Bitcoin and altcoin mining has become popular among investors. That is why there are many sites that are offering cloudmining services to meet this demand. One of such sites is BTCFast Co, which is offering their investors a high return on their investment.
At Cryptoinfowatch, we are always eager to let the investor gain more insight into any company that we review. This is important because we are aware that making money doesn’t come easy. You wouldn’t want to lose your cryptocurrencies by investing with the wrong site. That is why you must conduct proper research before making an investment.
The fact that you’re reading this post is indicative that you are not a careless investor. So let us find out if this is a site that you should invest in.
What is BTCFast Co?
This is one of those sites that promise investors that they can make a lot of earnings in cryptocurrencies by buying a mining plan. BTCFast Co claims to be a cloudmining company that has lowered the entry barrier to cryptocurrency extraction.
The site claims that it is run by professionals that have experience in various aspects of cloudmining operation such as data analysis, software development and server engineering.
The site also asserted that it has built a reputation as a reliable bitcoin extraction company. Under critical scrutiny, we found these claims to be unsubstantiated because the company has no reputation among mining companies and pools.
A search of the company among major mining pools yielded nothing. This points to the suspicion that the assertion that:
“We at btcfast aims to be the world’s leader in cloud mining by utilizing the most dynamic Mining Pools and focusing on the best paying cryptocurrencies,”
Plagiarizing Other Sites
When you come across a site that did not craft its own web copy but plagiarized it from other sites, you should know that you’re dealing with a fraudulent site. So far, this is what BTCFast Co has done.
Large portions of the web copy were content copied from other websites. This shows that the idea behind the site is not an original, but an attempt to convince investors to by non-existent mining plans.
For example, the “About” page of the site where it stated that the company
“is a group of experienced professionals in software development, industrial designing, server engineering, and data analysis with a passion for excellence that believes in the power of the team, integrity, and leadership,”
was subjected to a plagiarism check and found to have been copied from another sites.
Who is Behind the Site?
There is no indication on the website who the owner is. This is not surprising because sites with dubious reputation never make the identities of the people behind them known for obvious reasons.
Even though the contact page posted 1 Dock Road, London, United Kingdom, E16 1AH as the London address, the location is clearly a false address. A further check using Google Earth did not show that there is a mining company around that location, neither has Company House records showing any registered around that location.
From Whois search, BTCFast Co, the domain that points at the site was registered on June 26, 2019. It is therefore obvious that all the claims made by the owners that they have built a reputation over time is false, since the company (if it exists) is barely a month old.
It is also clear that it could not have been the same entity made reference to in the site’s claim that it is one of the foremost cloudmining services in the industry.
What Sort of Profit Does it Offer?
When you sign up with the site, you’re taken to a dashboard that simulates mining through a counter. This gives you the impression that the site is actually a mining company with a free mining option.
Just below the free plan is the instruction on how you could upgrade and earn more.
There are four investment plans: Starter, Silver, Gold and Platinum which require 0.01, 0.05, 0.25 and 0.8 BTC respectively to activate. The site assures the investor that they would earn daily income in bitcoins depending on the plan they activated.
Interestingly, the ROI is so unrealistic that it would be so obvious that you’re dealing with a scam if you’re informed about possible ROI on mining activities.
For instance, the Starter Plan claims that the investor would earn 0.00038 daily. Based on this, the turn-around period for the investment is less than a month. This has been designed to lure the unsuspecting investor with the impression that they’re getting a good deal.
No mining activity would give you this ROI. None would, so this is a ploy to steal your cryptocurrency.
One of the features of scam sites is that they mostly promise returns that are beyond what legitimate companies offer. The reason is that it is the only way they can entice people to buy their investment plans.
When this is accomplished, they do not care what you think since the possibility that you would get back your cryptocurrencies is nearly non-existent.
BTCFast Co is confirmed an active scam. Do not think that you would make any earnings from this site. Scam sites may even pay a few early participants to use them as publicity channels to grow their traffic. However, it is common practice that investors who send in large amounts would lose their funds even at the early stage of a scam mining site.
There are better ways to earn Bitcoin and you can find a site here if you know how to trade. If you’re just striving to grow your assets and make more money, you are invited to use the site that we recommend. It makes earning and growing your assets easy.
What experience have you had with this mining scam? You may share it using the comment box below.