According to its website, Bit Raft Limited is a company that consists of cryptocurrency mining experts. The company allegedly has several mining farms in the UK that generate big profits.
The investment plans offer daily returns on investment that range between 8 and 10 percent daily. So, is it a genuine opportunity to make money?
Bit Raft scam
Let’s start with basics about cryptocurrencies mining. If you buy your own specialized mining hardware (ASIC) and start with Bitcoin or Ethereum, depending on your electricity cost you could break even in 6 months.
It means that after 6 months you will be at zero, only your investment into the hardware will be paid.
Now compare that with 10% daily, which means 300% monthly and 3600% yearly, that is offered by Bitraft. It doesn’t make any sense, does it?
It’s because Bitraft is a scam, 3600% yearly cannot be offered by any legit business, such numbers are impossible to achieve in crypto mining, that’s a fact.
Bit Raft Limited proudly shows its Certificate of Incorporation in the UK, but bear in mind that it is just a tax registration, it says nothing about the legitimacy of the business.
Moreover the company is just one month old, so no proven track record, no history. You can be sure that it will collapse quickly.
The key thing is that Bit Raft is providing investment services, and this is a regulated activity that in the UK requires a licence from the FCA. But as you can see on our picture, Bit Raft is not regulated, therefore it is doing illegal business.
The true nature of Bitraft is a Ponzi scheme. It means that no real business activity is going on, just a financial game. Bitraft is collecting money from the public and might pay some profits at the beginning. They would use new deposits for that.
Once withdrawals exceed deposits, the scheme fails and everybody loses money that is in it. But we also notice that some of these crypto scams don’t even start by paying, they just steal all the money.
BitRaft is a scam that is not about crypto mining, it is just an illegal financial game. Stay away from it!
If you are interested in cryptocurrencies, rather than expensive mining you can try trading them. There is a free demo account you can start with.
Always remember that financial trading is risky, you can make, but also lose money.