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A suspicious crypto-currency website has just resurfaced online. BitChair Ltd is the company that we are focusing on in this review. BitChair looks very similar to many other crypto-currency scams that we have reviewed here before. These include Aurora Mine, RMS Real Mining Solutions, Crypto Shield, and many more.
BitChair alleges that when you invest with their plans, they will mine Bitcoin on your behalf. The daily expected return on investment is between 10% and 15%. You will earn this profit every day, for the rest of your life.
On top of that, BitChair is promising a 6% referral commission for those who will choose to participate in that program.
When you look at the website and try to understand the opportunity that they are pitching, you realize that this is a too good to be true investment opportunity.
The one thing you should understand is that BitChair company is not giving us the facts. Instead, they are giving us false promises that can’t be achieved with any crypto-currency mining business.
At this point in time, you may wonder whether or not this company is legitimate. There is only one straight forward answer to that question. It is a SCAM.
BitChair Limited is a hoax simply because of this economic reality: any investment program offering between 10 to 15% daily returns is possibly a ponzi scheme.
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The fact of the matter is that there is no realistic way to create such massive profits in one day. Unless they are going to rob the bank to obtain the said daily profits so that the spoils can be distributed among members, we do not see how this can happen.
To make matters worse, making 300% – 450% per month or 3650% – 5475% on a yearly basis is absolutely not possible whether we are mining or trading Bitcoin. That is the fact, period! It does not matter how pleasing the opportunity sounds. It does not matter the kind of hype or professionalism that the site is projecting.
The truth remains that whatever BitChair Limited is promising is ridiculous and unheard of. You will never make these returns on a consistent basis.
BitChair offers 3 investment plans with a minimum and maximum investment of 0.001 BTC and 50.001 BTC respectively. The more you invest, the more you’re supposed to earn.
The company actually defends this statement by saying that the Bitcoin market usually witnesses big swings that are highly profitable to trade. They even have a calculator on their site to show you how much you could potentially make on a daily basis if you invested with them.
The company also claims that payouts are usually processed instantly as long as your balance is 0.0005 BTC or more. Of course it takes more than this to make us believe that this company says what it does. Do we have customer testimonials to prove that BitChair has been making profits for its members on a daily basis?
Not really. We don’t have any clue here, plus the company doesn’t look like it’s willing to back these claims with proof. What we have is a web page showing supposed profits that were earned by the alleged members. We will be getting to this later on. For now, let’s talk about the legality of their business operations.
This company states very clearly that they are new in this business. They claim that BitChair Ltd was registered in 2017, and is now inviting the public to invest in their platforms so they can earn super profits.
But on the other hand, we are aware of the fact that this company is using a typical trick followed by hundreds of online crypto-currency scams.
What you will not find is a clear and concise answer as to whether or not they have a proven track record. BitChair was registered at the end of August 2017. It is just two months old, yet they claim to have registered 353496 members since then? Is there a way we can verify these stats? Is it realistic to say that within 2 months, a business can attract such a huge customer base?
These numbers are definitely impossible to believe. The issue here is whether this track record can be verified. Is BitChair able to produce proof that they are offering payouts to real investors?
There is a page on the website where the company allegedly publishes payout records. The page can be accessed through this link.
Is there anything that can legitimize the supposed payout records? We are afraid that the answer is a big No. It is just a trick. The website owner knows very well that this is not a valid document that can be used as proof of payout. That is why they are targeting investors who have never lost money to crypto-currency scams before.
Well, the fact that it is registered in the UK does not mean that its operations are legal and transparent. We have reviewed similar scams before, and during the process of reviewing those businesses, we discovered that all of them had one thing in common. They were all registered in the UK.
But this registration is for tax purposes only. This registration number does not confirm whether BitChair is legal or not.
And because BitChair is allegedly offering investment services to members of the public, they need to seek additional licensing from the Financial Conduct Authority. But so far, we know that this company has not mentioned anything to do with the FCA. That means they are not registered with the organization, and yet they are offering services that are typically required by law to fall under the supervision of the FCA.
That makes BitChair an illegal and dangerous scheme to invest in.
Honestly, the reason why this company is offering such higher returns is because it runs a ponzi-like scheme. They intend to collect payment in form of Bitcoin, and once they are happy with what they have collected, they can simply close down shop and disappear with depositor money.
That is also the reason why they are only accepting payment in Bitcoin only. These scams have never accepted any other mode of payment like Visa or MasterCard because this would mean charge backs and possibly prosecution of criminals who run such online empires.
As it currently stands, we only know that BitChair is a UK-based company registered with the number 10939314. We do not know anything else about them. We have already discredited their too good to be true revenue potential. Furthermore, the company did a shoddy job when it came to proving that they pay their members. We can as well say that there was no proof of payment at all.
We have searched the internet to find any authentic Crypto-mining business that would legitimately pay out profits to investors. So far, we are in the process of creating a list of programs that engage in legitimate Bitcoin mining business. You can check out this post for more information on companies that are worth investing with.
On the other hand, BitChair is bound to run away with your money because it’s a ponzi scheme. Stay away.
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This is so sad. So many companies come along and try to pull the same old scam. The worst part is it works almost every time. I really appreciate this site trying to spread the w**d so hopefully in the future this issue can be minimized.