BitWallet Review – Another HYIP Scam You Should Avoid
What is BitWallet? Should you trust BitWallet and invest your money in this investment program? Read this BitWallet review and find out why you should avoid this investment scam.
What is the BitWallet?
Website address: BitWallet.biz
Price: $5 (minimum)
Referral commission: 3% or 5% or 10% (depending on the investment plans)
Overall Rank: 0 out of 100
From the official site, it is mentioned that BitWallet provides Bitcoin investment services from Burlington, Ontario.
To make an investment you must first become a member of BitWallet.biz. Once you are signed up, you can make your first deposit. All deposits must be made through the Members Area through PerfectMoney, Bitcoin, Litecoin, Payeer, AdvCash and BankWire.
There are three investment plans available in BitWallet and the best plan returns 20% ROI hourly for 24 hours. The minimum deposit for this plan is $1,000. The withdrawal of the profit can be made almost instantly. One thing you have to take note that the Principal will not return when your deposit is expired.
It does sound too good to be true but this is the nature of HYIP. I have done a thorough research and I would like to confirm that it is a scam operation. Read on to learn more about this BitWallet scam.
Should You Trust BitWallet?
You should not trust this investment company.
The BitWallet is a scam. It is a fake investment company. From the official website, one can notice it is an HYIP investment scam that aims to steal your hard earned money. Why? There are a few red flags I managed to pick up.
#Red Flag 1 – New Site and Unknown Identity
BitWallet is very new and looking at the date of registry, BitWallet.biz was registered in 2016-05-14 and it is expiring on 2017-05-13.
The registrant’s name shows up as Gustavo J Irwin. I have tried to search for that name on the internet and nothing shows up. This is a clear warning that the scammer does not want to reveal his or her real identity to avoid detection.
#Red Flag 2 – Ponzi Scheme
BitWallet offers an extremely high (10%) referral bonus. For a real investment company, this would equal giving away the entire (if not more) profit margin. This is a typical trick from most of the HYIP on the market. They offer to reward “referral fees” to investors for bringing in additional members.
That’s how a Ponzi scheme is operated. They recruit new members to sustain the pyramid scheme. They need “new” money to generate “returns” for the older investors by acquiring new investors.
It is a fraudulent investment scheme where they pay returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources.
It is a pyramid scheme that typically collapses in the end because it requires exponential increases in participants to sustain the business model. That simply means the scheme cannot go on forever.
The BitWallet probably still pays their investors for now as the program is still relatively new on the market. When there is insufficient investment fund from the new recruitment to the older investors, the entire structure will collapse.
#Red Flag 3 – Vague Investment Information
Obviously, there is a lack of details on how BitWallet manage the money from the investors. BitWallet tends to be vague about the strategies used in their program.
I tried to look for more information “About” BitWallet, all I got is just a vague information. Furthermore, they are not backed by a real and verified trader. There is no proof and information at all on who are running behind the scene.
Given that BitWallet is an Investment Service, it should be regulated by the Financial Conduct Authority (FCA). There is, however, no record of the company in the public register.
This is your hard earned money, please do not be afraid to ask questions. A genuine financial professional will usually be happy to explain in detail the investment program they are marketing. Unfortunately, BitWallet fails to do so.
#Red Flag 4 – High, Unsustainable Yields
I have years of experience in investments. Historically, investments in most large corporate stocks return less than 10% per year. Usually, HYIP scams offer between 1% percent to2 % daily profits to its members.
The BitWallet discloses their investment plans with no aim to hide its absurd and unsustainable returns. The provided calculator shows you can earn up to 20% ROI HOURLY for 24 hours. To me, it is a total nonsense.
The funny thing is the investment plan returns a perfectly steady positive income percentage regardless of any external variable such as price volatility. Don’t you think this sounds a little fishy?
The ROIs that they claim on the official page clearly indicate that the investment is actually a Ponzi scheme or a junk bond that may never increase in value and has a high rate of default.
I am not a fan of these HYIP programs. It is very rare that I recommend them because there are some things you need to know before you dive into this and throwing your hard earned money around.
Every investment carries some degree of risk, which is reflected in the rate of return you can expect to receive. If your money is perfectly safe, you’ll most likely get a low return. High returns entail high risks, possibly including a total loss on the investments.
