- Official sites: https://bit-system.co, https://www.bit-system.org, https://bitcoin-system.net
My review today is about Alexey Sokolov’s Bitcoin System, a new scam about making money on binary options and CFDs. With this system, naive freebie lovers can quickly and easily lose all their money.
Bitcoins Wealth. How it all started
On Friday we received a letter with an offer of cooperation. Author: Evgeniy Takaya. The man introduced himself as the manager of the 3snet affiliate program and voiced his conditions.
The employee offered to post links to certain resources and receive money for the deposit. In other words, the more readers invest in the project, the more earnings. Evgeniy promised “excellent monetization.”
It sounds cool, but the resource raised suspicions. This is what his home page looks like.
The authors recommended “riding the Bitcoin wave.” They promised a lot per day - 13 thousand dollars. Just below they described the life of members of a closed club who allegedly made huge fortunes and enjoy life. Their work is limited to a few minutes a day, while they constantly hang out at luxury resorts.
The project has already changed the lives of three compatriots. They subconsciously suggest that if they could do it, so can we. Intrigued. Now watch the video.
The first woman brags about her good earnings. Her $250 turned into $13,048 in just 24 hours.
A man in a presentable jacket in front of a luxury TV reveals his income. Only 37 days and already more than 400 thousand dollars - awesome. He emphasizes that the Bitcoin Code program helped him quit his hated job and start enjoying life.
The third victim of wealth invested early. She invested in gold, currencies and shares of a certain GIC. Then I bought bitcoins using the program and received $784,302 in a couple of months. That's more than the return on her portfolio over 20 years. Finally, he promises to become a millionaire in just 30 days.
Is the bitochek net service a scam?
An exchanger with a wide selection of directions, working with cryptocurrencies, payment systems and banks in Russia and Ukraine.
Bitochek is a convenient exchanger with a wide selection of directions. It works with cryptocurrencies, popular payment systems, and banks in Russia and Ukraine. The service processes manually and automatically, the period for crediting funds varies from 5 minutes to an hour. The project also offers a cumulative discount and a referral program, which helps attract more clients.
Based on user reviews, one can decide that the project is reliable, but at the same time there are many who do not trust positive comments, and in practice do not receive their payments.
Scam details
All the characters in the video have similar features. In addition to wealth, they advocate investing $250. In addition, they thank some Steve who changed their lives.
It turns out that with Bitcoins Wealth everything is simple. We have Steve Alexandrov, and here is his photo. Reminds me of stock, so be it.
“Genius” developed software that has allegedly already brought in more than $18 million over the past six months. Here are the satisfied clients.
The program automatically trades cue balls, and does so with “99.4 percent accuracy.” The authors make it clear that it is almost impossible to lose. The video gives an example of how $250 per day of independent operation of the application “turned” into 14 thousand dollars.
How to trade with Bitcoin System
There are basically four main steps to start trading with Bitcoin System.
Let's discover them together step by step.
Step 1: Open a new account
To use Bitcoin System, the first thing you need to do is open an account.
To do this, simply go to the main page of the site and fill out the registration form on the main page.
After creating a new account, entering your personal information and choosing a strong password to protect your account, you can proceed to the next step, which is demo trading.
Step 2: Trade in demo mode
After opening a new account, you will be able to test the platform in demo mode.
This is another sign of the platform's transparency.
Typically, you can only use demo mode after making a cash deposit, but with Bitcoin System this is different.
In demo mode, you have $ 1,500 to start trading as if you were alive, but without risking a penny.
Step 3: Deposit trading capital
Do you like the platform?
Were you able to achieve more than satisfactory results in demo mode?
Then all you have to do is deposit your trading capital.
It's very easy to do. Simply log into your account and click "Deposit".
The system will automatically connect you to a reliable broker to make a deposit.
For this, you can use different payment methods such as credit cards, bank transfer or e-wallet.
Step 4: Live Trading
Once the funds are credited to your account, you can start trading live.
As you already learned in the demo mode, before you begin, you will need to determine your risk level. But for geeks, other options are available such as stop loss, maximum daily profit and number of daily trades.
Additionally, you will need to select a maximum number for each trade.
Once you have completed these settings, you can go into autopilot and relax while the platform starts making money for you.
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What are scammers pressing for?
The atmosphere of mystery was not enough for the authors. They also added elements of FOMO. Although Steve is a good-natured person, he will only give the program to a select few. The number of free copies is supposedly limited, so you have to hurry. If you miss an opportunity, it's your own fault.
