The time has come to look at another Bitcoin scam site, called Bitpromt. The number of companies users can invest in is quite staggering these days. Similar to most other businesses looking to take user’s funds, cloud mining is the flavor of the month. Luckily, this company is showing its investment plans on beforehand.
Bitpromt Is Somewhat Convincing But Not Entirely
A semi-professional layout can go a long way in the cloud mining scam business, and Bitpromt is getting some brownie points for trying. Albeit it is evident this is just a WordPress template that anyone could buy for US$60, at least it is a slightly different layout from what most companies have to offer.
It has to be said, Bitpromt is not offering spectacular returns either, which make it sound almost credible. Returns vary between 3% and 5% per week, although it remains a mystery how bigger investments will receive a higher payout on a weekly basis. Moreover, these payouts will continue for the lifetime of the account, resulting in a 156% return per year. Higher-value investors will “earn” a 260% return per year.
If that wasn’t enough to give the intentions of this website away, the referral commission tells everything you need to know. With a 25% commission earned from every referral’s deposit, it is clear this is nothing more than a Ponzi Scheme. If one of your referral deposits 10 Bitcoin, you will get 2.5 BTC out of thin air. That is not a business model any company can survive on by any means.
Similar to most other Bitcoin cloud mining companies, there is zero proof of the mining hardware being used. However, the company is very transparent about what they are doing, even though it is doubtful they intended to do so. Their FAQ clearly states: “
“As any such a system, BitPromt | Cloud Mining works on the principle of a financial pyramid – the previous gets from the next.”
Company information for Bitpromt is very hard to come by as well. Even though they have listed a phone number for contact purposes, it is doubtful this will be reachable. Depositing funds through this company should be done at one’s own risk, as it is very doubtful users will ever see their money back in full.
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