In this article I’ll cover an in-depth review and look at the cryptocurrency investing opportunity called BitPetite.📈
Bitpetite is a very discussed investment within the Bitcoin and cryptocurrency community, and I’ll walk you through everything you need to know, as well as if BitPetite is really a scam or not. Hang on! 💰🔍
At the time of writing this post, www.bitpetite.com is closed, but it is unknown whether this investment program is going to re-launch or not.
Be careful with cryptocurrency investing in general, my team and I have seen numerous examples of different kind of investment scams, either with a coin that doesn’t exist or doesn’t have a blockchain or a company registred in Nigeria and suddenly closes. Examples of recent scams of Bitconnect here and all kind of dead and useless coins here.
What is BitPetite.com?
Table of Contents
BitPetite.com was looking like a ponzi scheme kind of business created like “HYIP”. High yield investment programs (HYIP or Bitcoin HYIP’s) should create the illusion of you getting high returns for a small amount of investment. These programs are often known from shady trading forex or stock websites with “automated trading software” or any related MLM business etc, and these HYIP’s often payout daily, weekly or sometimes monthly.
BitPetite.com was also HYIP and claimed to make you up to 4.5% a day, a week every week which also seems a bit too steep. The exact daily rates and ROI depends on the HYIP itself and often ranges between 0.5% to 6%.
Bitpetite is by many people and forums referred to as a HYIP/Ponzi scheme offering a daily return of close to 4.5% daily on individual bitcoin investments, which alleges that it makes its money/profits through a coin mixing operation that it is running. Some of the similar schemes we have recently reviewed have used nuclear energy investments, forex trading and even laser technology sales as an explanation serving the same purpose. Here, we have Bitcoin-mixing. According to some, there is in fact no Bitcoin mixing going on at the site at all… 👎🏻
BitPetite basically wanted to look like a really profitable investment for people interested in making money online, people investing in cryptocurrency and bitcoins etc. However Bitpetite only create their returns and payouts from a ponzi scheme (explained below) and nothing real value from their trading platform, product/service etc.
Can you make money by investing in Bitcoin HYIPS?
The answer is no, however you can if you’re lucky and got into the investment program early, make a profit by investing in Bitcoin HYIP’s. Though you must know, that most high yield investment programs will sooner or later turn into a scam and run away with your investment.
How does Bitpetite work?
When someone invest into a HYIP, the money you invested will go into payouts of the people who invested before yourself. The money invested by people after you, will then be used as payout into your pocket and so on. The is the principle of a ponzi scheme, where all returns are made because of the people who invested after you, and not by real value in the business or product itself.
When joining Bitpetite you’ll create your account on Bitpetite.com and sign up.
Let’s say you invested/ deposit 1000 USD into your Bitpetite account. Then you should get up to 4.5% return every day. Which then after only 30 days should add up to 3.745 USD and after 3 months 52.537 USD because of the compound effect. This straight way sounds waaaay too good to be true. This insanely high ROI is not possible in any business or market, not cryptocurrency either… 📉
They claim you’ll make 4.5% per (week)day. That means if you send them $10k today (please don’t) and allow it to keep compounding they should be sending you around $600m a year from now. How are they going to do that, exactly? Quite obviously they’re not.
Ponzi schemes always pay out the first few people. One way of doing so was that BitPetite created an affiliate program so people would get paid to refer other people to the investment program. This strategy also sounds a little sketchy, even though affiliate programs in general are a great way to make money online, and a great way to reach new customers for businesses. However this didn’t seem like Bitpetite told their audience and customers the “real story” behind their “business”..
They have to do that to try to establish some credibility, to generate a bunch of people who will answer the question “is x a scam or do they pay out?” with answers like “they really pay out! Sign up now! Here’s my referral code!”
Hey, what do you know? Check out the other answers to this question and see what they look like.
The math doesn’t work unfortunately.
Bitpetite claims that in order to be able to run its coin mixing service seamlessly, it needs “dynamic funding,” as in money from investors. The investment plan is really simple: those willing to sink their money into this scam, can use a calculator available directly on the investment page, to learn exactly how much they will be able to earn over 6 weeks and 9 weeks – the two featured investment periods. The numbers are obviously attractive, so much so that they are indeed too good to be true. Several crypto currencies are accepted for investment purposes: BTC, LTC as well as ETH.
The calculator displays the daily net income in USD, as well as the weekly, monthly and total net incomes, using a 4.5% daily interest rate. The break-even point on the investment is set to about a month from the start.
What is Bitcoin mixing/ tumbling?
Since the financial activities of Bitcoin users can be tracked back handily through the blockchain, to enhance anonymity, some resort to services which take their bitcoins, obfuscate their origins by mixing them into a larger pool, and then hand them an equal amount (minus a commission) of “clean” BTCs back. Indeed, some are willing to pay the commissions associated with this service, so legitimate Bitcoin mixing services are indeed very profitable. They are far from the 4.5% daily profit mark promised by Bitpetite though, even so.
Can I trust Bitpetite.com?💎
Unfortunately even if some people involved in Bitpetite did get paid (if any, probably only a few in the beginning of Bitpetite), I’ll guess 99% wouldn’t get a positive return on their investment (ROI) and most won’t get anything. I hope you have not been part of this “business” since this website and bitcoin investment program seems like a pyramid scheme and scam and therefore provide no real value or service what so ever.
What have been told on their website and other forum’s seems to be a lie. They also shut down their website, customer service and everything else related to Bitpetite, doesn’t seem really trustworthy either. Many people and website also claims this to be scam.
The About Us section for the website of Bitpetite didn’t offer much useful information either on the operation or the company itself. It does link to a Certificate of Registration though, which is in line with what we have seen at most of the other similar scammers. Bitpetite Ltd. has apparently been incorporated in February, 2017. As far as contacts go, we are given a Skype and an Instagram ID.
The web domain www.bitpetite.com was registered in 2016 and the identity of its registrant is privacy-protected, as obviously no one is looking to have his/her name directly associated with this scam.
BitPetite is available on the Dark Web with the following address: petite3b4qmoqbpl.onion.
The support email is firstname.lastname@example.org.
Review verdict of Bitpetite💰
Bitpetite.com is a scam.🚫