Don’t believe the rumors – Bitcoin is still hot. Very hot. While some say Bitcoin is dead due to the Coronavirus crisis, others rush into buying it, claiming that’s exactly the time to buy it while its rate is quite low, in preparation for the day after the crisis ends. One of the ways to gain Bitcoin is by using bitcoin mining pools, such as btconline.io, and in this BTConline review, we’ll take a look at this so-called leading bitcoin mining pool and try to determine whether it’s legit or possibly a scam.
Table of Contents
So, what is BTConline.io?
BTConline.io claims it’s an “industry-leading Bitcoin mining pool,” backed up by physical miners equipped with advanced algorithms, all with one goal in mind – to make as many bitcoins as possible. This bitcoin mining firm claims to have data centers across a few continents and nations, including Europe, the USA, and China.
Overall their service seems quite elegant and simple to understand, but the question still remains – Is it legit or possibly another bitcoin-related scam? While doing our research, we found several disturbing factors and some false claims, which makes us believe that this so-called bitcoin mining platform is possibly a Ponzi scheme. Keep on reading our BTConline.io review to find out why we got to this conclusion.
What do we know about the company?
Unfortunately, there’s basically no information about the owners or creators behind this platform. Though we went through all the data they put up on their website, we couldn’t find even a hint that would help us trace the true identity of the actual owners. If this platform is legit as it claims, why would the owners/creators have to hide their identity?
Any company or firm which provides investors with investment opportunities must be fully-regulated, transparent, and to operate lawfully.
The fact that the company fails to provide any registration or incorporation details makes us strongly suspect that they might be operating illegally and, in a certain way, just looting the clients’ money. In fact, the only information they provide is in the ‘Contacts’ page, where it states that they’re from Baltimore, Maryland. The only way to reach their support center is through email ([email protected]) since they haven’t provided any phone number.
So, how does BTConline work?
BTConline represents an ICO (stand for ‘initial coin offering’), where the money raised from investors (i.e., another form of crowdfunding) is used to purchase more efficient machines, and to keep the mining farms highly-maintained. In other words, they’re basically saying that if you join them, you will mine much more bitcoin from the comfort of your own home while they do all the hard work for you. Doesn’t it sound a bit too good to be true?
The BTConline mining firm supposedly provides crypto enthusiasts, who do not know much about the technical difficulties involved in the actual mining process, a way to earn bitcoin. The problem is that there’s no real proof or evidence that their claim to have mining farms set up in Europe, the US, and China is, in fact, true.
The crypto mining equipment they supposedly use and their capabilities in terms of hash rate isn’t stated anywhere on their website, not even in the FAQ section where so many new users go to, naturally, to get more information about the platform. By now, you can probably tell that they target people who do not know much about the bitcoin (or its mining process) and encash their gullibility. Even if you’re not an experienced crypto investor, you can quite easily detect that something very fishy is going on here.
In terms of investment returns, the type of returns you’re supposed to get depends upon the type of mining contract you choose, the initial investment, and of course, the time period. Still, nonetheless, as you’re about to find out in a moment, the returns are over-exaggerated. Here are just a few examples of the mining contracts BTConline.io offers:
Basic: Deposit – 0.01 BTC, Earnings – 0.0004 BTC per day
Platinum: Deposit – 0.9 BTC, Earnings – 0.08 BTC per day
Professional: Deposit – 0.5 BTC, Earnings – 0.03 BTC per day
Deposit and Withdrawal
Unsurprisingly, the only payment method accepted by this platform is Bitcoin. So before you purchase any mining-plan from BTConline, you must remember that Bitcoin transactions are quite hard to trace, which is the main reason why scammers (especially online) love this cryptocurrency so much.
The firm states that the withdrawals are processed instantly (already sounds too promising) but sometimes can take manual approval from their side. Why do some withdrawals require manual approval, you probably ask by now? Unfortunately, you probably won’t find an answer to that, and neither did we.
Just take a look at some of the horrible user reviews we’ve found online about BTConline.io while doing our research:
“It is a fake website , its over a month & 1 week , and I did not get my withdrawal. They were saying that I will get my withdrawal with in 30 days but I didn’t get my withdrawal. Fake, website don’t waste your time here.” – Posted by Abdullah on Trustpilot.com
“This is really scam. I withdraw my BTC now my withdraw is still pending for over 3 months. ITS A BIG SCAM.” – Posted by Revelyn Ellena on Quora.com
And there’s a lot more when it came from.
Conclusion – Is BTConline a scam or legit?
As explained throughout this entire review, all signs indicate that BTConline.io is probably another bitcoin-related scam. From the very beginning, it’s hard to get any information about the real creators of this so-called mining pool, or how it actually works. You can’t even contact them on the phone, which is so basic. In addition to that, there are tons of negative reviews about this platform online, posted by raging investors who lost their money. A genuine and legit bitcoin mining pool must be regulated, well-explained, and 100% transparent. Unfortunately, that’s not the case with BTConline.io.