Bitcoin Vault is a sort of Bitcoin “fork” that is making people talk about itself both for its price and for its functionality. It provides an exceptional level of security “based on a three-private-key security structure. It features all the convenience of Bitcoin while adding important features allowing user transparency and freedom”.
Launched in December 2019, the price of the BTCV crypto has experienced a relentless rise, able to withstand even the collapse of markets in mid-March. However, after its peak on August 7th, when it reached almost $500, stopping at $491, the price now seems to be in freefall.
Suffice it to say that yesterday, according to CoinMarketCap data, it suffered a retracement that from 426 dollars brought it to fall down to 163 before recovering. Today it is traded at 293 dollars, with a daily loss of about 22%.
This collapse would be due to an article saying that Bitcoin Vault is yet another pyramid scheme. To confirm that things have been going wrong in recent days, there is also the fact that the website is currently offline.
Bitcoin Vault, opportunity or pyramid scheme?
Bitcoin Vault not only provides a high standard of security but also sells packages to mine the cryptocurrency.
Reading the comments on Twitter, the return seems guaranteed. But there are others that are quite negative.
There is also an Italian community, but it only allows subscribing to the crypto mining plan, which has a link to Mining City.
The packages include an initial cost that starts from 300 dollars and goes up to 12,600 dollars. Those who make the purchase, buy a quantity of hashrate with which to mine the crypto. Guaranteed returns are from $7,000 up to $351,900.
What is promised by the promoters is that with the increase in the price of the crypto, users will get richer. Something that happened perhaps until a few days ago.
Looking at the official Telegram channel, it seems that the only thing that is promoted are the mining packages with special offers.
In short, except for some interesting features, it seems that it is financed by selling mining packages, whose profitability is yet to be seen.
Bitcoin Vault in fact claims to be a long-term store of value, “with complete peace of mind”. They claim it’s “anti-theft” because every transaction can be reversible within 24 hours, which would allow recovering stolen funds. Finally, it offers solutions for companies.
Currently, there are few exchanges that trade Bitcoin Vault, and all of them are “minor”.
At the moment it is difficult to say whether it is worth investing in BTCV or whether it is better to stay away, but a couple of tips are still valid:
- Never invest money that you are not willing to lose;
- Be wary and therefore carefully evaluate any investment that foresees exceptional gains.