Bitcoin is growing up. What was once a small operation, a well-kept secret shared by only the smartest young investors on the internet, has quickly grown into an international phenomenon. Propagated by economists projecting the rise of decentralized and anonymous technologies in coming years, the increased public interest in online currencies has provided the ideal breeding ground for a variety of new businesses.
While some new ventures in the realm of Bitcoin are entirely new, some businesses really are the same old thing in a new package. One “same old thing” that continues to come back in the world of Bitcoin is the idea of investment and mining. Since day one, Bitcoin has been the topic of discussion of thousands of savvy investors all over the world.
And while the record-shattering price rises of 2016 and 2017 may have proved many of them right, some investment opportunities have not fared quite as well. In fact, hundreds of past “Bitcoin investment” companies have crashed and failed, leaving investors with very little to show for their opening contributions.
BitPetite markets itself as a Bitcoin investment site. Though their original website was never too clear on the exact process by which investing would yield a profit, they do consistently advertise a significant margin of profit for investors who jump onto the bandwagon. However, a probe into the company’s reviews, as well as their now-closed website, leaves much to be desired in the realm of opportunistic investment.
This guide will give readers an explanation into the opportunities offered by BitPetite, with special attention given to the complaints which have given the company a bad reputation.
As previously stated, there is very little information available, either online or on the now-defunct BitPetite website, that tells potential investors how the investment process works. This is not particularly new for the banking industry. Even in the real world, on Wall Street or with any modern investment company, the process for attaining returns is notoriously opaque.
However, consumers should approach the lack of transparency on the BitPetite site with an added sense of trepidation. If the company can’t even explain how their investment process works, or how can they ensure a periodical profit for their investors? The short answer is that they likely can’t.
Bitcoin investment organizations typically function as giant investment pots, where investors pour money into the company under the assumption that the organization will invest their hard-earned Bitcoins into businesses and ventures that yield a profit. Then the company is supposed to periodically award each investor with their slice of the profits.
The problem? BitPetite doesn’t seem to actually pay its investors.
Problems With BitPetite
The main problems with BitPetite are issues shared by most mainstream anonymous investment services. Because the nature of anonymity is a two-way street, consumers have very little knowledge about who runs the organization into which they are throwing their money. Additionally, the anonymity of these Bitcoin investment sites means that they are largely unregulated by any form of regulatory organization in your home country.
Both issues spell trouble for investors looking to ensure the safety of their investments.
But even with these problems in mind, several investment sites have managed to give the market a somewhat acceptable reputation. BitPetite, however, still fails the test for most reviewers. The reason they fail to make themselves a name among the other reputable Bitcoin investment sites is because BitPetite fails to pay, and has failed to even maintain a site.
A prominent review site has concluded that there is little evidence that BitPetite actually pays its investors, and there exists a score of reasons for investors to distrust the service at the start.
Failed Website Of BitPetite
All in all, consumers should steer clear of this investment site. Though their offers of consistent profits may seem appealing to new Bitcoin investors, a deeper probe into BitPetite reveals that there is little to no evidence of actual profit, or even payment, of investors.