Bitpetite is no longer online. When I tried accessing Bitpetite.com recently, I got redirected to a site that indicated that the domain address is for sale. The reason why the site was closed is not clear. The site appears to have disappeared after offering its services online for a short period of time. Bitpetite.com appeared to have stopped operations slowly. I did locate numerous posts on Twitter with the Bitpetite team promising to make its features available again and people postulating that it was indeed a Scam. I have some of the Tweets below:
Tweets About Bitpetite
Bitpetite which advertised itself as a bitcoin tumbler service appears to have been closed in 2017 according to the tweets I have captured above. Its location was not available on its website. Also, I could not determine where the company based its operations.
I was able to find the Bitpetite.com website capture in the web archive. The website did not have much information describing how the company operated. The company only claimed that they provided secure money transfer services over the Bitcoin cryptocurrency network. The sole source of income for the service was charging a fee for using the money transfer services.
The number of users who had registered with the service was not indicated on the company website. The company did not serve a large number of cryptocurrencies. I only found three cryptocurrencies on the website:
The company would have been much better if it was focusing on serving a wide range of cryptocurrencies. Offering users versatility would have made the service more attractive.
I could not find a list of countries that were allowed to use Bitpetite. This information could have been made available when the customer tried to create an account. When I tried creating an account, I found this to be impossible because Bitpetite.com is no longer operational. The company’s website is in English. I could not find a feature for changing the website language. I concluded that customers were allowed to use the website in the English language only.
Bitpetite operated on the internet. It did not have any specific devices which it supported. Customers could have accessed the website using their mobile devices or their computer. After checking out all the pages available on Bitpetite, I could not find a page that outlined the cryptocurrency exchanges Bitpetite was partnering with. I found this lack of transparency to be quite unimpressive. When people are taking the risk of investing their money online, they will want to know everything that is going on and who will be involved in handling their money.
Withdrawing money from Bitpetite.com was not complicated. The company had a “new withdrawal” option on all its pages. This only became active after the user had registered and logged into his or her account. Customers were offered 2 main options for contacting Bitpetite. These included using the contact form to send an email and the use of social networks. The customers were allowed to use 2 social networks. These were:
The company would have been much better if it had a live chat or a phone number. These could have guaranteed their customers immediate solutions to their issues.
How Does Bitpetite Work?
To get started with Bitpetite.com, customers were supposed to invest a minimum of 0.005 BTC. The company supported only a single bitcoin for making payments. The customers were supposed to invest only the Bitcoin. They could choose to either invest the bitcoin with the USD conversion or without the conversion. People were supposed to join Bitpetite.com under 2 categories. These were:
The investors were supposed to make a deposit in bitcoin. The company promised the investors a minimum daily earning of 3.97% during the weekdays and a 1% earning on the weekends. Partners were the people who registered via affiliate links. The investors who had participants registering under their accounts earned via a 3-tire compensation system. This system worked as described below:
- They would earn 10% for each deposit a level 1 referral made.
- They would earn 5% from each deposit a level 2 referral made.
- A 2% deposit was being offered when a level 3 referral made a deposit.
While this looked like a pyramid scheme, Bitpetite was different from a pyramid scheme since it had a real service it was offering. It was involved in helping transfer money over the bitcoin network. Customers were supposed to pay for this service. As I had mentioned earlier on, Bitpetite had a withdrawal option on all its pages. The option became active after the customer had logged in.
Bitpetite Features and Services
Bitpetite had only one main service. It was focusing on transferring money using the bitcoin network. The company claimed that because their system needed funding in order to run smoothly, they needed investors to help improve the whole process. The main source of capital I found on Bitpetite.com is the fee they charged for the money transfer. The company claimed that its service helped hide the identity of the people transferring their money. They would mix their own money with the money to be transferred to hide the identity of those making money transfers.
The company had a couple of impressive features. These could have encouraged the customers to try the services offered by Bitpetite.com. I have captured the features below:
- There were no entry barriers – This company allowed users to join them using an initial investment of as low as 0.005 BTC.
- The customers were allowed to choose the term of deposit and the interest rate their preferred.
- The customers were promised high returns – During the weekdays, they would get 3.97% returns while on weekends they would get 1% returns.
- Customers were allowed to withdraw their money any time they felt like withdrawing the money.
Bitpetite did not have any payment plans. The company only charged its customers the initial investment money when joining the company. The customers were supposed to pay 0.005 BTC to join the company and start making the promised profits and returns. By the time Bitpetite got closed, the 0.005 BTC was equivalent to 10 dollars.
I found mixed reviews online for Bitpetite.com. Some of the users were impressed with the services offered by the company. However, just like the tweets I had captured at the beginning of the article suggested, some of the customers were not impressed. I have captured both the positive and negative reviews I found online for Bitpetite below:
The above reviewer had already used the company for 5 weeks before writing the review above. According to the customer, Bitpetite.com was a great company. He had already managed to get 33.8LTC on a 6-week investment. He was getting a 4.5% interest rate on a daily basis. He was always able to withdrawal his profits on a daily basis. He liked the fact that no bots were involved in the whole process. The company was offering an actual BTC tumbler and it had a real source of income. The fees they charged the users is what they used to pay the investors a 4.5% interest. The reviewer encouraged people who were interested in cryptocurrencies to look into Bitpetite.com.
The first reviewer called Bitpetite.com a scam. The reviewer does not appear to have had any experience with Bitpetite which ended up in him being scammed. The reviewer’s source of information was Google. He encouraged other people to research the company before using it. He also encouraged the customers to avoid falling for the company. The second reviewer had not tried Bitpetite.com. After analyzing the company, he came to the conclusion that it looked like a money laundering Ponzi model. This means that he did not like how it operated.
The above reviewers suggest that Bitpetite.com was offering good services when it began its operations. The first reviewer reported that he was able to withdraw his profits on a daily basis with no issues. The company had a real business which made it look more genuine. Since some of the users did not think that the company was genuine, this suggests that there was something wrong. The company ended up being closed after lying to its users that they were working on the maintenance. This is evidenced by the tweets I captured initially.
Bitpetite.com appears to be one of the companies that focus on building the users trust before turning around, violating the trust and disappearing with the people’s funds. The company is not online anymore. When it started operating, the customers were getting paid their profits without issues.
The company was offering a real service which users paid for. This means that it had a real source of income. This should have kept it in business. The reason why it was closed is not clear to me. Bitpetite.com is a big reason why customers have to be careful when choosing to trust a crypto company. While the company may look great in the beginning, it can still violate their trust.