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10XBitcoin Review Update 2023: Here’s another platform that went dark after investors deposited funds.
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We are reviewing 10xbitcoin.com, a site that claims to help investors generate revenue through cutting edge technology focused on Crypto currency education and digital products to achieve outstanding growth. 10XBitcoin appears to be a ponzi scheme as focus is put on recruits rather than on the product or service offered. To create a passive income opportunity for their supposed members, the site claims that they are also mining altcoins and updating members with useful tips on which ICOs to invest in.
The compensation plan of 10XBitcoin resembles that of a ponzi scheme. There are bonuses along the way which can be earned depending on how many recruits join the system.The company also claims to have links in Australia, Canada, Germany and Singapore. It is interesting to see just how fast the ponzi scheme is spreading its routes to the world.
When we look at the ”benefits” which this site claims to offer, we see them touting advantages such as numerous income streams, exciting and deep compensation structure, good customer support, fantastic bonuses and many more.
The main idea is that when we invest in 10XBitcoin, we are investing in Crypto currency mining and ICOs as well. Is this site real or are they using sales gimmick to scam us? This is what we will be discussing below.
Note: Trade Cryptocurrencies with these robots
To know whether or not this site will scam us, we need to establish its operational procedure and business model. We have already seen that 10XBitcoin is a ponzi scheme and with all ponzi schemes, 90% of the funds is always flowing into the pockets of the anonymous owner. Eventually, the owner runs away with the money when he gets busted or when they feel that they’ve collected enough.
We are concerned with the mining and ICO facet of this business. 10XBitcoin claims that they are investing in mining and in ICOs and yet there is no evidence of these things ever happening through this site. That is why the site has a pyramid compensation structure which is in form of binary compensation scheme.
For an initial investment of $5, the site claims that the investor will be able to potentially grow it to $14,000 every month in Bitcoin. That is logically impossible. It is just too good to be true. No matter what you do, we do not see how $5 can grow into $14,000 per month unless we are robbing other members to pay ourselves. By the way, all ponzi schemes are involved in stealing from new members in order to fund existing members. When new members refuse to join because they have realized that the business is bound to scam them, the whole scheme eventually collapses because these folks don’t have an alternative source of revenue except through collecting member deposits.
In this matrix compensation structure, the site states that just 20% of the earning potential will always make the investor some $2,800 monthly returns in BTC. This is weird because initially, the site told us that we could become millionaires with just $5 in investments. Now they are claiming that even if we achieved a growth of 20% only, this could be $2,800 in monthly profits.
10XBitcoin is a weird site that does not hide the fact that they are ponzi scheming. They claim that they do have a plan of success and that if you follow it, your success will be inevitable.
Well, that is a big problem indeed. There is no plan behind this ponzi scheme other than that of robbing you. This is quite evident in the way the business is presented to the masses. You see, the plan which they are talking about is that of the pyramid scheme where recruits join with as little as $5 on the promise that they will earn a specific ROI.
That is not a sound investment plan, plus there is no need to waste time and money on such an investment plan. You better use your $5 to buy a cup of coffee. You might say that $5 is a small amount of money and that you could try out things to see how they turn out. Well, think about it like this. If the owner of this site collects $5 from at least 1000 people, they will have made $5,000. If they give back $1,000 to members who joined earlier, rest assured that they will have pocketed a clean $4,000.
This is something that is not worth your time. We are looking at proof of mining which the site cannot give. They claim that part of the revenue is generated through Crypto mining. But that is a lie because the site is not able to prove so. 10XBitcoin is simply telling lies about their mining activities.
In the same way, the site does not disclose whether they have successfully bought and sold an ICO before. We needed a couple of examples on how members bought and sold tokens for profits. This example is not there unfortunately.
A couple of videos have bee included on some pages of this site. This is just a typical case of rogue internet marketing that adds no value to the site. In these videos, we see public figures endorsing Bitcoin but not directly endorsing a service like 10XBitcoin. However, the scammer behind this operation knows that some gullible people will mistake these videos for endorsement of the 10XBitcoin website.
The fact of the matter is that 10XBitcoin and there are zero guarantees of earning any money with this site. Since it is a ponzi scheme, you should expect it to close down shop and disappear in a few weeks from now.
Our advice is so simple. If you want to invest in Cryptocurrencies, trade them. It does not cost you to build your gains slowly but surely rather than getting involved with a money losing ponzi scheme. The reason 10XBitcoin is a scam is because it lacks a proper business model and approach. A ponzi scheme is almost always a scam anyway.
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