too. You can see this treasure but can not touch it, and this is not your property and there is no person on this planet who can convert this non spendable btc to spendable except for the original owner of that wallet.
Why this feature is created?
Of course, you would be spining your brain to get this answered. Let me give you a very simple example.
Mr. A has 10 different wallets, and if he wants to check all the wallets, he need to login to individual wallet everytime. And what if he can just import all his wallets in one address and label them with different names so he can differentiate between all wallets. Cool.
Scammers, are the people who are always looking for ways to use the positive feature of a product in negative ways for personal benefits, fooling people and looting them.
The biggest mistake is done by the user who becomes greedy and starts to think that an unknown person can and will help them to make that much of money. If he was capable of creating a 10x of a money in 24 hours don’t you think he should invest his own $ to get $3k in 24 hours and then invest this amount to get $30k and then $k in 3days. This way he will over come all the richest people on globe all together in just a week or two.
Please use your common sense and don’t blame scammers, because they would never have been able to scam people if people understand a subject before getting involved into it and they keep their greed side, or atleast do an online search.
Every information is just a click away, are we so lazy we can’t even do that?
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