Bitcoin Profit may offer everything and more, but it looks like a textbook example of a cryptocurrency scam
If you do not have any experience in trading, seeing a candlestick chart with a bunch of trading tools can be intimidating. On the flip side, one cannot help but envy those who make fortunes because of the high volatility of cryptocurrencies.
Those who want to jump on the crypto bandwagon as soon as possible do not want to take the time to learn how to successfully trade cryptocurrencies. They look for easy ways that would let them get involved in crypto trading in a snap (from automated trading bots to Bitcoin yield investment programs).
In this review, we will cover BTC Profit — a website that specifically caters to the desire to profit big off of cryptocurrencies in practically no time. Whether one makes quick millions with little to no efforts has something to do with the reality of cryptocurrency investment.
Understanding Bitcoin high yield investment programs (HYIP)
Before we get down to the actual review, let’s quickly grasp the concept of a Bitcoin high yield investment program (HYIP) that allows conducting trading on your behalf.
The rule of thumb is that any platform that offers high returns in a snap can be considered a scam. Do Bitcoin HYIP websites belong to the same crowd? Well, kind of.
Each Bitcoin HYIP site has its one lifespan which consists of several stages:
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Stage I (the start) |
The new website gets launched, and it further cooperates in order to lure in investors. At this stage, the administration behind this website has to shell out its own money in order to get the whole thing going. |
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Stage II (the peak) |
As more and more investors find an easy way to make quick dollars, the website continues booming. The amount of profit rises, but the creator of the website covers the daily payments to investors. |
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Stage III (the downfall) |
The last stage of the site’s lifespan involves investors leaving the website in droves while the administration wants to rake in the biggest profit possible by simply refusing to pay its users the daily reward. |
The consensus is that you do have the ability to make quick dollars on such websites, but do not expect to get a steady long-term return on your investment.
The modus operandi of such websites is quite similar to cryptocurrency pump-and-dump-schemes. You are only able to make a profit if you are not late to the party. Otherwise, you will have to look for other ways of how to successfully trade cryptocurrency.
Source/More: Bitcoin Profit Review: Too Good to Be True | U.Today
