Is Bitstrades.com a Scam? Is it the New Bitconnect?
BitsTrades.com looks a lot like Bitconnect. Thus one might ask is BitsTrades a scam? No one knows. However, investors should very wary of this sort of structure given what just occurred with Bitconnect.
“Being wary” might mean asking, “is BitsTrades and its BSS token a scam?” Or, it might mean taking an extra skeptical look at its pyramid like structure and similarities to Bitconnect.
Ultimately, an investor might decide they want to take the risk (if you use BitsTrades, please comment below and let us know your thoughts).
The point of this article isn’t to say BitsTrade is a scam or isn’t a scam, we don’t know and we can’t and wouldn’t make that judgement, it is only to offer up some insight and to give people a place to share their thoughts and experiences.
Here is the most important thing to consider in your research on BitsTrades: both BitsTrades.com and Bitconnect.co have an almost identical same setup down to their promises of 1%+ daily returns via a lending platform that uses volatility software. Both sites essentially use the same site widgets. They both offer their tokens in exchange for Bitcoin. They both have an onsite exchange where tokens and BTC can be traded. And more!
Truly, BitsTrades is almost a copy and paste of the Bitconnect site (or, one could argue that Bitconnect is a copy and paste of BitsTrades; either way, the point is the same).
Sure, Bitstrades looks promising at a glance despite the similarities. And, we will of course find people across the internet assuring us that this is a great business opportunity (don’t forget to use their referral link). But, the problem is that this was true for Bitconnect too! Thus, we need to be more skeptical than that to do ourselves justice.
Now, also like Bitconnect, BitsTrades is advertised on CoinMarketCap.com right on that top banner. So, we know that there will be many people signing up (not to shame CMC here; just pointing that out).
To be clear, I’m not blaming anyone or jumping to conclusions about the merit of BitsTrades, I’m just stating the basics.
I get how CMC and you could be on the fence about this. BitsTrades has these big beautiful Apple App Store and Google Play buttons on its nicely designed front page, it looks rather legit.
Plus, the cryptocurrency community is almost entirely just well intentioned individuals who put friendship and honor before money, and so it would be very strange if a site collected everyone’s Bitcoins and then ran off leaving them with only tokens.
And of course, BitsTrades is a site that promises you a very nice return if you give them your Bitcoin in exchanges for Bitstrades (BSS) tokens.
Its almost too good to be true! All you have to do is trade your boring old Bitcoins away and bam, you get just these potentially really valuable BSS tokens!
Then, not only do you get this nice return, but you can actually increase that return by getting your friends and loved ones to sign up.
The more people you sign up, so your friends, family, wife (maybe she’ll let you use the credit card and take a mortgage), you can put all of them in your downstream.
You can even start a YouTube channel and talk about how great BitsTrades is and offer your referral code.
They sky is really the limit for your business opportunity, finally freeing yourself from your Bitcoin and fiat dollars and entering the world of online lending.
Some might say that all sounds like some BS to the double S. But who am I to judge?
On this site we want people to be successful and try to help educate them so they can make the best choices for themselves. If the best choice for a person is to load up on BSS tokens, then we support that.
I’ve never met a trader who made 1%+ daily (that is one who accomplishes this without fail in any market; many do better at times, especially during bull runs, but just not without fail). However, that doesn’t mean BitsTrades can’t do what Bitconnect failed to do or what I have never known anyone to do.
Just make sure you are going into any sort of MLM like this not understanding the structure and risk. If that risk suits you, and if the structure suits you, and you join, feel free to share your experience below.
Good luck in whatever choices you make! 😀
TIP: For another person’s thoughts, see ScamXposed’s BitsTrades Review – The Next Bitconnect Scam.