In addition, the video constantly reminds about the automatic operation of the software and 13 thousand bucks a day. Dreams come true - you can do nothing and get a lot of money.
Cryptocurrency relictum scam?
In social networks, posts about a certain technology Relictum Pro, the NODE crypto wallet, began to appear more and more often. Moreover, in the entries, some covertly, while others openly write that this is a good tool for making money. Let's find out what kind of technology this is, whether it will really help you make money, and so on.
Relictum, Node wallet - effective tools for making money or a scam
The creators did their best and created several websites about their project at once. We will talk about the main relictumlab.io, a link to which is actively posted in posts posted by people on social networks.
We go to the website and see an offer to invest in cutting-edge startups and IT projects with high potential.
And just below it is indicated that this is a venture fund. However, all the information posted is at least strange. There is actually no fund in which it is proposed to invest.
If you try to find at least some legal confirmation of the existence of the fund, as well as the office address, names and surnames of the creators, then nothing will come of it. In fact, the site in question is a fraudulent financial pyramid created by swindlers. And as a legend for collecting money from citizens, swindlers have chosen the now very popular direction - cryptocurrencies.
What causes suspicion
13 thousand dollars from 250 per day, and even given the current market situation - these are someone’s ridiculous fantasies. But you can find fault with something else. The English version of the site will help you verify that it is a scam.
Steve is not Steve
Here Steve Alexandrov turns into Steve Robinson. Most likely, there are two geniuses. They are twins, and after childbirth they were separated. The first one went to Russia and changed his last name, while the second one remained in the West. Or vice versa.
Stolen pictures
This is what the rest of members of the secret society of Bitcoin millionaires looks like.
They party so well that their pictures ended up on stock photo sites.
And on other sites. Coincidence!
Video for fools
The English version of the video has the same scenario. The second hero also earned more than 400 thousand dollars and left his “unloved” job, and the third patient also had investments in gold and GIC. He also promised to become a millionaire in 30 days.
The guys were even too lazy to write a new text, adapted to our realities. But we found a cool TV for the background.
Is Bitcoin System a scam?
In addition to our personal analysis of Bitcoin System, we can read numerous online reviews on independent and reputable portals.
Everyone agrees with our verdict: Bitcoin System is a secure platform and has nothing to do with online scams. Most users are satisfied with its use and the income they receive online.
What makes Bitcoin System so popular? Verdict!
Here are a few key points:
- The website is very transparent about the information provided and is very safe in terms of trading risks.
- The platform is easy to use and works in both automatic and manual mode.
- You can start trading with Bitcoin System by investing just$250
- The website states that Bitcoin System has a success rate of over 89%.
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Risk Warning Remember that trading cryptocurrency is a risky practice, always. No matter if you use a secure platform like Bitcoin System to trade Bitcoin, there is always minimal risk of losing your investment.
What's the result?
Bitcoins Wealth is a mediocre scam that is designed for overly gullible people. 24 hours of trading will not turn 250 dollars into 13,000. In addition, the authors of the project made a simple tracing paper from the English version of the site and typed in stock images.
As a result, the 250 dollars invested will simply disappear - there is no doubt about it. But you won’t be able to present anything to the owners. At the very bottom of the site we see a warning about the possible loss of all funds.
Do not get involved with such projects and be sure to warn your loved ones who do not understand this topic about the scam. Today Bitcoin is mentioned in all the news, so someone is bound to believe this nonsense.
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What is the Bitcoin System and how does it work?
Bitcoin System is an automated trading platform designed for automated trading of cryptographic currencies.
Its algorithms analyze markets, sending trading signals before market movements occur. This means anticipating the markets in the lingo and therefore knowing how they will move, you can open and close the most profitable trades.
The complex algorithms that control this robot were developed by longtime financial experts and programmers. The result is exceptional.
Algorithms perform fundamental and technical analysis of markets in just a few seconds. They then send a trading signal to the platform, which opens or closes the position through the broker.
Brokers who work with Bitcoin System are another point in its favor.
These are high-level, regulated and reliable financial intermediaries known throughout the world.
This means that the user's capital is in safe hands and cannot be withheld by the software for any reason. This could happen with scam platforms.
Bitcoin System uses mathematical algorithms to analyze the cryptocurrency market, like other popular trading robots.
This system works very simply:
- First of all, you must register (if possible in your country).
