Cryptocurrency trading bots are raising in the popularity all around the world and Namibia is not an exception. Bitcoin and cryptocurrencies have been one of the most impactful means through which people have transformed their financial status; people keep becoming rich off Bitcoin and crypto in general. A report claims that there are currently a little over 18,000 crypto Millionaires (in United States Dollars) globally, and still counting. It means that close to 20,000 have raked in more than 1 million dollars from being involved in the Bitcoin and crypto currency trading world. We should note that some of these persons have raked in far more than 1 million dollars, with some having already made millions in their tens – if not hundreds. There are others that have bagged tens and hundreds of thousands for themselves. Africans, and indeed Namibians, are not left out.
The most amazing thing is that this is a continuing trend, with more rich persons and millionaires being made out of the crypto world.
However before we further examine the success stories created by bitcoin and cryptocurrencies in Namibia and Africa, we have to first understand what they are all about.
A cryptocurrency is a digital or virtual medium of exchange that is secured by cryptography, and based on blockchain technology. Traditionally, to purchase any product, you have to use Fiat currency – Dollars, Euro, Pounds, Rupee, Yen, Yuan, or Naira, amongst others. However, this system is full of irregularities and inconsistencies. The system is incredibly slow, where you have to exchange currencies to another, even though we are in a globalised world. There is also the issue of privacy. All these issues are fixed by cryptocurrencies.
Bitcoin (which is discussed in more detail below) is the first cryptocurrency to be created and the most popular, most capitalised and most used of all cryptocurrencies. After the founding of Bitcoin in 2009, several other cryptocurrencies have been developed and got launched in the market. According to experts, there are currently over 5,000 cryptocurrencies in circulation. Together all these other coins are known as altcoins in technical terms. This is short for “Alternative Coins”. Of all these thousands of altcoins, there are a number of them that lead the pack in terms of popularity, frequency of use and of course, capitalisation. They include Ethereum, Ripple, Tether, Bitcoin Cash, and Litecoin. Together all existing coins are worth over $350 billion.
Bitcoin Loophole claims to be a Bitcoin/cryptocurrencies trading software that promises to generate as much as $13,000 for traders per day. We didn’t pay for Bitcoin Loophole but we did some thorough search online, and made some observations. Outlined below are some of those observations:
“Award-Winning”
The promoters of Bitcoin Loophole claim it is an “award-winning” software but there are no evidence to back that claim up. In fact, Bitcoin Loophole was created very recently and could not have bagged any awards.
Promises of No Loss
In various marketing materials for Bitcoin Loophole, those behind it claim that there is no way you can make losses with it. That is utterly impossible, as Bitcoin and crypto prices are ever volatile and could move against one.
However what is more instructive is that upon signing up, you start to see messages like:
“Bitcoin Loophole does not accept any liability for loss or damage as a result of reliance on the information contained within this website.”
Then there was the message stating:
“You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose.”
However before signing up, the representation was that you can make no losses at all.
For one, let’s accept it is a “cryptocurrencies auto-trader”, but what then is “manual trader?” If there is anything like manual trader, it should mean a human trader and not a software. This is too much of an evident red flag.
With the above and more, we recommend you stay away from Bitcoin Loophole.
Bitcoin Revolution is a mobile app that claims to specialise in automated trading. Just like you find with Bitcoin Loophole reviewed above, you need to commit some funds with Bitcoin Revolution after which it should start trading and making passive income on your behalf. But not so fast. There are a number of things we’ve noted about Bitcoin Revolution, based on some checks conducted online. They are summarised below:
Bitcoin Revolution adorns its website pages with videos of finance, business and investment celebrities talking about and endorsing bitcoin and cryptocurrencies. The celebrities include former Microsoft CEO, Bill Gates, Virgin Group chairman Richard Branson and Eric Schmidt of Alphabet (Google).
These investors were however not endorsing Bitcoin Revolution in itself.
We see this as a marketing ploy to lure unsuspecting investors into associating these billionaires with Bitcoin Revolution so that it can look legit.
It seems it is a common playbook among these kinds of schemes to pay for content on credible platforms.
In this case, a review of Bitcoin Revolution was published on MarketWatch on June 30, 2020, with the headline: “Bitcoin Revolution Review [Tested] – Scam App or Legit? Proof of Results”. Just below the headline, you see the disclaimer,
“The MarketWatch News Department was not involved in the creation of this content.”
And of course, when you read the article, you don’t find any “proof of results.”
That’s however not all: you remember the article paid for by Bitcoin Loophole to get published on Associated Press (AP)? Well, we have something of that exact sort here. A paid article on AP about Bitcoin Revolution with the title, “Bitcoin Revolution Review — Is it a Profitable Investment?” was published on May 21, 2020 – just a day before that of Bitcoin Loophole was published.
Bitcoin Revolution requires you to put up a minimum amount of $250, the same amount as Bitcoin Loophole. They urge you that you can also put up more if you so desire. Similarly, they promise that you will make at least $1,000 daily, with returns as high as 300% of initial capital daily. This translates to become a whopping 9,000% on a monthly basis – and this is recurring.
With the above system, Bitcoin Revolution claims that you can become a millionaire in 61 days, exactly the same promises made by Bitcoin Loophole as seen above.
Don’t get us wrong, we are definitely not blacklisting Bitcoin Revolution or naming them an outright scam, but there are just too many evident warning signs that they are not really legit.
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