There are many sites that claim that they have the ability to make instant profit for investors yet they’re all too quick to request investment deposits before the investor sees any profit. This is an old scam strategy as we shall see with Bitbag Company, a site that claims that the owners are specialists in the trading of altcoins.
Altcoins are the alternative cryptocurrencies that were developed after Bitcoin. Many have proven to be useful and are traded in exchanges while there are many more that are worthless because they have no serious use case.
In reality, coin traders trade Bitcoin against altcoins or altcoin against another altcoin for profit. Trading takes skills but in reality, there is no reason for a trader not to trade with their own funds.
Trading in recent times has become an avenue through which scammers have increasingly stolen from people under the pretext that they need to trade higher volumes of funds to make more profit, but in reality, it is just a ploy to steal from people and end up as exit scams.
Sadly, scammers such as those behind Elitefinfx and Bitbag would move from scam to scam after defrauding people as seen in the case of the former which has already launched a new scam called Efx 2.0 after it became obvious to investors that they are fraudsters.
What is Bitbag Co?
This is a company that claims that it is trading altcoins and has accumulated some 1500 bitcoins over the span of a few years. It claims that it is using some trading robots to ensure that it consistently makes profits of 100 percent to 1000 percent.
The company claims to have been registered in the United Kingdom and displayed a certificate to that effect. Incidentally, like many similar sites that campaign for investment deposits under the guise that they would make profit for the investor, there are a lot of unanswered questions about the claims made by Bitbag Co.
A Fake Registration Certificate
The registration certificate shown on the website belongs to another company, Bitcoin Golem Limited. This is a pointer that the owners of Bitbag are laying claims to what they are not. By extension, we can safely conclude that the other information provided on the site is false.
Conpounding issues is the fact that Bitbag claims that its company registration number is 124512, but the certificate it presented bears a different number.
What we have learnt over the years is that any company that intentionally misrepresents or falsifies information on its site is up to no good. These are techniques employed by fraudsters to defraud people who are not informed about the investment proposals they’re presented with.
Age of Domain
Did this site come online August 17, 2017 as claimed on its homepage? Scam sites are known to lie about their duration in business since fraudsters are always eager to create the impression that they’ve been online a long time and so have built some credibility among their clients.
A Whois search shows that the domain was registered on August 24, 2019 contrary to the claims made on the site that it has been online earlier than this period. As earlier stated, the attraction to sites that have been online longer stems from the fact that people mostly trust them believing that they have consistently paid their clients for such extended period and are therefore trustworthy.
The content of a site is a litmus test to the reliability of the people behind it. Running a Whois test is simple enough and investors should take advantage of it to validate or discard the claims made by any investment company.
One of the approaches employed by investigative reviewers is to check the validity of the ROI claimed by investment sites to gain insight into their motive and objectives. This takes cognizance of the fact that no one can give more than they can afford. If it sounds too good to be true, it’s likely isn’t true.
When a company promises its investors that it could double, triple or quadruple their investments in a short time, it is an indication that the people behind such sites are crooks on a quest to steal the deposits of the investors.
No genuine business has the capacity to double the funds of all its investors. None can give 100 percent guarantee that their projection is foolproof and none makes careless guarantees such as seen with Bitbag which promises 120 percent profit in one day.
If it is possible that this company could double your investment in 24 hours, they wouldn’t ask you for it but would concentrate in doubling their own funds again and again until they become the wealthiest people. So investments do not work like that.
Advice from the Securities and Exchange Commission website stated:
“If it sounds too good to be true, it is. Compare promised yields with current returns on well-known stock indexes. Any investment opportunity that claims you’ll get substantially more could be highly risky. And that means you might lose money.”
In this instance, we can compare the ROI promised by Bitbag with what is obtainable in the coin market and conclude that this is a spurious claim since no coin trader boasts of consistently making 100 percent to 1000 percent profit monthly talk less daily.
Scam sites have proliferated since the advent of cryptocurrencies. These are mainly the result of the popularity of Bitcoin. There are many sites that claim they would help you make instant gains but their objective is to steal your funds.
Genuine investment sites lay emphasis on compliance with existing rules and regulations around crypto investments. Such sites would not promise you outrageous profits but deliver on their promises.
You can check the site that we recommend and take advantage of its social copy trading to invest like a professional.
What are your experiences with Bitbag? Please share them using the comment box below.