- Upon completion of registration, you will need to verify your personal account.
- Finally, you will need to deposit your trading capital.
Not all services like Bitcoin System offer the same price model. Some people ask to buy trading software, Bitcoin System does not.
Others ask for a monthly “rent” to use the platform. Bitcoin System does not.
But how can you earn it then?
It's very simple, Bitcoin System keeps a small percentage of the profits of all its users. This means that his interest is in the participant making money.
Another advantage is that there are no fees for deposits and withdrawals. Everything you earn is yours and you can keep it.
As mentioned earlier, Bitcoin System works with the best financial intermediaries on the planet.
These brokers manage your money, physically execute your trades, and provide leverage to execute your trades. Thanks to agreements with Bitcoin System, the brokers the platform works with can offer a maximum leverage of 1:1000.
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Destroying myths about Bitcoin
Myths about Bitcoin
While Bitcoin regularly updates price records, the number of skeptics spreading negativity about it is also constantly growing. And now we will analyze the main myths about the main cryptocurrency, simultaneously refuting them.
Bitcoin is a scam that is not backed by anything
One of the main arguments of opponents of Bitcoin and classifying it as a scam is the lack of a controlling hand and security of anything. At the same time, for comparison, world currencies are given, which are supposedly backed by gold and foreign exchange reserves.
These arguments are based on the traditional vision of economic systems, with which Bitcoin cannot have anything in common for one simple reason - it is not a piece of paper created to be exchanged for goods by some bank, but an innovative blockchain technology, the key aspect of which is decentralization
.
The Value of Bitcoin
In terms of security, it is worth looking at the US dollar, Japanese yen and other leading currencies, which have long been tied to the economies of their countries, rather than to gold and other precious metals. Modern fiat money has no intrinsic value other than the government-imposed obligation to use it as a means of payment.
Now let's remember the issue of Bitcoin, which is limited to 21 million coins. This is its main difference from world currencies, which can be printed endlessly. The supply of Bitcoin cannot be greater than what its creator Satoshi Nakamoto intended. And this inevitably leads to a shortage, which entails an increase in prices.
In addition, Bitcoin is enabled by the universal adoption of blockchain technology, which allows value to be transferred quickly, cheaply and anonymously between network participants. Well, plus everything, you can buy a lot of things with BTC for a long time - but isn’t this confirmation that this is a real means of payment?
Bitcoin is a pyramid
Bitcoin pyramid
This is perhaps the most unfounded claim of crypto-haters. If you even briefly familiarize yourself with the concept of a financial pyramid, it becomes clear that Bitcoin has nothing in common with this fraudulent scheme.
In a pyramid scheme there is usually nothing more than a beautifully designed idea and investment plans to make a profit. In order for its participants to receive the promised dividends, there must be an influx of new, trusting investors.
The system itself does not carry any value; it does not have any product or service. It exists as long as its participants make new contributions, and when it collapses, it leaves only its founders and first-line investors happy.
Bitcoin has no concept of deposits and dividend payments. There is only transfer of funds from user to user, trading and mining. But according to these parameters, it is more similar to an exchange asset or currency than to a financial pyramid.
Bitcoin is a scam
Bitcoin is not a scam
As a rule, people who consider Bitcoin a scam do not differentiate between it and scammers who use cryptocurrencies in their criminal activities.
Yes, Bitcoin has long become a favorite option for raising funds through scam ICO projects, crypto-hypes, and fake websites of brokers and exchanges created for phishing. However, this does not make Bitcoin itself a scam.
It, just like any fiat currency used by scammers, is just a tool in the hands of criminals.
Bitcoin is a bubble
Many believe that Bitcoin is another large-scale bubble that will one day burst and leave gullible investors with nothing. At the same time, the story of “tulip mania” of the 30s of the 17th century is given as an example.
Dynamics of the index of futures (green) and option (red) prices for onions in 1635-1637
// Source: Wikipedia.org
Bitcoin is also often compared to the “dot-com” bubble, which formed as a result of the rapid rise in shares of Internet companies and burst in 2000 year due to excessive publicity of ineffective business models.
Graph of the NASDAQ Composite index of high-tech companies, which reached its peak in March 2000
// Source: Wikipedia.org
But unlike the unreasonable hype schemes implemented then, Bitcoin does not fit well into the concept of a “bubble”, that is, a one-time inflation of the price followed by a fall to the original or even lower values. The price of Bitcoin, having reached its maximum and decreased significantly as part of the correction, in the subsequent cycle always exceeded the previous extreme many times over.
