The internet is a repertoire of opportunities in terms of learning and earning. This is why it has become the go-to resource for many people who are thinking of ways to make money. Bitcoin is virtual money and there is a site Lootbits that seems to have perfected a system of earning bitcoins on it. Has it?
A Faucet Offering Large Volume of Bitcoin?
We visited Lootbits after hearing severally about the site. What we found out is that Lootbits it is a faucet of sorts with a difference in that what the user need to do is open boxes and they are rewarded with bitcoin dust. We immediately were skeptical about it.
There would have been no need to worry about reviewing a faucet since the expectations of the users are usually low. In fact, a faucet is known to pay very small amounts of bitcoins to the user for performing small tasks. These could be accomplished in hours, days or weeks.
Lootbits fundamentally asks registered users to find gems in boxes by opening them. As the user finds the gems, they are awarded small volumes of bitcoins in anticipation that they would accumulate enough with time.
Suspicious Minimum Withdrawal
However, what makes lootbits worthy of note is that the minimum withdrawal is quite substantial at 0.049 bitcoins. Now this is quite a substantial amount of coins for a faucet to expect users to attain.
From the foregoing, it is obvious that Lootbits does not see itself as a faucet but a pay-per-click or pay-per-view site. Irrespective of how the site expects to be seen, what is obvious is that there is something fishy about their expectation from users.
No Verifiable User Paid Since Inception
So we did some more searches but could not find any users that have been able to make withdrawals from the site for obvious reasons.
According to Whois, the domain was registered on March 16, 2019, this means that it has been operational for about 3 months and the fact that it has no users who could testify to have made withdrawals leaves a lot desired. Rather what most of its users complain is that as they progress in levels, it becomes increasingly difficult to get the promised gems by opening boxes.
A user wrote this,
“Based on my experience, about 70% of the boxes are empty, and that doesn’t include the badge-boxes which are worthless after you complete your collection of the 36 unique badges, which I did. So we’re left with about 10% of Bitcoin-fraction boxes.”
What the site has done is make it easy for the users at the beginning by raising their hopes of earning bitcoins soon but as the game progresses, it becomes increasingly difficult to get any of the points required to make up the minimum withdrawal. Why should that surprise anyone? The owners of the site have no intention of making all that payments for opening boxes.
“By the way, I’m at level 4 right now, so I get 25 boxes per hour, but since I reached that level I haven’t received a single xp point (you level up every time you collect 100 xp points – 5 is the highest level),”
the user said.
Read Lootbits’ Term of Service
“Payments and Monetary Value
The Website does not accept monetary deposits and does not require for any payments in any currency.
The credits and balances on the Website are intended to be used on internal features of the Website.
None of credits, balances or other rewards on the Website have real monetary value. User balances do not place the Website under an obligation and can be changed or nullified by the Website at any time and without prior notice.”
Now this is what many of the users of the site may never see since most people do not read the tiny prints. What Lootbits is saying in essence is that they’re not under any obligations to pay the user for wasting time or playing around the site.
This is despite the fact that they’re aware that the main purpose why many are attracted to a site such as lootbits is the promise of reward.
Furthermore, they’re saying that the bitcoins they’re placing in users’ account which they labor to increase and withdraw doesn’t exist anywhere. They’re just taking people for a ride asking them to open boxes and get referrals to help them open more.
How Does Lootbits Benefit?
Now what interest does Lootbits have in the traffic they’re generating from users? How are they benefiting and monetizing it?
One user is of the opinion that the main purpose of the site is to use people as subjects to conduct surveys for their clients.
“Their number one goal is to make users take surveys so that they make money. That’s why they make it the most profitable way in terms of gaining gems.
So people think “Let’s be smart here, instead of waiting hours to get a few gems, let’s take surveys and get thousands of gems quickly” which is not so smart actually.”
Another user thinks that the site is using mining scripts to mine cryptocurrencies using the devices of users. This may be implausible but a site that is tricking people to waste their time by promising unrealistic payment could do anything to make money off them.
According to the user,
“Warning: It is highly likely that Lootbits.io is utilizing its users’ machines resources to mine cryptocurrencies without their consent or knowledge.
I reached that conclusion based on my experience, because every time I visit that shady website my laptop works at full speed and sometimes overheats and when I close it everything goes back to normal.”
No business would pay the sort of money Lootbits promises just for opening boxes, surveys and clicking on ads. That is why the site makes it difficult for its users to actually reach the withdrawal amount. This is dishonest practice.
People should learn how to earn bitcoin legitimately through reliable sites such as this. Investing in skills or your funds that you manage yourself is the best way to earn Bitcoin profits.
What was your experience with Lootbits? Please share them in the comment box below and share this post to alert others.