Have you always felt like you could’ve squeezed a tiny bit more money out of selling your Bitcoins to an exchange? Or maybe you have participated in a LocalBitcoins trade and you notice that the price agreed upon is lower than the current Bitcoin price? But what if there was an option to get 10% extra from the market value?
My Wallet Ltd – Your Next Bitcoin Platform?
The way Bitcoin exchanges usually operate goes like this: they take the current Bitcoin price into account and offer to buy your Bitcoins at 5-10% under the current price. This difference between the exchange’s price and the actual exchange rate varies depending on how fast you want to receive your fiat currency. There will always be a trade-off between profitability and convenience.
My Wallet Ltd. is a brand new Bitcoin exchange platform, which is more than happy to purchase your Bitcoins at a price higher than the current market value. In fact, they will even pay you up to 10% more than the current exchange rate, just so they can expand their customer base, and you can earn the money per Bitcoin you feel comfortable with.
Do keep in mind that this offer will not remain valid for all time, as it is a special promotional offer running from March 15th, 2015 until May 23rd, 2015. And for those of you who aware wondering which exchange rate My Wallet Ltd. is using, they take the Bitstamp exchange rate into account and add 10% on top of that for the time being.
But there is more! If you can provide My wallet Ltd. with a lot of liquidity – in excess of 50 Bitcoin per sale that is – you will qualify for special privileges. At this point, it remains a bit unclear as to what these special privileges are exactly. We will try to find out more details and update this article accordingly.
Unusual Business Strategy
Needless to say, the service offered by My Wallet Ltd. sounds very fishy and does not even seem like a lucrative business model. According to the company’s press release, the goal is to close as many Bitcoin deals as possible, even if that means shelling out extra cash to keep their customers happy.
One of the things that looks very suspicious is the fact that My Wallet Ltd. will pay for any fees associated with turning your Bitcoin into fiat currency. Customers have the option of receiving their money through Wire Transfer, Paypal, Western Union or MoneyGram. In all of those cases, any additional fees will be paid by My Wallet Ltd.
According to the press release, My Wallet Ltd. has conducted Bitcoin transactions worth up to 2.3 million GBP, despite any lack of information as to who is behind the company and where they are operating from. More importantly, why is their domain name expiring the day after this “crazy promotional deal” ends? The deal runs until May 23rd, and the domain expires May 24th. Seems a bit suspicious, no?
Granted, you could still label this is a mere coincidence. But what about the domain registrar information, which is protected by Perfect Privacy LLC.? If this were a legitimate company, surely we would be able to find out some information about them this way? Everything about this platform screams “blatant scam” if you ask me.