Bitincome.io has proved to be a typical Cryptocurrency cloud mining scam. The site’s operation, reputation and background details make it clear that these guys are not into real Cryptocurrency mining. Their mining contracts will most likely disappoint you as there is no money to be made here.
What we have observed with Bitincome is that it is a classic altcoins investment scam where investors are promised fabulous returns which are to be paid out in an extremely short period of time.
We have discovered several inconsistencies throughout the Bitincome website. For example, they claim that BitIncome has invested in state of the art ASIC mining equipment which aid in efficient mining of the altcoins. Their mining farms are allegedly stationed across the United Kingdom.
But also notice that BitIncome is claiming that they mine Ethereum, Dash and Zcash too. The inconsistent thing here is that for you to mine Ethereum, you’d need ASIC-proof hashing. That means their alleged ASIC miners would not be suitable for this operation.
The other tell tale sign that we have seen on this site is that no actual proof of mining process has been given yet. A legitimate site will most likely give a hint through a means that will give the public insights on how the altcoins funds are accrued. If this evidence is lacking, you can rest assured that you are dealing with a classic Cryptocurrency scam.
Note: Please mine with these legitimate companies.
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This site hints that investors can earn passive income for the rest of their lives. That is the message which they are dangling to investors who will later turn into victims if they agreed to sign up with real money.
The ludicrous sales pitch is definitely aimed at the ignorant investor who is not well versed with the Cryptocurrency mining industry.
The investment plans have daily return on investments in the range of 7%-13%. Unfortunately, BitIncome also used to run a special plan in October 2017 in which they claimed that investors could earn 30% daily returns for that specific plan.
The minimum amount of Bitcoin that you’re supposed to invest is BTC 0.005. This is supposed to generate 0.001 BTC in pure profits. This infers that after 5 days of earning with BitInvest website, one will get his capital back. After this, pure profits will be accrued from here hence forth.
The story continues to insinuate that all funds deposited by members will be used to modernize mining equipment, thus making them more efficient for the job in the future.
Now, the truth that we want you to know is that just a small percentage of these funds are used for upgrading equipment. The bigger portion of the funds is pocketed by the scammers.
There are many red flags on this site. There is also a big question mark when it comes to the operations of this site.
The first red flag has to be in the dangled daily returns. Since BitIncome is pitching 7% daily returns, that would mean 70% in just one week. Clearly this does not make sense at all.
Now, in the worst case scenario, members could earn 210% of interest per month if they are already making 7% daily returns.
At this point in time, this should sound an alarm bell. There is no legitimate internet business where people make as much as 210% monthly returns. Never will you find such an opportunity anywhere on the internet.
In fact, if this was true (which can’t be the case), it would definitely act as the best source of income ever in the world. Everybody would be rushing to sign up because they want free money. Who doesn’t anyway?
On the website of BitIncome, you will see a certificate of registration. This is the hallmark of all Cryptocurrency cloud mining scams.
This certificate of incorporation reveals that BitIncome was registered in August 2017. What is funny about this is that all scams never make it past that date. Most, if not all of them, are a couple of months old. They can barely last a year so to speak.
Now, the third part of it is that BitIncome has added a ponzi scheme element into the project. Members are supposed to earn through a referral program. This is yet another classic sign of a Crypto scam.
The referral ”money making opportunity” is allegedly rewarding guys with 5% of the new partner’s deposit. But the truth is that this is a ponzi scheme. By implementing a referral program in place, they are hoping to attract more users, hence more funds which is the lifeline of a ponzi scheme which is on the brinks of collapsing.
The worst joke of the year has to be on the promise that if you invest 10 BTC with this scam, you will qualify to become a representative where you will earn 8% in referral commissions instead of the current 5%.
If you ring the phone number which has been provided on this site, you will discover that it is fake. That phone number isn’t operational most of the time.
Also, their who.is details are set to private, meaning that the operator of this site intentionally took advantage of who.is premium package which allows scammers and crooks to hide their identities. This did not catch us by surprise. All scams literally do this in a bid to make it difficult for people to recognize their owners.
Furthermore, we are not surprised to discover that these guys have managed to build very negative reputation around their service in a short time.
Community members are Bitcointalk have raised all sorts of questions and even spotted the red flags in this scam. All of them agree in unison that BitIncome is a pure scam.
Some people have also claimed that this site pays its new members in the first few days before the payment can stop completely.
In fact, if you scout for these complaints in many forum threads out there, you will come across many individuals claiming that the site does pay but for only a few days.
Therefore, you should probably keep in mind that the mere fact that a site pays does not mean that it won’t scam you.
This is a ploy to keep people re-investing bigger amounts, which will end up in waste because the site operator has mastered the art of convincing victims to deposit more money.
Now, since BitIncome is ranked at number 9000 globally, we can immediately see how popular a scam it is. Most of the traffic to this site comes from Brazil, although other users come from the US, Russia, Indonesia and India.
Based on that information, we can imagine how many people get scammed by this site on a daily basis.
You should always remember that no matter what, BitIncome does not offer any proof of mining activities or technology, yet they are peddling around promises of free money for a lifetime. On the other hand, their promised returns are too ridiculous, plus the identities of those who run this project have been locked in a secret vault.
The bottom like is that if you have read this review and are still not convinced of what’s coming ahead, you probably deserve to lose some money.
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