The Bitcoin revolution globally has been one of the most impactful means through which people have transformed their financial status; people keep becoming rich off Bitcoin and crypto trading in general. A report claims that there are currently a little over 18,000 crypto trading Millionaires (in United States Dollars) globally, and still counting. It means that close to 20,000 have raked in more than 1 million dollars from being involved in the Bitcoin and cryptocurrency trading world. Crypto trading bots take a great part of these stats.
We should note that some of these persons have raked in far more than 1 million dollars, with some having already made millions in their tens – if not hundreds and more and more by using trading bots in crypto trading. There are others that have bagged tens and hundreds of thousands for themselves. Africans, and indeed Nigerians, are not left out.
The most amazing thing is that crypto trading bots are a continuing trend, with more rich persons and millionaires being made out of the crypto trading world. However before we further examine the success stories created by bitcoin and cryptocurrencies in Nigeria and Africa, we have to first understand what they are all about.
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Unlike binary options Nigeria, a cryptocurrency is a digital or virtual medium of exchange that is secured by cryptography and based on blockchain technology. Traditionally, to purchase any product, you have to use Fiat currency – Dollars, Euro, Pounds, Rupee, Yen, Yuan, or Naira, amongst others. However, this system is full of irregularities and inconsistencies. The system is incredibly slow, where you have to exchange currencies to another, even though we are in a globalised world. There is also the issue of privacy. All these issues are fixed by cryptocurrencies.
Bitcoin (which is discussed in more detail below) is the first cryptocurrency to be created and the most popular, most capitalised and most used of all cryptocurrencies. After the founding of Bitcoin in 2009, several other cryptocurrencies have been developed and got launched in the market. According to experts, there are currently over 5,000 cryptocurrencies in circulation and at least as many are traded via the crypto trading bots. Together all these other coins are known as altcoins in technical terms. This is short for “Alternative Coins”. Of all these thousands of altcoins, there are a number of them that lead the pack in terms of popularity, frequency of use and of course, capitalisation. They include Ethereum, Ripple, Tether, Bitcoin Cash, and Litecoin. Together all existing coins are worth over $350 billion. All of these can be traded via crypto trading bots of today.
Bitcoin Loophole claims to be one of Bitcoin cryptocurrencies trading bots, that promises to generate as much as $13,000 for traders per day. We didn’t pay for Bitcoin Loophole trading bot but we did a thorough search online and made some observations. Outlined below are some of those observations:
1) “Award-Winning” Trading Bots
The promoters of Bitcoin Loophole claim it is an “award-winning” trading bot or software but there is no evidence to back that claim up. In fact, Bitcoin Loophole trading bot was created very recently and could not have bagged any awards.
2) Promises of No Loss
In various marketing materials for Bitcoin Loophole trading bot, those behind it claim that there is no way you can make losses with it. That is utterly impossible, as Bitcoin and crypto prices are ever volatile and could move against one. However what is more instructive is that upon signing up, you start to see messages like:
“Bitcoin Loophole does not accept any liability for loss or damage as a result of reliance on the information contained within this website.”
Then there was the message stating: “You may lose some or all of your invested capital, therefore you should not speculate with capital that you cannot afford to lose.” Before signing up, the representation was that you can make no losses at all.
3) Unclear Purpose
Upon opening the well-designed website of Bitcoin Loophole trading bot, you find this message:
“Profit of the bitcoin with Bitcoin Loophole. Bitcoin Loophole is a cryptocurrency auto-trader and manual trader.” For one, let’s accept it is a “cryptocurrencies auto-trader”, but what then is “manual trader?” If there is anything like a manual trader, it should mean a human trader and not software. This is too much of an evident red flag.
4) $13,000 per day?
Bitcoin Loophole makes the bogus claim that you can make $13,000 per day when you trade with it. It also adds that there are lots of its users that have become millionaires in just about 61 days. This is a very spurious claim. $13,000 per day on what initial investment? That is not answered. Then there is no assurance of any consistent daily income in the crypto trading bots world, even if you are doing leveraged margin trading.
5) Paid Content
A casual Google search on Bitcoin Loophole trading bot will reveal an article by Associated Press (apnews.com). Don’t fall for this. Right above the title, “Bitcoin Loophole Review 2020 – Is it really a Scam?” published on May 22 is a banner message stating: “PRESS RELEASE: Paid content. Press release content. The AP news staff was not involved in its creation.”
With the above and more, you might better stay away from Bitcoin Loophole.
