Criminals and thieves continue to target cryptocurrency holders with their Ponzi schemes. Advertising an investment opportunity that makes no sense and offers impossible rewards is a great way to attract attention, as some people will fall for these schemes. BitGlobal is one of those companies should watch out for, as it claims to provide bitcoin cloud mining without any tangible proof.

BitGlobal Will Vanish Into Thin Air

Any Ponzi scheme in the bitcoin world will usually be only around for so long. With these companies unable to maintain their payout structure once there is no fresh capital coming in, people will eventually lose money. Particularly companies who run a cloud mining service often turn into a scam sooner or later.

BitGlobal wants to position itself as yet another company offering bitcoin cloud mining. However, there is no evidence of their mining hardware or data centers. That is not uncommon among bitcoin Ponzi schemes, that much is certain. Although there are legitimate companies offering bitcoin cloud mining, they are very hard to come by. It takes a lot of capital to roll out a mining facility, as this hardware must be put to good use until customers purchase a contract.

A total of five different investment plans can be purchased from BitGlobal, albeit no one should buy any of these plans to begin with. Depending on how much one is willing to invest, hourly returns range from 0.12% to 0.35%. Do keep in mind these earnings will – allegedly – roll over for the lifetime of the account, which is impossible to achieve. Moreover, users are able to compound their interest for even higher returns.

As one would come to expect from bitcoin cloud mining Ponzi schemes, BitGlobal is registered in the United Kingdom. This is another common theme among Ponzi schemes in the cryptocurrency world, as a  lot of providers have a certificate of incorporation in the UK. These documents only cost a couple of Pound Sterling to obtain, yet that doesn’t make this company legitimate by any means.

Moreover, the platform offers a rather lucrative affiliate program to boot. BitGlobal suers earn 4% referral commission, regardless of whether or not the recruiter is a paying customer. For people who are looking to make money by forcing others to invest in a scam, those types of rates will be more than intriguing. What is even more intriguing is how the company, at the time of writing, claims to be online for just one day. Quite strange, considering their certificate of incorporation dates back to September 27, 2016.

It is evident for everyone to see BitGlobal needs to be avoided like the plague. The company is not legitimate by any stretch of the imagination and claims to offer a service they do not own the hardware for. In the end, investing in this program will only result in financial losses for the majority of people. Don’t give this platform a second glance and invest your money elsewhere.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.