Is BTCMiner a scam or not? This crypto platform promises a massive 12% in daily returns, so how does it accomplish this and is it legit? Or is this just another in a long line of cryptocurrency Ponzi schemes?
Let’s take a closer look and find out the truth…
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Company Name: BTCMiner
Price To Join: 0.001 BTC (to start)
My Rating: 0/10
~ BTCMiner Review ~
What Is BTCMiner?
Because Bitcoin and cryptocurrencies in general are all the buzz these days, this has led to heaps of scams and crypto Ponzi schemes emerging, all vying to cash in on the Bitcoin craze. Of course, not everything to do with crypto and Bitcoin is a scam, but it’s making it harder and harder to tell the legit schemes from the bogus ones.
Where does BTCMiner fit into the scheme of things? Is this platform on the level, or merely a cover for something else?
It claims to be a mining pool. Anyone can hop on board and start mining Bitcoins. The idea behind a mining pool is for a group of individual investors to all join forces and invest money to purchase mining equipment.
I’m not sure what equipment you really need to perform virtual mining operations. I don’t think any excavators are required. This all sounds like an excuse to ask people for money to legitimise a different kind of operation so it won’t be called out as being illegal.
Just like the crypto lending pool schemes, the mining pools are usually something dodgy as well.
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How This Works
Like I said, everyone jumps in and injects investment coin into the mining pool, with the ruse being that the money is to fund mining equipment (maybe some new computers??). There are different levels you can join, and they all cost varying amounts of Bitcoin.
You sink your Bitcoin into the scheme and they promise to give you a 12% return on a daily basis.
That sounds very unbelievably generous to me.
Check out the graphic below for an explanation of how much each level costs and what the returns are said to be.
These returns are too good to be true in my opinion. The highest plan says you can buy in for half a Bitcoin and earn one Bitcoin every single day. At the moment that equates to around $10k a day!
That’s BS! There’s no way that’s going to happen. It’s just a sales pitch to get your money.
Copy me in making $1000s a month online!
This Is a Ponzi Scheme for Sure!
There are no real products or services involved in BTCMiner. Stating that investor money is used to purchase imaginary “mining equipment” is complete bullshit. There is no mining equipment. That’s just a way of making it sound like you are getting something in return for investing.
This is a Ponzi scheme for all money. You sink your dollars into the scheme, then actively recruit others, who also sink their dollars into the scheme and then you get paid with their money.
That’s how Ponzi schemes work. They can only continue to function if new investor money is continually injected into them. Previous investors can only earn a profit when new investors join.
As soon as recruitment slows or stops, the entire scheme collapses and no one gets paid from then on. The owners of the scheme will get paid. They make sure of it. They’ll walk away into the sunset with arms full of booty while most investors are simply left out of pocket.
It’s the very nature of a Ponzi scheme.
These schemes attract people hoping to make a quick buck, and the crypto angle is a bid to attract that audience as well. Some people know it’s a Ponzi scheme and invest anyway. Most people are usually unaware of what’s really going down. They think it’s something legit.
What I Like
- I don’t like a single thing about BTCMiner as it’s not what it’s portrayed to be
What I Don’t Like
- This is nothing but a Ponzi scheme masquerading as a legitimate way to mine Bitcoin
- Ponzi schemes are always doomed to fail
- The owners will make money no matter what happens
- Most investors will lose their money
- There are complaints everywhere about this scheme not paying out to investors
- The amount they claim they will pay you is just ridiculous and never going to happen
How Much Does BTCMiner Cost?
The bare minimum amount to get started in the BTCMiner scheme is 0.001 BTC. The highest level costs 0.5 BTC, and claims to double your money on a daily basis (cough…cough).
Is BTCMiner a Scam?
Look, in my opinion anything that’s a Ponzi scheme is definitely scammy. Can I classify it as a complete scam when some people might actually make some money? Probably not, but it’s damned close.
Give this a miss, do more research and find out what’s a genuine Bitcoin investment opportunity and buy into that. Ponzi schemes are likely just to swallow all your money, leaving you high and dry.
Schemes like this one are a lot like gambling, so you might have better luck with this lotto system.
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