What is Bitcoin System?
Well firstly, let's do a search and see what we receive as results on Google for Bitcoin System as a search:
So we have some interesting results here. Firstly we have two separate websites that claim to be the same site. This is very unusual that two identical websites would rank well on Google as the Google AI would usually identify them as plagiarism and therefore demote whichever site it took to be counterfeit. The fact that they are ranked at the top by Google presumably means that they are not the same website at all, just different companies claiming to be the same website.
Which is the Real Bitcoin System?
Let's have a look at the first website, https://bitcoinsystem.app/ and see who owns it and what it is proclaiming.
Firstly, they have a large graphic depicting some sort of trading screen, so let's have a look at that:
So this is somewhat confusing as this screen is showing stock positions for the following companies:
TWTR - Twitter | FB - Facebook | NFLX- Netflix | AAPL - Apple |
as well as a couple of other companies. None of this has anything to do with Bitcoin at all. This website is fraudulent and is trying to trick people into something before they read the fine print. BEWARE!
Next to this image is a sign-up box that requests you enter you name, email and phone number, even though no one has explained what this website is and what you are signing up for. This is highly suspicious behaviour and is typical of something called a boiler room scam.
Is Bitcoin System a Boiler Room Scam?
The modern boiler room relies on several different ingredients to defraud people out of their money and is based around using your mobile phone along with the internet to defraud you. They do this using affiliate networks to produce content that suggests their products are useful and profitable when really they are just a scam.
The Bitcoin System is the first part of the scam, in that it is associating the scam with something you have probably heard of in the news where it would've been associated with making lots of money. The idea is that the website will allow you to make money without any knowledge of trading, any luck or a large deposit. All of which is a lie of course. The usual scam consists of pretending that they have developed a system that uses artificial intelligence to make trading decisions on your behalf. They are often referred to as auto-trading robots or trading bots. These robots are a fantasy and if they were effective they would drastically change the balance of power and money on Earth forever.
Why Do So May Reviews Recommend Bitcoin System?
The second part of the scam is the fake review sites that plague the internet alongside these boiler room scam sites. The fake review sites are simply different affiliates using a two-stage approach to the scam. They make up a fake review that states the software or website is a good idea for investment and then the click through to a sign-up page belonging to the fake review sites where they can collect their own affiliate fees from the scammers. This is important as it keeps the reputation of these idiotic scams out of the gutter where they belong.
Carrying on down the website, they go through the history of Bitcoin. This is a fake association as we have already seen that this website is not related to Bitcoin. They have simply added this to try and gain integrity in the eyes of the reader. The Bitcoin System is not linked to as an app and there is no visible means of logging into the system. It just appears to be a website full of lies trying to get your details so that they boiler room scam brokers can phone you and trick you into depositing money that they will take. We can see if we try to login that this system is redirecting us to the same page over and over.
It is obvious from the screen recording here that this site is trying to connect you to a broker rather than supply you with a product or app. This is the nature of the boiler room scam affiliates. They will tell you anything to get you signed up with the boiler room scam scammers and collect their fee.
Are Any Bitcoin System Sites Legit?
If we have a look at the next site in the list of results from Google, we can see it is https://bitcoin-system.site/ and that it has the rather preposterous title, 'Bitcoin System ™ - The Official Website 【Most Updated 2023】' presumably to tempt anyone away from the lead ranking site by being slightly more updated. This is an obvious indicator that this site will be exactly the same type of affiliate scammer as the last but let's have a quick look to confirm this:
Once again it is a site that pushes you to sign-up first, without explaining what the site is or what they are offering. No bonafide trading site wants people to sign-up to something they do not understand, caution must be taken here.
They then have a quote explaining their mission statement:
The team believes that everyone should have a chance to trade on Bitcoin, as well as other cryptocurrencies and assets. That’s why Bitcoin System was designed to accommodate the needs of beginners, professional traders, and anyone in between.
Well if this is true then the system must be some sort of buying and selling app mustn't it? Where do we find this app or software?
What Happens if you Register with Bitcoin System?
When we tried to login we discovered that this is exactly the same people as the last website as it told us we were already registered. So why run two sites with the same sign-up database? Well simply because these sites are taken down or compromised all of the time because they are fraudulent, and so the affiliate scammer operators of these sites want to be ready to take front row when their current site is taken down b the hosting company because too many people have reported it as fraudulent.
Other versions of the same site can currently be seen here: https://dailymarketinsider.com/cm7/bitcoin-system-2/, https://mybitcoinsystem.com/en/?MPC_1=-1, https://novasecureoffer.com/sys/index.php and https://bitcoinsystem.invest-club-en.com/new2/
Let's have a look at one of these more temporary websites:
Well it is quit impressive with an animated background and lots of expensive looking cars and slender people galavanting around. It seems a bit too good to be true. And there is a reason for this.
