The Bitcoin bank is a type of high yield investment program (HYIP) that promises fast returns through its automated trading platform. As an additional feature to the Bitcoin Bank, customers can order a separate debit card for easy withdrawals at ATMs and can be used anywhere that VISA is accepted.
It should be noted judging by the lack of documentation provided by Bitcoin Bank, and the lack of information found online about the founders, as well as the highly risky and transient nature of HYIPs in general, that Bitcoin Bank is most likely a scam, or at least a well-conceived Ponzi scheme. For these reasons, potential customers are urged to do their own research and proceed with extreme caution before investing money with Bitcoin Bank.
What Is Bitcoin Bank?
Bitcoin Bank claims to offer a daily growth of 0.000005 BTC per one of the Bitcoin Bank’s internal cryptocurrency: the BTCB. Customers can get started with the Bitcoin Bank in as little as 2 minutes, and the setup and verification process of the platform is simple and straightforward to use.
It’s claimed by the platform that customers can pay for their daily expenses using Bitcoin through the use of its provided credit card service, as well as multiply one’s earnings through its investment software (that no information is provided about).
Bitcoin Bank Fraudulent CryptoBanking Site Features
Besides the high daily growth that is promised by the company, there are numerous other features and benefits described on the Bitcoin Bank website.
- To buy BTCB you must wait a full working day
- To sell, you must wait a full working day
- While you invest BTCB, the platform claims to invest your money for you, investing in “crypto, Forex, and Commodity markets
It’s claimed that in order to maintain the platform’s liquidity and daily growth for investors, any surplus profits earned by Bitcoin Bank are kept in a reserve in the company’s common funds as a safety precaution to hedge against volatility of the market.
Bitcoin Bank Debit Card Features
As mentioned previously, Bitcoin Bank also supplies a debit card that can be used anywhere in the world for withdrawing one’s funds. Upon withdrawing one’s funds, BTCB will automatically be converted to the currency transaction, meaning that if you live in the US and want US dollars, BTCB will be converted automatically as part of the transfer process.
Another feature of the Bitcoin Bank debit card is that customers can use their smartphones to pay for goods and services using contactless technology via a smartphone app and other wireless services.
Bitcoin Bank Conclusion
Although there are numerous benefits claimed by the company for using its services, there is a lack of information online about how its automated trading system actually works, with the exception to a shallow description provided on the company’s homepage.
Investors should tread with extreme caution before doing business with any company that claims guaranteed returns, and Bitcoin Bank is no exception in this case.