A lot has been going on in the Bitcoin mining industry. All of a sudden, people from all walks of life are scrambling to get a piece of the pie, thanks to the fad that crypto currency mining/trading is. When real people get their hands in this, they will come to the realization that Bitcoin mining is just like any other business. There is no guaranteeing profits and there is no saying that people will get rich overnight.
We’ve been investigating scams in this niche. While some websites are really hard to tell whether they are scams or not, most of them are outright scams. You should therefore be very careful with sites that promise hash power for massive profits.
The main focus of this review is on Bitforx cloud mining website. Bitforx sounds like the best thing that ever happened on the planet. For less than 50 TH/s hashpower, you could start mining Bitcoin and earning profits at the same time.
This site claims to have access to the most cutting edge technology for quicker and efficient mining out there. But of course everyone is drumming up support for their service to try acquiring a few more clients in an industry that is characterized by stiff competition. Everyone is literally pooling funds and promising profits from their Bitcoin mining activities. But few actually live up to their promises.
Bitforx definitely wants you to deposit money in form of Bitcoin so that you can lose it if possible. There is a very high likelihood that investors will end up losing their coins to this website.
We therefore want to write a review highlighting the most disturbing things about this site. Hopefully, you will make an informed investment decision by evading this site like the plague and instead putting your money where it can really generate profits.
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The first thing to know is that this site encourages visitors to only make deposits in Bitcoin. However, they also make a quick rejoinder by saying that they will soon start accepting credit and debit cards as a form of payment. Unfortunately, this is not likely to happen anytime from now.
The reasons why Bitcoin is most preferred compared to other forms of payment is that once you make a transaction in form of Bitcoin, your coins are in the mercy of the receiver. If they decide to steal them, well and good. You won’t recover your money. If they are honest, on the other hand, you will be lucky. But there is no telling for sure if the guys you’re sending Bitcoin to are not scammers.
If we are to buy any Bitcoin from this site, the owner would first need to convince us that they will not steal our coins. The first step to building trust is to implement other forms of deposits because at least there will be hope of ever retrieving your money if the deal turns sour.
Bitforx claims that their mining farms are located in Georgia. Is there a way to confirm if indeed Bitforx has mining farms here?
Well, we really can’t tell. This website is quite defensive in the sense that they were not willing to reveal the exact location of their farms due to ”security reasons”.
While this makes sense, it does not rule out the possibility of running into a deadly scam which will end up stealing your coins anyway.
Bitforx does a very proper job in making a professional presentation for their audience. You might just fall for the trick if you’re not careful.
As it currently stands, the owner of this site is anonymous. Bitforx is registered under the company name Instra Corporation Pty Ltd. The domain was registered in January 2017 to someone called Aleks Morchiladze, which means that this site has existed for some time now.
We like the fact that their physical address has remained consistent throughout the internet. When we checked who.is, we found that Aleks Morchiladze was a resident of Georgia. On his official website, they have indicated that their mines are operated out of Georgia. Through all this, we could see a pattern which suggests some sort of consistency with their physical address.
Does this guarantee that you will make profits if you invest money in this website? Is it a show of credibility or just a corny game which the owner of this site is playing to look professional?
Well, we saw a significant upsurge in the number of these Bitcoin mining sites at the start of January 2017. So the fact that Bitforx was registered several months ago (in 2017) does not come by surprise.
We might want to overlook this part of the review and concentrate on more serious issues.
That title initially sounded ironical. But we thought it was worth bringing this information to the skeptics to make things crystal clear once and for all.
Bitforx states on their homepage that when you sign up, you will get a dashboard with stats showing your hash power and other analytical information.
Of course this is great. But it is also a very basic feature which shouldn’t be listed as an advantage anyway. We expect all Bitcoin mining sites to provide a dashboard showing detailed statistics of what is happening.
Another feature that they have listed here is daily payouts. The first payout is supposed to be made in 24 hours while the subsequent payouts will be issued every day around 00:00 UTC.
We are not so sure how Bitforx is planning to make these daily payouts. Legitimate Bitcoin mining sites will never promise daily profits. It is not like profits are guaranteed when you mine Bitcoin. Anyone who guarantees daily payouts is definitely not being realistic with their promises. We’ve seen these promises on corny websites, but not on legitimate Bitcoin mining websites.
To be realistic, it would take you a significant length of time to make a profit or even break even (depending with the hash power that you have purchased). Keep in mind that things aren’t constant when it comes to mining BTC.
There is the cost of electricity, hardware maintenance, shipping costs and so on. On top of that, mining difficulty keeps rising because more people are acquiring Bitcoin. When demand is high, mining difficulty is also high.
And as long as these factors will continue to vary, you cannot guarantee profits unless you are a scammer. There is no exception on this.
Before doing any business with this site, one has to sign up for an account at Bitforx. When you sell hashpower, the corresponding amount will go to your Bitforx account immediately.
Well, theoretically, we can say that this makes sense. But practically, it’s going to be difficult if not impossible since you will most likely encounter a number of road-blocks that will most likely make it impossible to withdraw your coins from this platform.
If you want to be sure that you’re buying hashpower from a reputable website, do so using this link. Although Bitforx sounds really promising, we will not be recommending it at this time until the site is able to fix their credibility.
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