Fraudsters like BitWallet spends a lot of time trying to convince people that extremely high returns are “guaranteed” or “can’t miss.” They try to plant an image in your head of what your life will be like when you are rich.
Don’t ever believe it.
Based on my observation, it is very clear that BitWallet is an investment scam.
By the way, Amazing 5 started 6 months ago and now it is official shut down. It is now gone with a lot of money from many victims. This is a prime example of how these HYIPs scam your money.
Why do people keep joining HYIPs knowing that they are Ponzi schemes?
All these Ponzi Schemes are aimed at people who want to get rich quick and do not want to take the tried & tested route of – hard work = success.
Most people want to make lots of money quickly and the legal options are often very limited (e.g. Lottery). When a product promises to give you exorbitant returns, people tend to believe it due to our greed.
However, most of the people end up losing their savings and hard-earned money.
I wrote an article on How to Invest Online Without Being Scammed. This should serve as a reference when you look for a legitimate investment company on the internet.
I bet you have seen a lot of HYIP monitors on the internet. Do you know they are controlled by the same people who run the HYIP Scams?
HYIP monitor admins ask any and all HYIP admins to submit their HYIP websites. The monitoring site then collects a processing fee and earn referral commissions from the money that you put in. HYIP admins treat monitoring sites very well. Therefore, if you see paying status on monitoring site, it does not mean, the HYIP is paying all investors.
Some HYIPs are paying profits for investments of monitoring sites but not for the investors. This is to maintain their reputation as a paying HYIP – keeps investors flowing in but in actual fact, investors are not being paid.
Go to any HYIP monitor sites and click on any link of the program. You will notice you will be directed to a referral link. Yes, these HYIP monitoring sites are making money out of you too.
I don’t like the reliance on a Ponzi scheme in order to make bad money. Instead, I do affiliate marketing (it’s different) and rely 100% on myself to build an income online. If you are interested in alternative ways to generate a real passive income online, you might want to consider running your own legitimate online business.
One powerful way to do this is through an approach called affiliate marketing. Affiliate marketing lets you earn money by promoting products from other companies. Any product you promote is going to be based on your opinion, and you are not required to stick with just one company.
If you’re looking for a legitimate way to make money online without trying to qualify for online surveys or getting scammed by HYIPs like BitWallet then Wealthy Affiliate might be what you’ve been looking for.
When I carried out my initial investigation on Wealthy Affiliate, it was purely to see if the company was legit for a few friends of mine, however, I didn’t imagine that I was going to make much or ANY money with them when I first got started, but as it turns out – I did.
Well, I’m happy to say that I’m not the ONLY one making money in Wealthy Affiliate, as you can see from the pics below, and you’d be surprised at HOW many other people are making money too.
I know I was …
Extra Income as an Affiliate of WA
Just like Amazon, WA allows you to generate income as its affiliate member. Meaning, that if you make a sale, you receive a commission. If you don’t make a sale, you don’t make a commission.
The monthly investment to gain access to all the bells and whistles of WA is $47/month. You have the option to pay upfront and gain access to a yearly membership while saving on the total investment.
Here’s the commission breakdown for the sale of each membership.
- $175 upfront and recurring yearly commissions for the sale of an annual membership
- $22.50 upfront and recurring monthly commissions for the sale of a monthly membership
Here is a hypothetical breakdown of “monthly” income statistics for you based on just a 4-month recurring monthly membership commissions.
- 1 sale per day= $2,700/month
- 5 sales per day= $13, 500/month
- 10 sales per day= $27,000/month
I personally find I make more commissions through WA than Amazon as the training modules are solid and most of them stay with WA for more than a year.
Here are my recent affiliate commissions rewarded from WA. I generated $5,886 in my last 7 days and it’s actually ramping up over time.
As long as people are still a member of WA, I get rewarded the recurring monthly commissions. This is what I meant by sustainable income. There are more than three billion internet users around the globe. Making 1 sale per day is not difficult at all with the blueprints and the step-by-step guide from WA.
If this is an area you’re interested in, you could learn more about this through my 7-day free email course or you could join the program here. The guide is an excellent way to learn all the ins and outs of affiliate marketing and to get started in the field yourself.