Double Bitcoin is considered the latest scam in the Crypto currency circles. The scam implies that all participants can double their Bitcoins in just 24 hours. This claim is absolutely ridiculous because up to now, we have not heard or found any platform that can do that. This website was created nearly 4 months ago. However, for some reason it has not been reviewed many times. So this is the perfect opportunity to expose them for who they are.
Please note that Double Bitcoin is only accepting Bitcoin as a form of payment. You can deposit as much as you like and there is no limit on how many times you can place your deposit on the platform. Additionally, the owners of this site are anonymous. The website was created anonymously 4 months by making use of who.is hide identity feature to make it nearly impossible for people to find out who owns Double Bitcoin.
If you want to find out the truth about this site with regards to their dirty operation, this guide will give you all the information that you might want to know. However, before we go there, you should consider checking out these Bitcoin trading bots and if you like what you see, you can subscribe and begin trading.
What attracted our attention the most was the fact that Double Bitcoin didn’t have a sound investment strategy which could persuade an investor to send money to them. They claim that this website’s purpose is to help others. That is to say that once you have sent a specific amount of money to the anonymous entity on the other end, you will be required to ask for ”help” and your actions will automatically be reciprocated with double the amount of money you input into the system.
Now, this concept is nothing more than a ponzi scheme. Otherwise, where do you think money will be coming from to pay those who ask for their investment plus profit? Money does not come from nowhere. In the world of Crypto currencies, we can either mine or trade for Bitcoin. In the case of trading, we look to take advantage of the price difference. However, when you come across a site that claims that people are ”helping’ each other by returning double the amount of Bitcoins that members invested, you have to worry a lot. There is nothing like that anywhere in the world.
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So this is clearly a ponzi scheme going by the facts and the confessions which Double Bitcoin is making on their site.
The minimum that the site is requesting for is 0.000050 btc and to discourage people from sending less this amount, they have included a warning on their site that anyone who sends less than this amount will be considered a charity person, i.e. the amount will be taken as donation and hence will not be doubled.
When we look at the operational procedure of this site, we find that it is very ridiculous. It definitely has to be a scam since they are snatching money from people to pay existing members (that is, if they issue payouts at all but this is highly unlikely).
As usual, the scammers will give us their fabricated statistics to convince us that their platform is real. They claim that so far, over 17,900 Bitcoins have been deposited to the platform and over 164,000 paid to investors. These numbers are highly unrealistic. It would look as if this site holds half the Bitcoin economy. Also, if the site has been up for 4 months only, there is no way Double Bitcoin can attract that much in terms of the number of Bitcoins that flow through the hands of the anonymous owner.
On their FAQ section, they claim that they place priority on transparency but their website does not have any form of transparency. Let’s start with the anonymous owner. If this site was real and the owner was not engaging in fishy business, they could never conceal their identity. But since this is outright dubious and illegal business that could soon attract the attention of the authorities, they decided to hide. Their website acts as their storefront while they are anonymous.
So this is the first instance where Double Bitcoin proved that they are not transparent. And of course the second proof is that the numbers which they are giving us on their website are all fabricated. Thirdly, nearly all the promises on this website are a lie. First of all, there is no place on earth where people double their Bitcoins unless they are thieves who have wallet keys from various people and are ransacking those wallets.
As if that is not enough, the site claims that they pay 50% commission but that is quite misleading. You think about it like this: Your recruit sends some Bitcoin and the site owner takes half of it while returning the other half to you as a result of convincing this recruit to join the scam.
After this, they use that half to pay you double the amount that was invested. Do you know what will happen in this situation? The website owner will soon ran out of funds because mathematically, it is not possible to sustain profits if you are paying more than you are making. This is just common sense which everybody should see. Regardless of what they claim, Double Bitcoin and similar other scams that make these claims cannot double Bitcoins for every investor because it is mathematically not possible to sustain such a business.
So this clearly means that the site is a ponzi scheme and as soon as they make enough, they can just pull an exit.
We hate to hear people saying they have been scammed by these sites. Double Bitcoin is an obvious scam and you should never fail to see the concept that they are employing in order to snatch your funds. Instead, start trading Bitcoins to make real money.
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