We are reviewing one of the newest entities in the cloud mining internet space, Bitcyne.com. Having been registered in August 2018, we think the site is still very new, and any reports that are coming from purported users should not be taken very seriously. At the same time, we are asking readers of this review to approach the site with caution as not all new sites that claim to mine Bitcoin are really mining BTC.
So, what is our stand concerning Bitcyne? To answer that question, we’d first go through the features and advantages which they claim to offer. Then we will come to a conclusive judgement of whether or not the site is good for your investment.
The most outstanding thing with this site is that they are offering free 100 GH/s of mining power. This seems to be the standard in the marketplace today. Nearly all new sites that claim to mine Crypto currencies are entering this niche with some type of mining bonus to attract new users.
The other selling point for Bitcyne is that they are giving users the chance to start mining Bitcoin with extremely low investment. They can even customize your investment package according to your needs. This is something that most Crypto currency cloud mining operations don’t do. They prefer to create their own investment plans and sell them as is. This has the disadvantage of locking out other investors with special needs for example.
The site is also claiming that their wallet is highly secure and users don’t have to fear for the security of their investment. We believe that this is a basic feature which must be provided by all Crypto currency cloud mining operators. There are a couple of genuine operations that are working in a similar fashion to Bitcyne. They all have some sort of security mechanism. Therefore, rather than this being a unique feature of the site, we treat it as a standard requirement.
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On top of this, the site is also providing a wide range of deposit and withdrawal methods. This is a not a bad thing considering that many investors have different ways in which they want to send funds or cash oit. This is a feature that adds to the convenience of their clients.
There are no details about the company’s background. Instead, Bitcyne tells us that they conducted an an analysis in the market to identify the problems that investors in Bitcoin mining are facing. They established that most investors wanted simplicity. So their site is based on the idea of simplicity.
That’s all we have on their about us page for now. We don’t know whether or not they intend to introduce more texts about who they are and where the company started. We would certainly appreciate an explanation because this is a critical requirement if their clients are to trust their service.
They have also included a road map showing us where the operations of this entity started. According to the road map, the business model was created in Feb 2018 and launched in August 2018. The road map tells us that in Sep 2018, they will be looking to roll out feature updates. From there onward, we know nothing about the company’s future plans since this road map only covers the period between Feb 2018 to September 2018.
This is quite a setback which we must put up with as we continue to watch the directions that Bitcyne will take in the course of time. On top of that, the website is listing some 3 people in their arsenal. This is standard practice in the industry. Clients deserve to be told the people who are behind this operation so that they can have some trust on them.
We don’t know whether these people are real or not. It is hard to establish their real identities because Bitcyne is very economical with information. This is certainly not a platform for the curious. However, if you are naturally a risk taker, then we believe that testing this site with whatever little you have can be a good thing. Some times we need to go that extra mile and take risks just to see if we will get compensated. Some sites have made good returns for early investors even though their ultimate end was not that good. We don’t know whether Bitcyne is going to compensate users at this time. But it doesn’t always hurt trying them with a small amount first before opting to invest a significant amount of money.
There are 3 investment plans which are of short duration in nature as they expire in 8 to 9 days (in terms of the length of time that users are going to receive their first payout).
Otherwise, these investment plans are said to be of a lifetime. We are waiting to see if the site will maintain this promise in the long run. In the beginning of Crypto currency mining, most sites started giving ”lifetime contracts” only to switch to 1 year contracts. This has been a big problem with most of these sites. The only thing we can do is to watch the site and see if it will maintain the current status of things or implement changes. We can only hope that this is not another Biteroi similar operation.
We needed to know what clients are saying about this website. Is there any feedback to prove that the site is paying?
We have checked forums and have not found a single proof of payment. However, there is an increasingly huge number of people who are expressing interest to join. Maybe these people have seen something in this site that other cloud mining operations are not seeing. All in all, there is no proof of payment yet.
Bitcyne is a complex one and we are seated on the fence when it comes to judging whether or not it’s a scam. The best way to tackle these challenges is always to test them with a small amount to see what they’ll do. Otherwise, you should mine with these sites.
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