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Bitroad.io puts you on the road to nowhere. It calls itself an ICO, and we actually wonder whether there is a difference between a pyramid scheme and an ”ICO” like Bit road.
According to the website, the concept is quite advanced, and it allows to carry out simpler, safer and faster transactions.
Since it’s an ICO, the name would be BTD Coin, a Crypto that’s supposed to be used for business, travel, to just about any industry out there.
The main highlights here are speed of transaction, safety and low transaction fees. Isn’t this what an ICO is supposed to offer in the modern day era? Of course yes. Will you achieve this kind of advantage with a coin such as BTD? We doubt it, because for one, we are dealing with a ponzi scheme here as opposed to a genuine ICO.
Having said that, it’s only expedient to delve into the very things that make Bitroad look and feel like a ponzi scheme.
To establish whether a site is genuine or not, we often look for details of ownership, sustainability, and profitability.
Let’s start off by analyzing the what Bitroad is and what it is supposed to be doing.
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According to the site Bitroad.io, this project is supposed to launch an ICO. That means folks out there are being invited to buy coins with the promise that the project will turn in profits after a specific length of time.
The site has 4 plans in total. They call them ”lending options”. Of course these lending plans also come with minimum investment requirement as well as daily interest rates which the investor will earn after the agreed length of time.
The first plan requires a minimum investment of $50. The daily interest rate for this plan is 0.4%. Profit is supposed to be released after 120 days.
The second plan requires a minimum of $1001. Daily interest rate is 0.6%. Profits will be paid out in the next 100 days.
The third plan requires a minimum deposit of $5001. Daily interest for this plan is 0.9%. Profits will be paid out in the next 2 months.
And finally, the ultimate profitable plan requires a minimum investment of $50,000. With this plan, you will earn a daily interest rate of 1.1%. Your earnings shall arrive in your bank account in the next 35 days.
Now, let’s do the math just to make you see why these daily interest rates don’t make sense at all.
Suppose we take the supposed 0.4% daily interest rate and ”invested” the minimum deposit of $50, we would make double the amount in the next 30 days.
What if we invested $1001 using the second plan? That would be more than double the invested capital in 30 days. If we pick the third and forth plans respectively, that would be a lot more money than you’d imagine.
Clearly everyone would be willing to invest their money with Bitroad because it is very profitable. The word Bitroad would be trending all over the world because there is no other investment opportunity so lucrative than Bitroad.
Ultimately, they would close their doors due to the surge in demand. Their site would never handle the traffic.
So, why is it that this ”gem” hasn’t been discovered yet? The answer is this: Bitroad is a scam operating on the principles of a ponzi scheme. Here’s why:
Transparency is very important in this business. If someone does not want to disclose who they really are, you should never send your money to them, unless of course you want to lose this money.
When we ran a background check on the domain where Bitroad is hosted at, we discovered that the ownership of that website was hidden.
That shows that the owner wasn’t willing to disclose their identity. The reason is always obvious. This is an illegal business. The more anonymous they are, the longer the length of time it takes them to survive in this industry.
Since it’s dangerous to trust an anonymous person on the internet, please don’t send them your coins.
They often say that early adopters of any technology often realize the most benefits if it goes well. However, if the concept is not sustainable, then you can as well forget to make any money with it since it will eventually sink with peoples’ deposits.
Actually, Bitroad has a ”road-map”. They plan to launch an ICO, ultimately investing in a start up and a mining pool.
The concept looks promising. The problem is that there are so many ICOs on the internet at the moment. Most of them end up sinking with investors’ funds. Only a few of those ICOs end up being successful.
Bitroad is asking you to invest in a Cryptocurrency that is not even listed yet. Worse still, the site has all the markings of a ponzi scheme. Actually, the road is long and bumpy. The saddest news is that all who start off with this journey will never make it apart from the owner of this site.
In short, this concept isn’t sustainable in the long run. This is not a company to be trusted since the owner is anonymous, and has not even convinced investors with enough reasons as to why they should invest in Bitroad.
Bit road website has a chart on their site which shows the potential growth of this software. What factors are these projections based on? You may ask this question, and the answer is quite simple.
That curve can be drawn by anyone as long as they want to convince you that investing in their Tokens is the best thing to do at the moment. Until actual growth starts to manifest, there is no way to be sure that investing with Bitroad will be profitable in the end.
Don’t be too fixated with projections. This is a scam, and for them to convince you, they have to use imaginary chart projections. That does not mean the ICO will go anywhere.
This ponzi scheme is operating as if BTD (the coin which they are now launching) is already an established Cryptocurrency.
They even have an exchange too. Don’t gamble your money in this exchange because the danger of losing it is quite high.
If you want to learn where to buy and sell Cryptos, read this post.
Otherwise, don’t be fooled to believe that this scam has a genuine exchange platform on their site. They are only waiting for your deposit. Once you send some money to their bank account and ask for a withdrawal, that request will not be honored. It’s the world of ponzi, and that is what you should always expect when doing business with sites operated by anonymous individuals.
The site is a little bit popular. The problem is that they don’t have any customer feedback on the web.
This is rather strange. For a site to become popular on Alexa, it means that a lot of traffic is being directed to the site. Why is this traffic not converting while Alexa ranking is increasing? It means most people who come here end up leaving because Bitroad has all the markings of a scam site. Avoid. If you want to make money, you’re better off mining or trading Cryptos here.
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6 Replies to “Bitroad Review: Bitroad.io Is a Scam ICO”
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What about the bitroad website? I hear the company has been dissolved
It’s Scam I bought 150.00 usd approx. I give them up for lost. However, I would like to know if anything can be done legally.
If anyone knows I appreciate the information
Yeah stop being a pu**y. Also the coins haven’t been released on the exchange yet.
Website gone I called it, another bitconnect
I got scammed too. Lost $300. Website down and can’t even email support. I saved all my transaction records and emails to a from the support and admin team. Im ready to take a trip to the UK to get my money back.