Many people are now starting to embrace Bitcoin as their preferred currency when paying for stuff online. Never mind that governments everywhere are reluctant to legalize or even acknowledge the cryptocurrency. Due to the increased interest, Bitcoin mining is now a million dollar business with mining companies and IT experts making big profits. True to human nature, most of the websites claiming to help people buy and sell Bitcoins (BTC) are scams and are out to take advantage of the naivety and ignorance of the public to enrich themselves. To help people avoid these scams, we post regular reviews on Bitcoin mining websites and give warnings and recommendations where necessary. On this one, we dissect BitSilver.biz, one of the BTC mining sites making news right now and tell you what we think about it.
What’s all the hype about?
You know when a big artist releases a big song and everyone is talking about it? That’s more like it here. BitSilver.biz is relatively new in the game, having only been active since January 2017. The website offers investment opportunities for Bitcoin holders and promises varying daily returns depending on their investment. The investment options are as follows:
- 10% daily returns forever – You only need to deposit BTC 0.001 ($1.34 at the time of writing) to register for this plan and get GUARANTEED daily returns of 10% on your investment.
- 12% daily forever – This option requires a minimum deposit of BTC 10 (13,445.30 US Dollar at the time of writing) and promises daily returns of 12% with instant withdrawal option.
- 15% daily forever – This is clearly meant for the big investors as the minimum deposit is set at BTC 50 (at the moment – 67,226.50 US Dollar!). Apart from the 15% daily returns, investors are promised fast withdrawals and top notch service from the management team.
The maximum investment for the three options is BTC 300 (more than $400K).
How BitSilver.biz works
When you choose your investment plan and make a deposit, the site, or rather the team of dedicated investors working for the site, will use the pooled deposits to purchase other assets in the financial markets when their prices are low and sell them when prices increase and thereby make big profits which will be shared with the primary investors.
On paper, this looks and sounds good but in the real sense it does not work and we’ll tell you why.
Why BitSilver’s business model is impractical
Basically, Bitcoins are a very volatile currency, mostly because there is no Central Bank to regulate liquidity which is consequently left in the hands of speculators. Also, daily returns forever? Big lie. Even you know how hard it is to predict your returns on an ordinary business, let alone one that is filled with uncertainties like Bitcoin trading. No matter how you look at it, it is not realistic in any way to make profits every day for a lifetime. Which leads to the question, what happens in case the site makes losses in a trading day or over several days? Will they still pay the indicated returns to investors? If yes, where will the money come from? Answer to both questions: Only God knows.
Conclusion: BitSilver.biz is a SCAM!
Although we don’t know much about its operations and we don’t have personal experience with bitsilver.biz, we can easily tell that the site is NOT trustworthy at all. Their lack of communication leads us to believe that they are hiding something and we are sure you don’t want to find out what. Most concerning is real user testimonials which we were able to find online. For example, one person wrote: “I can not withdraw a dividend even once. This is completely fraud. Everyone. Please do not send money remittance. The worst cheater British.”
Another person discovered that bitsilver.biz is the same as bitrush.org, a confirmed scam that had already been closed. He wrote: “BitSilver.biz is the exact same scam as bitrush.org who just got closed and where I lost 12BTC… It is the same ‘CEO’ and the exact same site layout so it is also a scam site 100%. DON’T GET CAUGHT AS I DID !!!”
If you have been scammed by BitSilver, or if you have any feedback for us, please leave a comment below.
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