Bitcoin Doubler Review: Is Bitcoin Doubler Legitimate or a Scam?
You probably heard about Bitcoin Doubler through a friend or family member. You could have also seen an advertisement via one of the many social media platforms. Either way, you want to know whether Bitcoin Doubler is a scam or a legitimate Bitcoin trading platform. Almost everyone thought Bitcoin Doubler is a legitimate company, it is not. Read this unbiased review before you invest.
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What is BitcoinDoubler.Tech?
Bitcoin Doubler is a classic Ponzi scheme that claims itself a trading company that deals with Bitcoin and promise its investors up to 25% return on a monthly basis. The Return On Investment (ROI) does sound attractive for passive income.
Unfortunately, if you think it is a legitimate trading company, it is not true.
Bitcoin Doubler disguises as an investment company. From the official website, one can notice it is a High Yield Investment Program (HYIP) scam that aims to steal your hard-earned money. Why? There are a few red flags we managed to pick up.
Bitcoin Doubler Review – Is Bitcoin Doubler a Scam or Legitimate?
#Red Flag 1 – New Site and Unknown Identity
The first red flag is the fact that Bitcoin Doubler is unwilling to share any basic company background with you. Their domain was registered in 2017-06-08 and domain whois showed the setting is private but the website itself is registered in Panama.
The registrant’s name doesn’t show up. We have tried to search for the person who is running the scene on the internet and nothing appears. This is a clear warning that the scammer does not want to reveal his or her real identity to avoid detection.
If a company is not upfront and willing share basic information about the company, then it is either a scam or not worth your time and money.
#Red Flag 2 – Vague Investment Information
Obviously, there is a lack of details on how Bitcoin Doubler manages the money from the investors such as underlying insights, strategies, goals, and techniques. Bitcoin Doubler tends to be vague about the strategies used in their program.
Most importantly, given that Bitcoin Doubler is an Investment Service, it should be regulated. There is, however, no record of the company in the public register.
Worst of all, Bitcoin Doubler is an unlicensed investment company as it does not specify which country they are registered and licensed in. That also means if you deal with a company like Bitcoin Doubler, which is not licensed by any authority, you may not be protected by the regulatory framework.
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, Bitcoin Doubler fails to do so.
#Red Flag 3 – High, Unsustainable 200% ROI
We 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 to 2 percent daily profits to its members.
The Bitcoin Doubler discloses their investment plans with no aim to hide its absurd and unsustainable returns. The provided calculator shows how it earns you a 200% investment return with thei10-hour investment plan. To us, 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.
#Red Flag 4 – Sign of Ponzi
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 200% profit every 10 hours to investors.
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.
Ethtrade 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.
We are not a fan of these HYIP programs. It is very rare that we 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 Bitcoin Doubler 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 our observation, it is very clear that Bitcoin Doubler is an investment scam.
We reviewed some other similar HYIP in our website like Ethtrade. It both work the same way as Bitcoin Doubler.
Bitcoin Doubler works pretty similar to Forex Paradise, where the company claimed it was registered in Hong Kong and survived for three years. Many victims lost their hard earned money in October 2016 when they disappeared of all sudden.
Why do people keep joining HYIPs knowing that they are Ponzi schemes?
All these Ponzi Schemes aim 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.
We 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.
Why get scammed by HYIP that only run away with your money and not putting your hard-earned money in a legitimate investment opportunity such as Bitcoin? The world is becoming ever more reliant on the internet.
So, really: It is no surprise that Bitcoin, a secure, global, and the digital currency has claimed the interest of investors. Bitcoin is open to everyone and provides an exciting opportunity to delve into an entirely new asset class.
Bitcoins are scarce and useful.
Let’s look at gold as an example currency. There is a limited amount of gold on earth.
As new gold is mined, there is always less and less gold left and it becomes harder and more expensive to find and mine.
The same is true with Bitcoin.
There is only 21 million Bitcoin, and as time goes on, they become harder and harder to mine.
How to Invest in Bitcoins and Where to Buy
The difficulty of buying bitcoins depends on your country. Developed countries have more options and more liquidity.
Coinbase is the world’s largest bitcoin broker and available in the United States, UK, Canada, Singapore, and most of Europe.