The creativity of scams these days could be seen in the way many make themself seem almost legitimate. They use projects that have similarities with known working platforms to give people the impression that they could make money by signing up with such sites.
FreeBit.cash is one site that creates such impression but it is in practice a site that would waste your time and trick you into investing your bitcoins in it as we shall see in this FreeBit.cash review.
What is FreeBit.cash?
According to the site, the company behind FreeBit.cash mines cryptocurrencies. It also has an internal token or currency that users could utilize in making payments.
They promise the user they could earn 0.5% daily using free mining while they could earn 0.8% daily when they purchase hashpower.
It is not clear how they calculate the earnings for free mining. What is known is that they promise people who bought their mining plans that they’ll be paid 0.8% of their investment daily.
From our experience with mining bearing in mind the mining difficulty of bitcoin and the hashpower of the top mining hardware, we came to the conclusion that FreeBit.cash is another mining scam that was set up to scam people.
The FEB Token – Unlisted And Fake
From the site, it could be seen that the company claims a token for its ecosystem called FEB. However, search for the FEB token shows that it is not in existence anyway on the coin market. GitHub the popular code repository has no record of the token. Yet the company promoted it as something worthwhile as seen with the statement:
“The principle of operation of cryptocurrency is now available for the local currency – FEB, which is protected from hacking and theft.”
Poor Knowledge of Coin Market
An assessment of the statement shows that the owners of the site are scammers that were unable to show that they have understanding of the token market. The FEB token is essentially valueless yet they used it to deceive the participants of the platform who think they are working for something valuable.
Another statement on the site about the FEB wallet said,
“FEB is always available for withdrawing to another e-wallet and for paying users on the FreeBit network.”
Could you imagine what use people would put such useless token to?
Users of the site were given the impression that FEB is a valuable token that FreeBit.cash mines for them:
“To start working with our site, you just need to register and start earning FreeBit’s with us! You will be rewarded 0.5% and 0.8% if you buy the speed.
After registration, you need to go to the user account and the mining will start automatically (we remind you that free mining will last only 24 hours, after which you will need to go back to your personal account on FreeBit to restart mining.”
Theft of Time and Money
If the token is truly valuable, it would have been listed in some exchanges. The concept of giving people the impression that they are dealing with a valuable token is theft because thee people are sending their money or performing tasks on the site.
This is a reason to crosscheck every token or whatever else that any site promotes as crypto token. The site further stated that:
“ In case you purchased the speed for mining, then it will not be necessary to do this anymore, mining will go 24 \ 7). You can add your FEB’s to the following areas: BTC, ETH, Payeer, PerfectMoney (as of 11/20/2018).”
Small Scam That Went Far
FreeBit.cash could give you the impression that it is a scam targeting small investors such as those wanting faucet services, but in reality scams that demand small amounts could go unnoticed for a long time.
The minimum deposit for FreeBit.cash is $10 while the user could withdraw even $1 from their account. The deposit is tied to a one year contract.
An Impossible Contract
If you have knowledge of crypto mining, you would know that what the company is doing is barely feasible especially with regard to mining, unless a worthless coin such as FEB.
View Ad and Get Paid
Another aspect of the FreeBit scam is that they promised to pay users for viewing ads. The payment like all else is in the FEB token.
The setup is more like an exchange that takes real money from people. But instead of bitcoins they give their clients fake bills.
Apparently, the site plans to generate revenue through ad traffic but pay the viewers with a token they cannot spend. In describing the ad service, the site stated:
“FreeBit is a local cryptocurrency that is available to everyone. A new approach to mining currency through viewing unobtrusive advertising and the use of the cryptocurrency work system make FEB a stable, safe currency for earning and paying partner rewards, as well as a regular transaction to other users of the system.”
Who Are Behind The FEB Token?
A Whois search shows that the owners of the site concealed the domain details with a service, so the date it was bought is not obvious. Furthermore, there is no listing of the physical location of the company or the people behind it.
The site doesn’t have an online support or chat that users could resort to if they encountered problems even through it claims that it is run by experienced people as seen here:
“Many years of experience and innovative solutions of FreeBit owners make the work convenient and understandable for everyone, you just need to want and earnings will be passive and permanent!”
From the web copy, it is obvious that this is a scam that was set up for inexperienced cryptocurrency enthusiast. The quality of the web copy makes it clear that this is not a pro job but still a potentially damaging scam.
If you have experience with FreeBit.cash please share your experience in the comment box below. For the investment I recommend to people serious to make wealth check this.