Of the total $350 billion market cap for all cryptocurrencies, Bitcoin alone is responsible for at least $100 billion. It is also the most used cryptocurrency, and its price movements largely dictate the direction of most of the other cryptocurrencies.
Bitcoin has ultimately changed and transformed the way people live and do business in significant ways in Nigeria and all over the world. Summarised below are the benefits which the Bitcoin revolution has brought about in Nigeria.
For one, conducting international transactions is quite difficult. Different countries spend different currencies, and even though we are in a much-globalized world, we still have to exchange currencies to one another to facilitate international trade. With cryptocurrencies such as Bitcoin, you can easily send money from your wallet to that of the recipient without many hassles.
Under cash/credit systems, your entire transaction history may become a reference document for the bank or credit agency involved, each time you make a transaction. At the simplest level, this might involve a check on your account balances, to ensure that sufficient funds are available. For more complex or business-critical transactions, a more thorough examination of your financial history might be required. This complexity is not the case with Bitcoin.
Another important advantage of using Bitcoin is that each transaction you make is a unique exchange between two parties, the terms of which may be negotiated and agreed in each case.
This guards the privacy of your financial history and protects you from the threat of account or identity theft which is greater under the traditional system, where your information may be exposed at any point in the transaction chain.
You’ve no doubt read your monthly account statements from the bank or credit card company, and get surprised at the level of fees imposed for cashing checks, transferring funds, or breathing in the general direction of the finance houses involved. Transaction fees can take a significant bite out of your assets – especially if you’re performing a lot of transactions in a month.
With Bitcoin and similar crypto trading bots, there are no account managers, so you only pay minimal fees per transaction.
In a traditional banking or credit card system, you effectively turn stewardship of your funds over to a third party that can exercise the power of life or death over your assets. Accounts may be closed without notice for infringements of a financial institution’s Terms of Service – requiring you as the account holder to jump through hoops in order to get yourself back into the system.
With Bitcoin and similar crypto trading bots, you are the sole owner of the corresponding private and public encryption keys that make up your cryptocurrency trading network identity or address.
Bitcoin Revolution is a mobile app that claims to specialize in automated trading bots. Just like you find with Bitcoin Loophole review above, you need to commit some funds with Bitcoin Revolution trading bot after which it should start trading and making passive income on your behalf. But not so fast. There are a number of things we’ve noted about Bitcoin Revolution trading bot, based on some checks conducted online. They are summarised below:
1) Advertising using celebrities
Bitcoin Revolution trading bot adorns its website pages with videos of finance, business and investment celebrities talking about and endorsing bitcoin and cryptocurrencies and developing trading bots. The celebrities include former Microsoft CEO, Bill Gates, Virgin Group chairman Richard Branson and Eric Schmidt of Alphabet (Google). These investors were however not endorsing Bitcoin Revolution in itself. We see this as a marketing ploy to lure unsuspecting investors into associating these billionaires with Bitcoin Revolution trading bot so that it can look legit.
2) Paid Content
It seems it is a common playbook among these kinds of schemes to pay for content on credible platforms on crypto trading bots.
In this case, a review of Bitcoin Revolution was published on MarketWatch on June 30, 2020, with the headline: “Bitcoin Revolution Review [Tested] – Scam App or Legit? Proof of Results”. Just below the headline, you see the disclaimer, “The MarketWatch News Department was not involved in the creation of this content.”
And of course, when you read the article, you don’t find any “proof of results.” That’s however not all: you remember the article paid for by Bitcoin Loophole to get published on Associated Press (AP)? Well, we have something of that exact sort here. A paid article on AP about Bitcoin Revolution with the title, “Bitcoin Revolution Review — Is it a Profitable Investment?” was published on May 21, 2020 – just a day before that of Bitcoin Loophole was published.
3) Unrealistic Returns
Bitcoin Revolution trading bot requires you to put up a minimum amount of $250, the same amount as Bitcoin Loophole. This crypto trading bot urges you that you can also put up more if you so desire. Similarly, the trading bot promises you will make at least $1,000 daily, with returns as high as 300% of initial capital daily. This translates to become a whopping 9,000% on a monthly basis – and this is recurring.
With the above system, Bitcoin Revolution trading bot claims that you can become a millionaire in 61 days, exactly the same promises made by Bitcoin Loophole crypto bot as seen above.
Don’t get us wrong, we are definitely not blacklisting Bitcoin Revolution or naming them an outright crypto trading bot scam, but there are just too many evident warning signs that they are not really legit trading bots.