Estimated reading time: 6 minutes
It is easy to spot a simple Crypto scam on the internet. You don’t need a master’s degree to identify one. That being said, we will endeavor to focus on the scam that MegaBitChain is. If we can warn you in good time, we believe that money will be saved from ending up in the wrong hands of people who only work day and night to figure out clever means of stealing your Bitcoin.
When you dig through the information that is provided by this site, you will come across claims that Mega BitChain was founded by a group of Wallstreet veterans who have over 30 years of combined experience in matters related to trading.
These folks claim that they use quantitative algorithms for Bitcoin mining and trading respectively. If you use their product, you are supposed to reap massive profits in the real of 8% to 16% each day.
That return on investment clearly doesn’t make any sense. It’s the reason guys want to know whether or not Mega BitChain is a scam.
Apparently, it’s very easy to settle this matter once and for all. You just need to look at the figures presented on this site, and you will know that no hashpower is being used to mine Bitcoin.
16% daily return would mean a 480% yearly return. This is an impossible figure to achieve no matter what. It is not possible in any legitimate business on the web. Bitcoin mining and trading isn’t an exception.
Unfortunately, some people have believed these tricks already, and they are contemplating to invest with websites like Mega BitChain. But that’s also the quickest way to lose your coins. One thing you need to know is that even though the price of Bitcoin is always rising higher, this does not translate to easy mining or trading of the asset in question.
We are not saying that it is not possible to make money through Bitcoin mining or trading. All we are saying is that it is nearly impossible to make consistent abnormal profits in this industry.
For example, you can be lucky this month to double or multiply your investment. But that does not mean that you will multiply your investments in the subsequent months.
In short, regular daily profits are not possible to achieve with mining Bitcoin everyday since the Bitcoin market does not behave the same way every day.
Mega BitChain claims that their company is registered in the UK. But we suspect that they are hiding behind company registration to show that they are credible when the truth of the matter is that it is just a ploy to make you believe this nonsense.
Mega BitChain isn’t any different from the ”crypto mining” companies which you see out there. They are not different from websites that claim to trade Bitcoin for huge profits and on behalf of their investors.
The website actually shows us a registration number which suggests that this business is only one month old. We don’t know how this works because most investors don’t just throw away their money like that. They need some history of trading performance to even trust such a business. They need to learn about the reputation of this business before they can decide to invest their monies here.
Nevertheless, a website that is only one month old does not look promising in this department. Mega BitChain might have to wait a little longer before things can start working out for them. As of now, we don’t see anything worth attracting the attention of a serious investor.
After all, we would like to see a credible transaction history showing that indeed those who joined Mega BitChain have been making money. We don’t need claims that aren’t supported by facts or evidence of earnings.
Also, for you to seek licensing in the UK as a company operating in a financial or investment niche, you should have some sort of licensing from the FCA. Although Bitcoin isn’t regulated by the mainstream financial organizations, we are beginning to see a trend whereby serious companies are seeking some sort of regulation or licensing to build credibility in this business.
We assume that if Mega BitChain is a registered company in the UK, perhaps it would have been expedient for them to seek licensing from the FCA, just like brokers and any other investment company operating in this space.
Mega BitChain claims that apart from mining Bitcoin, they have also developed a very powerful bot that connect to major Bitcoin exchanges and place trades at lightening fast speeds.
They also claim that this bot seeks to exploit winning patterns in the Bitcoin market so that investors can always make money. By using this robot, they can make small but consistent profits on a daily basis which is supposed to add up at the end of the day.
Now, look, 16% return on investment per day is no small profit. This is massive profit. The problem is that it is not possible to strike a pot of Gold each day. If today you’re that lucky, tomorrow will be a little bit different.
With Bitcoin mining, there’s the cost of electricity and hardware maintenance to factor into the equation before predicting any average daily profit.
On the other hand, mining difficulty keeps rising by the day. This makes it more difficult to make money, thinking that Bitcoin is always sitting idle out there and waiting for people to collect it. If that was the case, we bet that Bitcoin would have fallen by now since it would be so much available for everyone to own it.
In less than a month, Mega BitChain claims to have acquired 3k investors on their platform. They also show us some ridiculous figures which they claim to have received and paid out during this short period of time.
Now, what do you think can stop them from publishing fake numbers on this site to fool individuals? Absolutely nothing.
You don’t need to scratch your head while thinking hard whether these numbers are legitimate or fake. It is just common sense. There is no way a new website can have 3,000 visitors in less than a month. There is no way it can receive so many visitors in a short period of time. So these numbers are definitely a lie.
Once Mega BitChain mines your Bitcoin, they will offer you payouts on a regular basis. Where are the terms of contracts? Are their contracts for a lifetime? And why is it that guys are not being offered the chance to buy hashpower or even choose their mining pools?
Well, even if we rule out the possibility of mining, where is the software in question? Can we have a trial version to see just how good it works?
These questions have never been answered by Mega BitChain. Instead, Mega BitChain website is beating around the bush with generic explanations which don’t help our bottom line.
Mega BitChain is looking to steal your Bitcoin, that’s it. If you are serious into mining Bitcoin, we have good companies that do that. Sign up there.
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