Bitpetite was once a website that offered a platform for investors to trade in Bitcoins or other cryptocurrencies where returns that amounted to 4.5% was earned daily. The crypto site is now offline and their website disabled. Looking at the records in the archives, I noted that Bitpetite was set up on 17th July 2017 and the operations went on for two months before the site became unreachable. The company claimed that the money transfer process had been secured and that no one would be able to know the financial transactions of the investor. The location of the website is unknown and this further proves that Bitpetite was a scam.
Bitpetite scam was planned in such a way that those who were the first investors had no way of knowing that it was not a legitimate site. Investors were informed that this was a tumbling website where the money deposited by the investors was mixed with what the company owned and in doing this, it was impossible to track the financial transactions of the investor.
To benefit from the services that Bitpetite used to offer, there was a commission that was charged on the transactions. The fee was 0.5% of the amount that was being transferred and for all receiving addresses; there was a 0.0005 Bitcoins fee that was charged. If you wanted to make it even more difficult for anyone to track your transactions, you had to pay a higher fee which I find quite suspicious. The lesser fee and the mixing of an investor’s Bitcoins with the Bitcoins that belonged to Bitpetite was supposed to create anonymity in the transactions but as it is, this was another scam that was geared towards extorting more money.
Bitpetite claimed that the technology used on their website was very high to ensure that every transaction is untraceable. Bitpetite scam shows further by the failure to disclose the owner or his location. The reason for this could be to avoid getting tracked down after they are done scamming investors of their hard earned money.
It seems that English was the only accepted language by Bitpetite as the dialogue box to facilitate the switching from one language to the other was unavailable. The number of users at the time that the website was online was not provided as well which makes it difficult to know if this was a popular crypto site or not. People from different countries worldwide were able to transact on this platform. I was, however, able to find out that by September 2017, the global Alexa ranking for Bitpetite was at 13, 795 which means that it was a popular website. The people who mostly interacted with the website were from the United Kingdom, Spain, Russia, the United States, Brazil, and Venezuela, among others.
The website that hosted Bitpetite did not partner with other cryptocurrency sites for the time it remained online. Investors were able to access the website on any device including Android phones. Customers could be able to transact using Bitcoins to US dollars, Bitcoins to Bitcoins, Ethereum to US dollars, and Ethereum to Etherium.
Whenever there was a need to communicate with Bitpetite, one was able to make a Skype call or send an email using the provided contact form.
How Does Bitpetite Work?
The following is how the transactions at Bitpetite were carried out:
- The first step was to open an account where you were not expected to provide your actual details.
- Once you get your account ready, you were supposed to make your deposit. The least amount of deposit is 0.005 where you were allowed to either let the deposit remain inform of cryptalcurrency or change it into US dollars. You were allowed to open more than one account as long as you did not indicate any referral connection among the multiple accounts.
- The return on the deposit was quite high where one was able to earn almost 4% during business days and 1% on weekends. It is not clear how Bitpetite was able to issue such high profits on a daily basis. It is possible that those that had joined the site earlier were paid with the deposits that the new recruits were depositing. When they could no longer sustain this, the closed down and disappeared with what remained of the deposits.
- If you wished to send or transact using Bitcoins, Bitpetite had offered to carry out the transaction on behalf of their clients at a fee. It was claimed that the transactions were anonymous and that they would not be traced back to the Bitcoins owner. The only proof that one could use to prove that there was an ongoing transaction was a receipt that was issued. This is not enough evidence as it is possible to denounce it or in this case, when the website closed down, there are clients who remained holding onto the receipts with hopes that the website will be online again.
Bitpetite Features and Services
- Bitpetite claimed that they were open to transact with any person where all that was required as the minimum deposit was 0.005 bitcoins.
- Investors were given the freedom to choose their preferred interest rate and the deposit terms they were most comfortable with.
- There were high and regular returns where the returns on weekends was 3.97% and 1% during weekends.
- Withdrawals from customers’ accounts were done on demand without any delay or additional fees.
Bitpetite gave a chance to the customers to choose either to have their money remain inform of Bitcoins or any other cryptocurrency into dollars. If this was done, the interest was calculated in US dollars but if an investor chose to have the deposit remain in the same way, the interest was calculated in the form of than currency. For instance, if you deposited 0.025 BTC for 9 weeks, the interest rate on business days was 4.5% which would make the daily net income 0.001125 Bitcoins. This would make the total returns 147% of the initial deposit and at the end of the nine weeks; the amount earned would be impressive.
Bitpetite, just like many other crypto sites, had not provided a guarantee that these high yields will be achieved in the end. It is a fact that there were a lot of investors who lost thousands of dollars when the site was shut down and still hope that things will change one day.
Bitpetite requires that investors deposit funds into their account for up to 9 weeks within which returns of 3.97% on every business day.
Besides providing a platform to deposit and earn from cryptocurrency, the investors were also allowed to use Bitpetite as a channel to move their funds from one account to the other. Bitpetite claimed that when they mixed their Bitcoins with the Bitcoins deposited by customers, no one would be able to know where the funds came from. This is a huge scam as the initial transaction where the money was being deposited still points back to the person that paid the deposit. To reap more from the hard work of the investors, Bitpetite was always encouraging them to make more deposits. It seems they started planning for their escape long before the website was disabled so that they would have a considerable amount at their disposal.
KerLaeda was informing the forum members that Bitpetite was gone and there was no hope that they would be coming back. It seems he was able to talk to some of the support staff who claimed that they had not received any directions from the owner and all their emails to her have not been answered. He advises people to remain careful so that they do not fall victim to the other sites that are coming up.
Merit seemed to have been scammed a lot of money that amounted to $54000 by Bitpetite. He was asking if there was an update that would help him to recover his funds and if this was not possible, he wanted to know if there was anything else that would be done.
Timerland says that Bitpetite is one of the scam websites. The website had promised high returns on their deposited which made them deposit huge amounts of funds. The website also claimed that they would mix funds so that no one would be able to trace where the funds came from at a fee. He claims that nothing would be done now that the website had been disabled and according to him, the admins must have covered up their track so that nothing would be tracked down to them.
These reviews are mostly complaints from those who invested and as of now, they do not know what step to take in order to recover their money. Bitpetite is a scam that had disguised itself in high-interest rates.
Bitpetite scam was evident from the start when they offered very high interest rates on investments. In such cases, it will be more prudent to only invest what you can afford to lose as you do not know what will happen next. Such sites can never be recommended and it will be advisable to look for another website.
The returns that the investors had been promised was unrealistic and there was no way Bitpetite would have sustained the website. The other huge scam that those dealing with Betpetite had been promised was the mixing of crypto so that no one would be able to trace them to the person who initially sent them. It is advisable that one should be cautious especially with sites that promise very high returns. Bitpetite scam should be enough lessons when choosing a crypto site.