Have you come across the site Bitvisa and wondering whether this is legal? If that is the case, it means Bitvisa is offering an illegal service, and for that reason, you cannot bank on them to keep your funds safe. You cannot trust them to provide the service which they claim to offer. Instead, you can only be fearful that Bitvisa is a scam and if you deposit funds in your account, you will definitely lose them. That’s how sad it is. But what exactly is Bitvisa? It’s a type of prepaid card that claims to convert Bitcoin into cash in any ATM. The website claims that with this card, users will be able to enjoy freedom of liquidity all over the world and even have the ability to withdraw their money in EUR, USD and so on. In addition to this, the card is allegedly being accepted in many online and physical stores.
The site where this is being offered at was created in July 2018, and there are no reviews concerning this service at all. We believe that this service should have garnered some ratings since then. Could it mean people are too clever to fall for these simple tricks? As far as we are concerned, we think that internet users have become so smart that they never get scammed by frauds like bitvisa.cc.
All the same, we have also investigated details of the company behind Bitvisa only to find that details are pretty scanty. According to details of the company on a site called suite.endole.co.uk, this company is associated with one person only called Mr Adam Hopkins. This is clearly a one man operation and for that reason, we cannot trust the company in question since a corporation should have multiple persons governing their operations including customer support agents who will address problems when they arise. In terms of financials, this company has never reported anything, and yet they have existed for a couple of months now. This simply means that Bitvisa has never done any business since the date of launch. That could also explain why we stated above that nobody is using this card. And if that is the case, you should not be tempted to use it either because you could suffer financial agony for getting scammed.
First of all, we don’t trust companies that are run by a single person and with no other directors or employees. On their site, they claim to have provided their phone number which is 44-207-792-919-81 and a UK physical address at 33 Cavendish Square, Marylebone, London, United Kingdom, W1G 0DT. This address does not appear to be the real location of the said business. We have to question the legitimacy of this website and the service which it claims to provide.
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Bitvisa appears to be a scam and a clever one. For one, they cannot provide this kind of financial service without going through the formalities required by the financial regulators in the UK. In this case, a company is offering prepaid credit cards which they claim can be used with Bitcoin. This is supposedly the reason why Bitvisa believes that it should not be governed or issued with a license since they are dealing with Crypto currencies.
While Crypto currencies are not largely governed, there are some aspects of their operations that are governed by financial regulators. The act of loading funds into this card and withdrawing it on an ATM or using those funds to shop is an operation that is governed by the financial regulators. So this simply means that the service is taking us for a ride. If they are not regulated, it means they are an illegal service.
We have always said that if a financial service is not regulated, you should ignore it and find an alternative service. As for this website, it is offering an illegal service which will results in your funds getting stolen. That is a guarantee.
There are 3 account types on this website. Those account types have their own features and loading limits. When ordering your card, you are supposed to fill in your address where it will supposedly be shipped to in addition to sending funds to the owner of Bitvisa. You pay those funds in Bitcoin or any other Crypto currrencies. It is not clear how funds are supposed to reach your card if the card is being loaded in Bitcoin. This is some personal wallet where you will be sending funds to and we don’t see how those funds will be loaded onto your card. There is no automatic process that allows this to happen.
And we are not foolish enough to believe that the one owner of this company will receive your funds in their private Bitcoin wallet so he can load them into the card once it is ready. We don’t believe this nonsense and neither should you. Also, there is no reason why you should load a card that you do not have. Most prepaid credit card issues will process your card and have it emailed to you first. Loading them card is something you should do at any given time and not before you can ever receive the card. That is the reason why Bitvisa is a scam.
The credibility of this company suffers because for one, their business model is best suited for those who want to defraud members of the public. Secondly, we just don’t see how and why you should send funds into a Bitcoin wallet when you have not received the prepaid card. And thirdly, Bitvisa is not regulated which means that they could just steal from you if they wanted. No compromise. Having said that, you could do something meaningful with your funds. Trade them with the help of robots.
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