Categories: EducationScams

Bitcoin Scam Site Warning – BitCompany

Even though most bitcoin users are well aware most cloud mining companies are Ponzi schemes, new platforms are created on a regular basis. One of the latest additions to the world of bitcoin scams goes by the name of BitCompany, as they provide cloud mining that pays hourly profits to investors. Once again, it is another platform that will take user deposits, make a few payments, and then suddenly disappear.

BitCompany Is Yet Another Cloud Mining Ponzi

Similarly to most other bitcoin cloud mining scams, BitCompany fails to provide any evidence of how they are planning to mine cryptocurrency in the first place. Given the vast amount of Ponzi schemes in the world of bitcoin today, that is anything but surprising. Unfortunately, it is likely some investors will still give their money to this company despite all of the warning signs.

What BitCompany does well is trying to persuade users to invest money in the company. Users will earn money for the lifetime of their account, although there is one condition. Users cannot request their principal back, otherwise they will immediately stop earning money. Rest assured getting the initial deposit out will be very challenging for most users.

Additionally, BitCompany claims they will process all withdrawals immediately. That seems highly unlikely to achieve, as the company will be bleeding money rather quickly based on their investment structure. If no funds come in, they cannot process withdrawals, hence this concept of “instant” withdrawals is nothing but a mirage.

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Speaking of the investment programs, it appears there are multiple options to choose from. Depending on how much money one invests, they will earn between 0.17% and 0.21% every hour. That means users should get 100% profit by the time 24 days have passed. Do keep in mind these profits do not even include the original principle, which means users would effectively double their money in under a month. The idea alone is absolutely preposterous, to say the least.

BitCompany would not be a proper Ponzi scheme unless there was a lucrative affiliate program to take advantage of. The platform provides three levels of referral earnings, and they also allow non-paying customers to make a bit of passive income by tricking others into depositing bitcoin. This type of behavior is rather common among bitcoin Ponzi schemes, yet it will also mean the platform will run out of money even quicker.

No one will be surprised to learn BitCompany is apparently registered in the United Kingdom. For some reason, London is a very popular region to run bitcoin mining operations from. All of these companies are Ponzi schemes and should never be trusted with one’s money. Stay away from BitCompany and any other cloud mining scam advertising similar products, as they will ultimately take your money and disappear.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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