XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found
XRP Price Prediction: Will XRP Break $0.35 Resistance? No Silver Lining in the Cloud Is Found

Bitcoin Profit Review: Too Good to Be True

  • Alex Morris
    ⭐ Features

    Bitcoin Profit may offer everything and more, but it looks like a textbook example of a high yield investment program (HYIP). In this article, U.Today will explain the essence of HYIPs is, and why they should be avoided at all cost. While some HYIPs at least try to seem a bit legitimate, Bitcoin Profit definitely seems fishy with $10 actors and embarrassing paid comments that lure in investors.  

Bitcoin Profit Review: Too Good to Be True
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If you do not have any experience in trading, seeing a candlestick chart with a bunch of trading tools can be intimidating. On the flip side, one cannot help but envy those who make fortunes because of the high volatility of cryptocurrencies.   

Those who want to jump on the crypto bandwagon as soon as possible do not want to take the time to learn how to successfully trade cryptocurrencies. They look for easy ways that would let them get involved in crypto trading in a snap (from automated trading bots to Bitcoin yield investment programs).  

In this review, we will cover BTC Profit — a website that specifically caters to the desire to profit big off of cryptocurrencies in practically no time. Whether one makes quick millions with little to no efforts has something to do with the reality of cryptocurrency investment.

Understanding Bitcoin high yield investment programs (HYIP)  

Before we get down to the actual review, let’s quickly grasp the concept of a Bitcoin high yield investment program (HYIP) that allows conducting trading on your behalf.

The rule of thumb is that any platform that offers high returns in a snap can be considered a scam. Do Bitcoin HYIP websites belong to the same crowd? Well, kind of.

Each Bitcoin HYIP site has its one lifespan which consists of several stages:

Stage I (the start)

The new website gets launched, and it further cooperates in order to lure in investors. At this stage, the administration behind this website has to shell out its own money in order to get the whole thing going.

Stage II (the peak)

As more and more investors find an easy way to make quick dollars, the website continues booming. The amount of profit rises, but the creator of the website covers the daily payments to investors.

Stage III (the downfall)  

The last stage of the site's lifespan involves investors leaving the website in droves while the administration wants to rake in the biggest profit possible by simply refusing to pay its users the daily reward.

The consensus is that you do have the ability to make quick dollars on such websites, but do not expect to get a steady long-term return on your investment.

The modus operandi of such websites is quite similar to cryptocurrency pump-and-dump-schemes. You are only able to make a profit if you are not late to the party. Otherwise, you will have to look for other ways of how to successfully trade cryptocurrency.

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How to spot a Bitcoin HYIP website?

The Securities Exchange Commission (SEC) offers clear guidance on factors that help recognize such schemes:

  • guaranteed gargantuan returns;

  • fake financial instruments;

  • little to no information about the owners of the website.  

BTC Profit

BTC Profit is yet another example of such a website. All you have to do is to put money into their platform for them to trade crypto on your behalf.

The website starts with a highly bullish prediction about people making millions by trading crypto, and the site assures that you can always join the exclusive club of Bitcoin millionaires despite the crypto rout.

BTC Profit

The video on its website states that everyone has already made millions by investing in Bitcoin (which is an outright lie). The good thing is that they don’t even try to hide it, so any person with common sense will be able to grasp the idea that their promised investment returns are too good to be true.

The website cannot be trusted, and it's a typical get-rich-quick type of site. The company's software looks absolutely bogus, and it clearly won’t help you to learn how to trade cryptocurrencies. Their primary goal is to get your email address and spam you with letters.  

$10 actors

The BTC scam hired gig actors with poor acting skills to make it seem like what was supposed to look like real investors. In the screenshot below, you can see one of the alleged investors who offers his service on Fiverr.

$10 actors

$10 actors

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Fake comments  

Not to mention the cheap Screenshots on their website. Like, did they even try to make them believable? These advertisements simply scream a scam.

Fake comments  

An elusive creator

Despite the site claiming that it was created by prominent crypto investor John Mayers, there is no actual information about the real owner of this site (this is a typical “feature” of all Bitcoin HYIP websites, no matter how fraudulent they are).

Is this a scam after all?

As you can see, BTC profit is a salient example of a scam. We do not rule out that you can make some short-term profit on this website, but it looks very likely that it represents the bottom of the barrel of Bitcoin yield websites. Despite many fake reviews with too much flowery, it is absolutely clear that BTC profit is not a legitimate trading system, but you will still be able to make quick money.

Ironically, the website has a disclaimer pertaining to potential earnings, claiming that individual results can “vary”. On top of that, all information presented on the website is entirely fictitious.

Is this a scam after all?

Becoming a real trader

OK, you won’t likely have thousands of dollars falling right into your lap just because you stumbled upon BTC profit. Remember that nobody is going to make money for you (while there are numerous AI-powered trading tools, they are not accurate enough to ensure a trader’s success). Hence, you have to learn how to trade cryptocurrencies on Reddit or any other crypto-related source.   

Before picking a specific coin, you have to analyze the white paper of this asset, and then choose the most appropriate exchange where you would like to trade it. If you are looking for the so-called “entry-level” exchanges, Coinbase would be the most suitable option for you since you can purchase cryptocurrencies directly with the help of a credit card or wire transfer. Robinhood would be a good option if you are curious to trade cryptocurrency without fees.   

The last thing you have to do is choose the most appropriate form of your cryptocurrency wallet (whether it’s the hardware or software wallet one).

For those who already know the basics of cryptocurrency trading, take a look at these main recommendations that will help you become a successful trader:

  1. Don’t buy the coin when it’s hot. Case in point: Ripple surging to $0.67 in September and then falling. When you see a steady surge, it will most likely be followed by a steady decline.

  2. Don’t listen to the advice of other investment-gurus. While it seems rather obvious, beginner-level investors might be tempted to buy into the lies of YouTube talking heads that are simply paid to promote projects. Avoid FUD by all means by properly researching the coin of your choice.

  3. Find the best trading strategy. Before dipping your toes in the obscure world of cryptocurrency trading, you have to determine your trading strategy — whether you join the ‘HODLer’ crowd, keeping your assets for dear life, or become a day trader who always has to keep his hands on the pulse of the market. After reading tutorials on how to day trade cryptocurrencies, you can also try margin trading (not beginner-friendly).

  4. Always keep up with the latest crypto news. U.Today will definitely help you stay informed.

Our verdict — no pain, no gain

While reviewing this website, we've come to the conclusion that it is really worth investing money in if you are a risk taker who's looking to make a quick profit. However, remember that you are walking on thin ice, and earning money as a cryptocurrency trader requires more than simply creating an account with a scam-ish website that promises you quick profits.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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