Now consider this: the cryptocurrency movement if we may use that term is relatively new. This means that there are new entrants that know little about it, so platforms such as Bitcohash Site are taking advantage of the low awareness to promote their businesses.
If this is the right thing to do is dependent on the sincerity and expertise of the owner of the site and those managing the funds invested. In this review, we shall take a look at what the site does, its intention and especially, if it is worthwhile to invest with it.
What is BitcoHash Site?
This is a site that claims that the entity behind it is involved in forex trading and other financial instruments. The content alludes to the company being registered with the London Stock Exchange and has posted positive results.
Interestingly, it did not provide any evidence to prove that this is true. So the owners actually expect that potential investors would simply be taken in with the claim that they would make money just because the site claims that it has been successful in making money.
What people who invest with these types of sites do not understand is that no reputable company would ask random people to deposit their funds to them without a clear regulatory guideline.
What we have learnt from months of analyzing scams is that they all operate based on the realization that most people do not cross-check the information they get from the internet for authenticity.
Scam Crypto Investment Sites
There are thousands of scam sites that target holders of digital currencies. The reason is obviously that it is a field in which there is little public awareness. So many new adopters or potential ones do not really know what is hype and what is reality.
For example, there are many that believe that it is easy to mine or extract cryptocurrencies such as Bitcoin with a computer. What they do not understand is that it is a challenging prospect that involves a lot of money, competition and difficulty before bitcoins are mined. Even when this is possible, it takes a network or pool of miners to succeed.
Fraudsters generally create the impression that what an investor needs is just signing up with their sites, making some deposits, then sit back and receive regular payments.
The Structure of Scam Sites
If you’re new to the crypto space, you may not know that these sites are scams but with time, you’d start seeing the pattern.
Most scam crypto investment sites have this basic structure or feature.
This is the section in which the site makes a claim that it is in one line of business or the other. They may assert that they are a team that has been in that business for many years. They also claim that they’re making a lot of profit and now want to expand so the need to get funds from investors.
In some sites, they may post a registration certificate. However, these certificates are worthless in terms of proof for legitimacy. This is because fraudsters can easily register businesses without providing authentic identification documents.
Number of Days in Operation
This is important to fraudsters because they’re aware that there is a demography that looks out for how long an investment site has been in business. Online reputation is a big deal because it gives insight into how reliable a business is.
A site that has operated for 10 years is likely owned by a reputable company. Nevertheless, fraudulent sites such as ponzi and pyramid schemes would sometimes prefer to present shorter time frames to give lovers of such schemes the impression that they are early participants. These are the main beneficiaries of such schemes since they’re paid with funds provided by the new members.
As you can see from the Bitcohash Site website, the investment plan is the most prominent. For scam sites, these plans are made to seem so rewarding that people find them irresistible.
The idea is to give investors the impression that their funds would be doubled or tripled in a short time. The main purpose is to make the scam offer enticing so that people who are not well-informed end up losing money they send to the fraudsters.
You can notice that there is a so-called free plan on the Bitcohash site. They claim that participants of the program would earn 0.0001 bitcoins daily. You should wonder where that money would come from. Obviously, it is deceit meant to lure people to send money to the site knowing that greed is a common human virtue.
It is not common practice among reputable sites to post data of the number of visitors it has and the number of paying customers. Unless this is absolutely necessary, such data are not displayed on such sites. This is not so with scam crypto investment sites which at best are ponzi schemes. At worst, they are just funnels for theft.
A close look at Bitcohash site shows that data such as number of customers, the duration that the site has been online and even the amount paid out by the site were displayed.
The reason is that fraudsters are aware that people are visual and would likely be convinced by what their eyes see. This is especially so when such individuals are not informed about what genuine investment sites are like.
Scam investment sites would naturally lure new investors through their affiliate programs. There are many people who are willing to promote even scams for money. This is despite the fact that at the end of the day, they may never get paid for their efforts.
It is important to understand that fraudsters behind these types of sites would use participants of their affiliate programs to promote and create awareness for their scams but mostly have no intention of paying such affiliates unless they can’t help bad publicity at the initial stage of the scam.
Latest Deposits and Withdrawals
This is another common feature of scam investment sites that you wouldn’t miss. Some go to the extent of adding transaction identity from blockchain explorers that were randomly pulled out. They post these on their sites to deceive people to believe that investors are actively participating in their schemes.
Getting a good investment site isn’t very easy. The crypto space is bedeviled with many scams in all its spheres such as ICOs, IEOs, exchanges and even wallets. This is why selecting an investment site should be done carefully. In any case, you can check up our top recommendation and take advantage of the copy trading system to boost your investment.
What is your opinion about Bitcohash Site? Please let us know through the comment box below.