A Proof that Bitchair is scam. A Bitcoin Mine, Exchange, and HYIP?
Bitchair seems like the next big thing in cryptocurrency market, and it certainly is. Yes, it’s the next big scam that will unveil itself in due time.
We understand what we just said, and let us explain. BitChair is among the popular cryptocurrency businesses today. However, it’s the only Bitcoin business that doesn’t mine or trade the currency.
Instead its offering a pyramid/Ponzi scheme and the only payment it accepts is Bitcoin. This sounds interesting, and we want to see how the company stay on its heel so far, is it because it stays true to its word or the members are too stupid to see the truth? Let’s find out!
Bitchair is a clearly a HYIP platform which offers high ROI on daily basis. This sounds to be good to be true, and it is. The site has not provided any information about its revenue structure although it claims to be involved in other business practice like Bitcoin mining and exchange but that’s unlikely.
The site is nothing more than a scam, and following we are going to prove It. We are going to bring explicit details about its business and make you see how it fools everyone.
A Little History
Bitchair.Biz is owned and managed by BitChair Limited. The company incorporated on 31st August, 2017. BitChair Limited has a proper address, E14-9TX, 28th Millharbour London, United Kingdom. Fred Philips is acting Director, and under his supervision the company is still active.
Furthermore, the company has provided proper contact information including a telephone, and email address. Other forms of communication can be easily found on their Support Page.
(Why a Bitcoin Mine and Exchange needs HYIP Plans??
BitChair clearly follows an HYIP Business Model. Members pool their funds so rest of them can try, and profit from the community. It offers following investment plans:
First Plan: It offers 10% ROI. Minimum Investment is 0.001 Bitcoins, and Maximum Investment is 10 Bitcoins.
Second Plan: It offers 12% ROI. Minimum Investment is 10.001 Bitcoins, and Maximum Investment is 50 Bitcoins.
Third Plan: It offers 15% ROI. Minimum Investment is 50.001 Bitcoins, and Maximum Investment is 300 Bitcoins.
BitChair offers an on-site calculator. It helps you to calculate regular returns on daily, weekly, and monthly basis.
It’s hard to yield a profit instantly. Turning a profit with such investment takes time as profit mostly comes from new members as they join in. This clearly shows that BitChair is nothing than a Ponzi scheme (and doomed to fail).
Risks of Investing in HYIP
High Yield Investment Programs are a combination of Pyramid, and Ponzi Schemes, they lack a strong revenue structure, and hence they fail very soon. No use to sugarcoat this fact. Following, we are describing the risks of investing in such programs:
- Official website can shut down at any moment. This risks your whole investment because if no new members join in, it stops the revenue circle
- There is no guarantee that you will see your investment back, let alone any profit. The more you invest, the more risk you take. There is no Risk vs. Reward ratio
- It’s hard to trust business owners, you never know motivations and intentions. There is no lack of HYIP matrixes in the market
- Instant riches never work in real life. You may feel bad from walking away from profit but it’s better than suffering a collateral loss in the end
- There are a lot of examples that prove such Ponzi, Pyramid, or HYIP schemes are never a wise decision. Moreover, you should stay away from such offers
BitChair has a serious lack of satisfied customers. This is very obvious with Ponzi Scheme, they never win any customers. The lie never holds up for long, and shortly after people invest, they see losing the investment.
People register, and old members get paid with their sign up. The soon new member stops signing up, there will be no revenue and members won’t get paid. Every Ponzi scheme ends this way The only reason people still have faith in BitChair is because it pays, but it will change soon.
How BitChair is a Fraud?
(There is no trading, it’s just for show)
Like we said earlier, it’s clearly a HYIP (Fancy name for a “Ponzi Scheme”). It offers trust asset management of trade and foreign exchanges based on Bitcoin. On the front, this company claims to oversee a highly regulated Bitcoin Mining Operation.
Both these functions are world apart from each other. But, it’s very clear Bitchair has no mining operation as it clearly works on a HYIP business plan. More Proof, the trading papers have no filled with or by any authorized trading platform and they have no history of such trading.
This business is not regulated, and it has given next to zero information about the mining equipment. It’s a major red flag. Considering what we said, it’s very clear that:
- This is not a Bitcoin Mining option
- There is no trade of Crypto-currency
- It only offers HYIP solutions
Your Money is Gone
People who create these signs have no intentions of giving a return on your investment. We wish we could have done anything in that regard, but the unfortunate loss is unavoidable.
The only thing we can do is make sure no one else becomes a victim as we are pointing out some basic flaws most people overlook. The company’s founder or owner is anonymous. There is no information about it.
The public only knows about CEO, and a physical address but who’s there to say these pope will step out, or the office will be there once the site stops paying members. One more thing, what good reason is there to trust a stranger when there are no HYIP scams surfacing every day?
No one knows who is controlling the site, and how to go after him to get their investment back. The IP Address will be fake, and every document is forged. It’s hard to get to the culprit unless someone has access to great resources.
These schemes offer low income families as they are always desperate to improve their condition, they don’t know much about this business, and they won’t have any second thought about any miracle. This makes them a perfect target.
With everything we said above, it’s apparent that Bitchair is a scam. Moreover, the site has stopped paying its members. Yes, members who invested on Bitchair have stopped seeing any profit recently, and this confirms what we feared.
The site claims to do three things, these are Mining, trading, and HYIP. While there is no information available on Mining and trading operations, the site is very clear about Its HYIP Scheme. It proudly presents the idea on site.
There is no information given on F.A.Qs about Mining and Trading. It clearly offers solution to HYIP problems while cleverly avoiding important questions like who is the founder, etc.
The site has stopped paying out, and that’s a big catch. It’s about time the site shuts down, or the domain goes up for sale because the culprits behind this scam have filled their pockets deep, and have fulfilled their purpose.
Our advice to people who have invested in the site, or wanted to is leave it alone. Your money is gone and there is nothing you can do. Just be smart next time, and do proper research before making any bold move.