If you pay attention to the history of the Bitcoin price, it becomes clear that periodic price ups and downs occur regularly from the very beginning of BTC trading.
Bitcoin price growth chart
// Source: Coinmarketcap.com
Moreover, these cycles are not exactly its peculiarity - they are inherent in many assets in traditional markets. The only difference is in the time scale - what happens to the price of Bitcoin in a year, in other markets, as a rule, takes decades. For example, take a look at the price of silver over the past 20 years - does it remind you of anything?
Chart of the price of silver from 1999 to 2022
// Source: Silverprice.org
The similarity of Bitcoin to a bubble is caused not by fictitious stories about its value, leading to a rapid rise in the rate, but by the constant increase in the influx of crypto investors - with each new bull cycle more and more people learn about it Worldwide. A chain reaction occurs, as a result of which a stir is created, leading to sharp price jumps that require a long-term correction. Of course, all this happens under the strict guidance of market makers, but the driving force is still the investors themselves.
Verdict
Bitcoin Trader is a classic scam that supplies motivated clients to various pseudo-brokers . The latter, in turn, fleece the victims like crazy and share the criminal profits with the supplier. Zombification occurs through advertising on social networks and directly on the website of the hype project - let’s remember the published advantages of non-existent software, reviews of “dead souls”, online earnings statistics. All these chips affect the unprepared psyche of the user, who, on top of everything else, has absolutely no idea what trading is in principle, like a cancerous tumor. The result is loss of money. In general, these are really real reviews about Bitcoin Trader, posted on third-party Internet sites - adequate and objective assessments of victims who warn about the consequences of cooperation with Bitcoin Trader. Remember, there is no program (innovative, advanced, cutting-edge, whatever) that will bring him profit without the knowledge and experience of the trader himself. Anyone who offers a miracle is a priori a fraudster.
PS Leave your feedback, did our article help you avoid falling into the clutches of scammers?
Cloud mining scam
Cloud mining companies charge users a fee in exchange for mining power for Bitcoin (or other cryptocurrencies) on the user's behalf. This allows people to earn mining rewards without purchasing or maintaining expensive equipment.
However, this area is literally occupied by scammers. Fake cloud mining is a website that offers to buy hashing power, but there is no actual mining. Typically, these sites themselves pay users within a certain period after completing a fake contract. Then, after some time, the company stops paying, and user funds disappear. In this case, cloud mining is simply a Ponzi scheme, in other words, a financial pyramid, because funds are paid out while users are referred to the service by people they know. Once the number of new users dries up, the scammers stop the campaign.
Examples of cloud mining scams are Hashinvest, Hashpoke, Cointellect, GAW Miners and HashOcean. The last two may have been the biggest cryptocurrency scams in this area in recent times. The owner of GAW Miners allegedly made more than $10 million from investors. He convinced everyone that he had a lot of computing power at his disposal, which led to large sales of his fake cloud mining contracts.
To avoid falling victim to cloud mining scams, do thorough research on the companies that offer these services and make sure that they conduct business transparently. Comments and reviews cannot serve as proof of the good work of any cloud mining, as this may be part of guerrilla marketing and people interested in making money on the pyramid.
Reasons for being skeptical about Bitcoin
Why people don’t believe in Bitcoin
Bitcoin is often called a scam or a pyramid by those who “missed the train” - that is, did not buy it, for example, for $100, and now, watching the current exchange rate, bite their elbows and console themselves with the fact that “ it will all collapse soon.”
Another category of people who consider Bitcoin a scam are those who have bitter experience with fraud in the cryptocurrency industry. There are also quite a lot of those who consider Bitcoin a scam because they have heard stories about people who lost all their savings on transactions “with some kind of leverage.” At the same time, due to their lack of education, they do not even try to understand what margin trading is and that it is possible to lose money on it not only in the cryptocurrency market, but also in the traditional financial market.
Also adding fuel to the fire are would-be investors who sold their homes and apartments to buy Bitcoin at the top of the 2017 bull run. As a result, most of them, exhausted by the bear market that naturally followed the hype, were forced to sell their crypto assets much cheaper than the purchase price.
A separate point can be mentioned FUD
- manipulation tactics that are used to create an atmosphere of uncertainty and fear in the market. Rumors that Bitcoin is a scam are widely spread when market makers need to push the rate lower in order to buy profitably before the next price rise.
