i Like Bits, found online at iLikeBits.com, is some type of online bitcoin-based pyramid scheme. Find out if it’s a scam or a legitimate investment opportunity today in our review.
What Is i Like Bits?
i Like Bits is a pyramid scheme that claims to pay you over $90,000 in exchange for recruiting new members to the scheme. Like similar pyramid schemes, i Like Bits forces you to register, pay a joining fee, and then convince other people to join underneath you. By filling out your matrix (3 x 10 forced structure matrix), you can earn over $90,000, according to the creators of iLikeBits.com.
Obviously, like most bitcoin pyramid schemes, there are a lot of red flags about i Like Bits. One of the biggest red flags is that the company doesn’t even pay its members in currency: you give the pyramid scheme fiat currency or cryptocurrency, and they give you “Bit Chips” in return. Bit Chips appear to have no value and cannot be used for any purpose outside of the platform.
Despite the fact that i Like Bits is a blatant pyramid scheme, the creators claim that you don’t have to do anything to earn over $90,000:
“The passive member can earn over $90,000+ from this process alone.”
Obviously, when someone tells you that you can make an enormous amount of money online with no hard work or experienced required, then you’re probably being scammed. Let’s take a closer look at how i Like Bits works.
How Does i Like Bits Work?
i Like Bits works in a similar way to most pyramid schemes. You sign up, pay a membership fee, and then try to convince other people to fall for the scam. You earn a small portion of each new member’s joining fee. Then, the rest of the money gets funneled to the top of the pyramid.
The scheme will continue until the last member joins, at which point it collapses. It’s unlikely that you’ll ever be able to withdraw your money or gain any profit through i Like Bits.
To be clear, i Like Bits doesn’t advertise any product or service. It’s just a pyramid scheme built entirely around new memberships. The membership comes with some basic “education program”, although it’s just basic information you can find freely anywhere on the internet.
It’s also important to note that i Like Bits is even more scammy than other bitcoin pyramid schemes: the company doesn’t deal in bitcoin at all. Instead, they deal in a coin called “Bit Chips” – a coin that they appear to have created themselves.
Bit Chips do not appear to be based on blockchain technology. They’re not a cryptocurrency – they’re just a digital currency used exclusively within the i Like Bits platform. The company appears to have created the token out of thin air – there’s no fixed supply, and there’s no value.
i Like Bits Pricing
To sign up for this pyramid scheme, you’ll need to pay a 0.009 BTC joining fee (about $20).
Who’s Behind i Like Bits?
Typically, the creators of bitcoin scams and pyramid schemes don’t divulge their personal details online. Such is the case with i Like Bits. The company refuses to tell us any information about itself, its management team, its history, its experience, or its location. All we have is one email address: [email protected]
The only other information we can get from i Like Bits comes from its WHOIS data, which tells us that the domain was registered on July 28, 2017 to an anonymous organization. The website uses Dizinc.com, although known as Dimenoc.com, as its web host. We’ve seen this host used by other bitcoin pyramid schemes in the past – so there could be a trend here.
i Like Bits Conclusion
i Like Bits is a pyramid scheme that involves the use of a digital currency called Bit Chips. The pyramid scheme launched in late October. Memberships are priced at 0.009 BTC, or about $20. Although you pay the company in bitcoin, you receive Bit Chips – a valueless digital token – in exchange. There’s no evidence that you can make any money through this scheme, nor is there any sign you’ll get your money back. Ultimately, for all of these reasons, i Like Bits is yet another bitcoin pyramid scheme you should absolutely avoid.