Is Bitcoin System in Beta Testing?
Firstly they are saying that investing in Bitcoin but that would be extremely unwise at the moment as it has just dropped 40%. They go on to say that it is a beta test but that they received real money. Beta testing is when you send people out onto a system that is undergoing UAT or User Acceptance Testing. This means that the system has been bug tested by developers but is not ready for release, so you would never, never, ever connect such a system to real banking gateways, it might fire all of your money into an unknown account! This is our first big red flag!
How Much Money can I Make From Bitcoin System?
Next they go on to say that you can make $550 USD per hour from Bitcoin. Now this is just plain stupid. Bitcoin is a cryptocurrency that goes up and down and even CFD options trading or spread-betting cannot guarantee a regular $550 USD income. You might make more, you might make less, but you will never get an hourly wage. This is our second big red flag!
Has Bitcoin System Featured in the Media?
Another bad sign is their claim that they have featured in Forbes, CNN and WSJ which is patently untrue. If this had been shown as real in those magazines, why would it still be in the testing phase? How would they have reviewed it? And of course you would have heard of it by now. No, there is no doubt about it, here is our third big red flag!
They they go on to explain that this guy is known as the $100M man and that he was a software developer and is now an investor, I think we've seen enough of this video - it is nonsense!
Now we read: The Bitcoin System is a group reserved exclusively to people who jumped on the insane returns that Bitcoin offers
This is exactly the same scammer nonsense on every one of these sites, word for word! This is the next big red flag!
Now there is another picture if the alleged Steve McKay who has a different stock photo every time.
Lastly, always read the small print first - they have updated their small print recently:
REGULATION & HIGH RISK INVESTMENT WARNING: Trading Forex, CFDs and Cryptocurrencies is highly speculative, carries a level of risk and may not be suitable for all investors. You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose. Please click here to read a full risk warning. Bitcoin System is a technology, marketing and advertising service. Bitcoin System does not gain or lose profits based on your trading results and operates as a technology, marketing and advertising service. Bitcoin System is not a financial services firm and does not operate as a financial services firm and is only used as a marketing tool by third party advertisers and brokers to attract customers. Its your obligation to check and decide weather the broker you were connected to applies to all local rules and regulations and is regulated in your country jurisdiction and is allowed to receive customers from your location your are in, before you fund your account with the broker and start trading with it. please report Bitcoin System (because we can't be bothered to check) if you find that the broker assigned to you is not regulated in your jurisdiction so we can cancel your account with Bitcoin System.
We are required to tell potential investors that our software's past performance does not necessarily predict future results, therefore you should not speculate with capital that you cannot afford to lose.
USA REGULATION NOTICE: Option trading is not regulated within the United States. Bitcoin System is not supervised or regulated by any financial agencies nor US agencies. Any unregulated trading activity by U.S. residents is considered unlawful. Bitcoin System does not accept customers located within the United States or holding an American citizenship.
SITE RISK DISCLOSURE: Bitcoin System does not accept any liability for loss or damage as a result of reliance on the information contained within this website; this includes education material, price quotes and charts, and analysis. Please be aware of the risks associated with trading the financial markets; never invest more money than you can risk losing. The risks involved in trading Forex, CFDs and Cryptocurrencies may not be suitable for all investors. Bitcoin System doesn't retain responsibility for any trading losses you might face as a result of using the data hosted on this site.
LEGAL RESTRICTIONS: without limiting the undermentioned provisions, you understand that laws regarding financial contracts vary throughout the world, and it is your responsibility to make sure you properly comply with any law, regulation or guideline in your country of residence regarding the use of the Site. To avoid any doubt, the ability to access our Site does not necessarily mean that our Services and/or your activities through the Site are legal under the laws, regulations or directives relevant to your country of residence.
Please note that Bitcoin System receives advertising fees for directing users to open an account with the brokers/advertisers and/or for driving traffic to the advertiser website.
That surely is everything you need to know - it is all lies and is designed to deceive those who do not read the small print.
Can Bitcoin System Make a Profit?
MT4 ForEx robots can make a profit under certain circumstances with certain conditions imposed but will never be able to trade successfully for long. MT5 robots can trade ForEx, CFDs (illegal in the states) and Stocks but no algorithm is going to continually make a profit that will be allowed to be sold to the public, it would destroy the economy almost overnight.
VERDICT, BITCOIN SYSTEM IS A: SCAM