For quite some time now, there have been various exchange platforms offering to buy Bitcoin well above the current market price. None of these platforms should be trusted by default, as they will usually scam users out of their money. PowerBTC is no different in this regard, as they have zero intentions of honestly buying Bitcoin at that price.
With the number of scams active in the Bitcoin world on the rise, there are a lot of ways users can lose their money over time. PowerBTC, a new website offering to buy Bitcoin at premium prices, falls into the scam category for sure. Offering a 10% premium price is suspicious at best, and it gets worse when taking a closer look at this platform.
The company claims they can pay this 10% premium with ease, as they are working on a reselling strategy. By catering to the Middle East, where people are more eager to buy Bitcoin at premium prices, the company can still make a profit. This story is utterly fake, and no one should fall for these tactics.
Given the current rise in popularity of Bitcoin, it is not unusual to see more of these scam sites emerge over time. PowerBTC has no credible track record of buying Bitcoin at any price, let alone premium values. However, they do let users sell Bitcoin in a peer-to-peer fashion, which is slightly different from other similar scams.
When looking at the payment methods offered, it is not hard to see this is a pure scam. PayPal, Western Union, and bank transfers are all accepted payment methods when selling Bitcoin through PowerBTC. This is rather strange, as the company wants to offer “total anonymity”, which is impossible when dealing with these traditional payment methods.
To make this whole ordeal even more ludicrous, PowerBTC will pay all fees on behalf of the person selling Bitcoin. This means one would receive a bank transfer or Wester Union payment completely free of charge. Although this may sound appealing, people selling their money to PowerBTC will get scammed in the end.
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