Biteden is a bitcoin investment scam that promises to pay you 20% ROI per day. Find out whether this is a scam or a legitimate investment opportunity today in our review.
What Is Biteden?
Biteden, found online at Biteden.biz, is a bitcoin investment scheme that claims to pay you enormous daily returns. The registered Australian company offers plans that pay you 20% daily interest “forever” with a minimum investment of 50 BTC. Meanwhile, even the smaller plans, which require a minimum investment of just 0.001 BTC, pay you a guaranteed daily interest of 10%.
Obviously, when a company offers interest rates as high as this, you can be 100% certain that you’re being scammed. Nobody is willing to pay 10% daily interest to you in exchange for your bitcoin. Money is not that expensive to borrow. There’s no such thing as a guaranteed investment that offers a return of 3650% to 7300% ROI per year – especially in a volatile market like cryptocurrency.
Biteden also claims to be a registered Australian company – despite the fact we can find no evidence of that registration online, and the address they provide appears to have no connection to the business.
How Does Biteden Make Money?
Biteden, like other bitcoin mining scams, vaguely mentions some type of mining operation and investment fund. The company claims that it has a “high-quality asset management service” and operates its own mining farm.
In reality, we have no evidence this mining farm exists. For all we can tell, Biteden steals your money, then refuses to let you withdraw it at any point in the future.
Instead of selling any types of products and services, Biteden is mostly focused on selling memberships. The company offers 7% referral commissions. You get paid a portion of each member’s joining fee, while the remaining 93% of the fee gets funneled to the top of the pyramid scheme.
Ultimately, based on the information we see on Biteden.biz, the company has no way to make money except for its memberships. There are no products or services being sold here: the company is built exclusively to sell scammy memberships in some type of pyramid scheme.
Despite the fact that Biteden is an obvious scam, the company insists that it was built “to help novice investors who are in search of safe investments.”
Who’s Behind Biteden?
Typically, bitcoin scams like Biteden refuse to disclose any information about themselves online.
As predicted, Biteden’s website features no information about its management team, history, experience, or location. The company lists an address in Canberra, Australia (3 Phillip Law St) as its office, although we can find no evidence that the company is based there.
Aside from an email address ([email protected]) and a phone number (61 251 08 55 02), we have no further information about the company. The website launched at the beginning of September 2017.
It’s important to note that Biteden claims to be a “registered Australian company.” However, we could find no record of that registration online.
Biteden certainly seems to be a scam. The website features very little information about the company or how it works. There’s no proof that the company can offer investment returns of 20% per day as claimed. We know of no investment opportunity that pays a guaranteed ROI of 20% per day for the rest of your life. An ROI that high would be like winning the lottery.
Based on all of the information posted online at Biteden.biz, the company is a blatant bitcoin investment scam. Avoid it if you want to hold onto your money.