Bitcoin has grown in popularity over the years as investment opportunities increase in the crypto space. However, as a result, the number of scam sites has been unprecedented. Financial fraudsters are building sites to swindle unknowing investors of their money. Before investing bitcoins, it’s important to review the cloud mining sites you intend to work with.
One such company is the Coinbeer Ltd.
What Is CoinBeer?
Coinbeer Ltd is a Bitcoin mining company founded in 2018 that promises to offer lucrative returns for investors’ bitcoins. The company seeks to offer a wide range of services including beer trade using blockchain technology. However, a google search of the company does not yield much and registration and incorporation details of the company are not verifiable.
CoinBeer Red Flags
Going to the site, the following red flags stand out.
A quick scrutiny through the Coinbeer.xyz site yields no white paper. For any High Yield Investment Program or Cloud mining company, it is safe for an investor to access the whitepaper to determine and understand how their investments yield returns. Be it a graph, calculations or simulations a whitepaper is the only way an investor can verify the investment returns posted on the website.
Who's Behind CoinBeer?
The team behind Coinbeer.xyz is anonymous. It is difficult to trust a site with your investment yet as an investor you cannot put a face to the people who will handle and grow your investment.
CoinBeer Bitcoin Mining Investment Plans
The site promises impressive hourly returns on investments which still begs the question “how they arrive at these returns?” and “in what activities do they invest your bitcoins to earn returns?”
CoinBeer Affiliate Links
Typical of Ponzi scams, the site offers commissions to investors for every referral made to the site. On application, the site gives you a referral link which you are expected to share with friends and family.
CoinBeer Final Thoughts
To avoid being caught up in a web of deceit, tread carefully and seek all information necessary before investing in Coinbeer Ltd.