Categories: EducationScams

Bitprompt Outs Itself As A Bitcoin Cloud Mining Ponzi Scheme

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.



Related Post

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.

Image credit 1

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

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.

Share
Published by
JP Buntinx

Recent Posts

$50M AAVE Purchase Sparks Debate Over DeFi Safeguards

A massive decentralized finance trade has drawn widespread attention after a user attempted to purchase…

14 hours ago

Ethereum Sets Out To Become A “Sanctuary Technology”

Ethereum co-founder Vitalik Buterin has unveiled a newly released Ethereum Foundation (EF) Mandate, outlining the…

14 hours ago

TOKEN2049 Dubai Postponed To 2027 Following Security Concerns After Regional Drone Attacks

One of the world’s most prominent cryptocurrency conferences, TOKEN2049, has officially postponed its upcoming Dubai…

14 hours ago

Vitalik Buterin Reconsiders Ethereum’s Core Role, Says Data Availability May Matter More Than Smart Contracts

Discussions around blockchain technology often place smart contracts at the center of everything. But recently,…

2 days ago

XRP ETFs Pull About $1.4B Inflows as Retail Investors Lead Demand, BlackRock Launches Ethereum Staking ETF

Interest around crypto exchange-traded funds (ETFs) continues to grow, and new data suggests that XRP-related…

2 days ago

Ledger Researchers Reveal MediaTek Flaw That Could Expose Crypto Wallets on Android Phones

Security researchers at Ledger say they have uncovered a serious vulnerability affecting Android smartphones that…

3 days ago