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Bit Together is a basic investment scam that attempts to render itself as a Bitcoin and Litecoin mining platform. It also masquerades as a hedge fund with activities touching on Forex, stocks and Cryptocurrency trading in general. The company in question has 6 investment plans with different special features. Daily returns are up to 13%. 13% daily returns is of course too high and no legit business can generate such a return on the internet. If you doubt whether this is real, then probably you should read this review because it will persuade you with reasons as to why you should be careful with Bit Together. There are many reasons to stay away from such a platform. One of them is that it just rendered itself as a pyramid scheme and a high yield investment platform. Those two phrases should be treated with red alert.
We have no doubt in the mind that Bit Together is a ponzi scam. You have to look at the figures and question yourself whether 13% per day is possible. 13% per day would mean 390% per month. Even if you do not have any financial education, you should realize that 390% per month is definitely not possible and sustainable. Anyone saying they can generate this much for you is definitely a thief wanting to exploit your ignorance. The hard economic reality is that people haven’t discovered a realistic way to multiply their income 4 times in a month. Currently, internet users are mining and trading Cryptos. Those who mine with genuine Cryptocurrency mining operations don’t even report 100% per month. 390% would be far-fetched.
And then there are those who trade Cryptocurrencies using bots. We can assure you of the fact that even though they are making profits, they are not making something like 100% per month. That’s the hash economic reality that we are talking about here.
Now, based on these economic realities, we see that Bit Together is probably a ponzi scam trying to sell something that does not exist. Those numbers are simply alarming because they would make everybody rich on the planet. Since doors and open to sign up at Bit Together, everyone would rush there and open an account. Once they purchased an ”investment plan”, they would all be rich at once.
We agree that this is not possible on the planet. In other words, Bit Together has to be a scam. The way it works is that it will use new deposit to pay out profits. That will only happen if it’s a ”legit ponzi scheme”. We call them legit ponzi schemes because they pay initial investors and after some time, they stop issuing payouts simply because new deposits are not being injected into the system. They eventually collapse.
Now, there is also the outright scam that will operate like Bit Together with no intentions of paying anyone regardless of whether you’re new or have been using them for some time. These scammers will go ahead and even ban your account claiming that you did a mistake which violated their policies. Most of the time, the reasons are vague because those scammers just want to steal your money.
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You might be wondering where Bit Together belongs in these two categories. Currently it’s not easy to know. But definitely it belongs in any one of the two categories. Either way, you are still bound to lose your entire investments because you are not so sure whether you are dealing with a ”legit ponzi scheme” or an outright scam. Ultimately, regardless of whether it’s a legit ponzi scheme or an outright scam, they never last one bit. They are here today and gone by tomorrow. The guarantee is that Bit Together won’t last. Just like the infamous Bitconnect, this site won’t exist beyond a few weeks from now. You can imagine that when the anonymous owner does the a runner with people’s money, those involved will definitely lose it with no chance of ever recovering their funds.
Bit Together says that they are legally registered in the UK as a company and that means it should be safe to do business with them.
Our warning is that you should never trust an entity simply because it has the word Ltd appearing at the end of its name. Most ponzi schemes claim to be registered in the UK as companies. Some of them even appear on the Companies House website. That means they are genuinely listed as corporations. But how come that despite being registered as corporations, their owners still run away with people’s money and the company eventually collapses?
That should tell you that registration means nothing. Probably they do it for purposes of taxation. But rest assured that a company registration status in the UK means nothing. It does not even tell you whether the company in question is legitimately engaging in the mining and trading of Cryptocurrencies.
The other reason why Bit Together is an illegal investment scheme is that it lacks a license from the Financial Conduct Authority. If they are operating from the UK, they should do so under the knowledge of the FCA. Apparently, they are operating defiantly despite knowing that a license is needed in order to conduct these operations.
Another thing is that there is no genuine team of expert traders and financial experts behind the curtains. Bit Together is just lying on this matter. Their fictitious team of traders are portrayed using stolen photos from another website. If they had a real team behind their operations, they would surely parade them and have them say something to their audience. Those who have a genuine team have a way of proving that they do have a team of traders.
There is no satisfactory answer that Bit Together is giving to answer our question of why we should trust them. With anonymous company owners and non transparent operations, we can only suspect that the naive investor who falls into the trap will be in for a great surprise.
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