There are many people who want to own bitcoins but mostly do not know how to go about it. For some, they’re confident that the option of mining is the way to go but do not really understand what it takes to mine the coin.
Sites such as X2btc Mining Pro claim they would help you own your own bitcoins so we decided to check up what the owners are up to.
In reality, mining bitcoins is a tasking job that demands a lot of energy. This is after expensive hardware have been installed. Nevertheless, there are other sites that enable investors to copy other traders and get their results.
What is X2btc mining Pro?
This is a company that claims that it is involved in cloudmining operations even though it didn’t provide any evidence such as pictorial view of its mining farms.
This is what we have seen in the industry for quite some time. Sites pop up daily promising investors high profit that is not in tune with reality of the mining industry.
There is a huge scam industry around this prompting the Securities and Exchange Commission to warn investors:
“SEC and CFTC staff have recently observed investment scams where fraudsters tout digital asset or “cryptocurrency” advisory and trading businesses. In some cases, the fraudsters claim to invest customers’ funds in proprietary crypto trading systems or in “mining” farms. The fraudsters promise high guaranteed returns (for example, 20-50%) with little or no risk.”
In the rest of this review, we shall see why this is not a cloudmining site that you should depend on if you’re interested in investing in a cloudmining operation that would ensure that your funds are kept safe and that you’ll get any profits down the line.
The site promises that you could earn 2-5 percent daily on its cloudmining plans. This is so unlikely since we are looking at 60 to 150 percent monthly. When we compare this to the prevailing market and mining conditions, it is obvious that it is a false claim.
Many scam sites are laying emphasis on setting up bogus mining sites because they are aware that many people who are not informed about Bitcoin believe that it is easy to generate. They see it as a quick path to wealth not knowing that the days when people got bitcoins easily are gone.
The SEC site warns that:
“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 other words, we can compare the mining difficulty of Bitcoin with what this site is claiming to know that it is not possible to double your investment in mining in just one month. Experience shows that it takes more than 6 months to recover your investment in mining when the market conditions are favorable.
By market condition, we are talking about the price of Bitcoin and the difficulty in mining it. The fact that X2btc Mining Pro claims that the users of the site can start mining the coins free of charge shows that they actually intend to deceive the users.
According to the site, the user would be able to access bonus allocate to them if they view some ad on the site after logging in.
In reality, this site should have declared that it is a Bitcoin faucet site instead of a cloudmining site. This way, they wouldn’t have raised the expectations of the users that they would earn substantial volume of bitcoins by playing around the site.
Fake Payouts and Deposits
The idea of listing payments that have just been deposited and paid out to user users is a well-known strategy employed by scam sites. It just doesn’t make sense unless the intention is to make the user know that the site is reliable.
However, even fraudsters appeal for the confidence of the potential victims only to betray it when they’re entrusted with the investment funds.
The table showing deposits and withdrawals is definitely faked data since there is no way a bitcoin mining company wouldn’t link transaction id to confirm its claims. This is made easy by the fact that Bitcoin is an open ledger and everyone with copy of the blockchain can easily access every transaction.
Scam sites generally lay claims to what they are not, all in a bid to appear legitimate.
Now, even if this is a registered company, it still does not mean that its operation is legitimate since thousands of sites are registered weekly by fraudsters with the intention of using them to steal from people.
We checked on the identity of the owner of the director of this company, WAGNER Aaron but found out that this is another faked id. The individual just doesn’t exist outside this phantom company.
Why would you give your funds to people who are non-existent just because a random site claims that they do exist? It is the quickest way to lose your money and you should be smarter than that.
There are some reliable investment sites that enable users make some profit if they follow the experts. This is the site that we recommend. As a rule, do not send your funds to sites that are not regulated irrespective of the appeal to make gains.
If a site claims that there is a lot of money to be made, they’re just trying to get your money and cause you losses so you should be careful. Remember that what stands between you and a fraudster is how informed you are.
What is your opinion about X2btc Mining Pro? Please share them using the comment box below.