Is Bitcoin Loophole a scam?
Is Bitcoin Loophole a scam?
Security

Is Bitcoin Loophole a scam?

By Marco Cavicchioli - 13 Apr 2020

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There is an alleged automatic bitcoin trading bot, called Bitcoin Loophole, which promises fictional returns. 

Depending on who proposes it, this bot promises returns of 77% in 7 days or even 88%

The first thing to be said is that these returns are obviously fake because it is absolutely impossible to guarantee such high returns, even when trading with cryptocurrencies. 

Actually, even those who promise 1% per day, or similar, are actually lying, because these are not realistically achievable returns, if not for short periods and with a lot of luck. 

In other words, anyone who guarantees such returns is probably lying. 

It is, therefore, safe to assume that Bitcoin Loophole is fundamentally a deceptive proposition, as it promises something that it will certainly not deliver. 

But there is more to it than that. 

In fact, proposals like this one do not just lie about returns. Usually, when someone proposes investments by lying, they often lie about everything and not just about the percentage of the return on the investment. 

To be more specific, in these cases it is not an investment, but only words that are used to convince naive people to give money to those who are proposing the scams. 

Therefore, not only are those returns fake, but it is even likely that the same bitcoin automatic trading bot does not even exist. 

However, these fake promises are sometimes packaged very well, even with real websites that show increasing numbers. Unfortunately, an inexperienced person might believe that those numbers are real and be convinced to send money to the platform. 

The deception is then revealed when trying to withdraw money from the platform. In fact, that money that the user believes they have earned doesn’t really exist, because what they see are just numbers created by the authors of the website to deceive the user. 

In fact, when attempting to withdraw significant amounts of money, for example equal to the amount initially paid, the withdrawal fails.

The operators of the platform, often anonymous or resident in foreign countries, make various excuses to try to justify the failure, but in the end, the only result obtained is to have given them money, without the slightest chance of seeing it again. 

This technique does not only concern Bitcoin Loophole, but also many other alleged automatic cryptocurrency trading bots, and these deceptions are always very easy to unveil, in that they promise stratospheric returns. 

In order to be able to propose investments that promise earnings to retail users, promoters must first obtain authorization from the country’s financial supervisors, and since proposals such as Bitcoin Loophole do not have these authorizations, they are to all intents and purposes considered as illicit offers. 

 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

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