Bitcoin Compass, analysis and opinions
Bitcoin Compass, analysis and opinions
Bitcoin

Bitcoin Compass, analysis and opinions

By Eleonora Spagnolo - 30 Jun 2020

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Bitcoin Compass is a website with opinions converging towards a single conclusion: better to be wary.

It is enough to make a first and preliminary analysis of the website to realize that it is too good to be true.

The website has a home page with the following header:

Bitcoin Compass

Bitcoin is making people reach and you can become the next millionaire.

Become the next millionaire. Who wouldn’t want to make money with as little effort as possible? To lure potential victims, the header goes on:

“See what famous people like Bill Gates and Richard Branson have to say.” 

And then there’s a video just below the text. 

It’s a mix of statements that begins with a news broadcast on CNN in which the presenter talks about Bitcoin, highlighting some of its main features: no taxation, no inflation. This is followed by statements by famous people, including Bill Gates and Richard Branson, who are in favour of Bitcoin. But beware! None of them say they got rich with Bitcoin, let alone thanks to Bitcoin Compass.

These are phrases extrapolated from their context and edited ad hoc. 

Bitcoin compass screenshot

Bitcoin Compass, a fictional world

Let’s keep going. As we scroll through the home page, it’s like we’ve landed on a fictional world. 

This is how Bitcoin Compass describes itself: 

“The BitcoinCompass is a group reserved exclusively to people who jumped on the insane returns that Bitcoin offers and have quietly amassed a fortune in doing so.

BitcoinCompass Members enjoy retreats around the world every month while they make money on their laptop with just a few minutes of “work” every day”.

Amazing, a few minutes of work a day to get rich. 

But how does Bitcoin Compass work? The website explains that it has an accuracy level of 99.4% and that it is super technological because the software precedes the market trend by 0.01 seconds. And that makes it the best trading app on the market. 

If that were true, that would be amazing. 

On top of that,

“Bitcoin Compass has won a number of awards. The most recent award we have had the honor of receiving is getting #1 in the trading software category for the US Trading Association”.

Reliable? No, because a brief search on Google is enough to find that there is no trace of any US Trading Association. 

Scrolling through the home page, there are also reviews (surely fake).

Mark K. says he’s been a member of Bitcoin Compass for 47 days, which was enough to earn his first $100,000.

Jennifer A. says she’s living the dream and already retired despite looking very young in the picture. 

Ernest I., a male name with a beautiful female face, says he’s a Wall Street investor who hasn’t made that much money in 10 years. 

And then there’s Steven H., fired and desperate, who now makes $1,261 a day. 

Finally, there’s the explanation of how Bitcoin Compass works: you have to register (for free), invest at least 250 dollars, and then allow the trading algorithm to operate automatically or set it manually. 

Any doubts? The website tries to clarify things and explains that:

  • The average earnings are $1,300 a day;
  • The time required is 20 minutes, the rest is done by the software;
  • Earnings are unlimited, but it takes about 61 days to earn the first million (!);
  • The software is free of charge;
  • It’s not an MLM or affiliate marketing system, which means users don’t earn by bringing in other investors;
  • There are no hidden fees;

All too good to be true. And in fact, reading online opinions on specialized websites, no one has ever gotten rich, indeed many say they have lost money and have resorted to other companies to recover it.

Only the disclaimer in the footer of the website seems to say something reliable and true: 

“Important Risk Note: Trading can generate significant benefits but also involves a risk of partial or full funds loss and should be considered by initial investors”.

Here is where the truth lies: automatic trading systems like Bitcoin Compass do not generate profit in a short time, simply because the cryptocurrency market is as risky as all markets. If anything, the high volatility of crypto assets can lead to rapid gains and equally rapid losses. 

Investing in Bitcoin Compass will far more likely lead to saying goodbye to your money rather than getting rich. And then you have to prepare for a long and arduous journey to try to make up for what you lost. Another reason to be wary, the website does not indicate a location or contact details but there is only a generic form. In short, there are no interlocutors.

Bitcoin Compass and similar

There are far too many software like Bitcoin Compass, all with the same interface, and all using unsuspecting celebrities as testimonials. But it’s fake! None of them have become rich with Bitcoin Compass. Ranging from Italian chef Antonino Cannavacciuolo to Microsoft founder Bill Gates, passing through (ex) royalty Harry and Meghan, the list of fake testimonials for these apps is long. 

Unfortunately, social networks often propose fake news about the fantastic earnings of these famous people. 

It is important to be very careful and verify the authenticity of the websites. It only takes a bit of common sense to understand whether a website is a copy of an authoritative news site. 

Finally, it is always recommended to keep in mind what we said before: if something is too good to be true, it is simply not true. 

And Bitcoin Compass is way too good to be true. 

 

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

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