Bitpetite was once a website that offered a platform for investors to trade in Bitcoins or other cryptocurrencies, where returns that amounted to 4.5% were earned daily. The crypto site is now offline; its website is disabled. Looking at the records in the archives, I noted that Bitpetite was set up on 17th July 2017, and the operations went on for two months before the site became unreachable. The company claimed that the money transfer process had been secured and that no one would be able to know the financial transactions of the investor. The location of the website is unknown, and this further proves that Bitpetite was a scam. The

Bitpetite scam was planned in such a way that those who were the first investors had no way of knowing that it was not a legitimate site. Investors were informed that this was a tumbling website where the money deposited by the investors was mixed with what the company owned, and in doing this, it was impossible to track the financial transactions of the investors.

To benefit from the services that Bitpetite used to offer, there was a commission that was charged on the transactions. The fee was 0.5% of the amount that was being transferred, and for all receiving addresses, there was a 0.0005 Bitcoin fee that was charged. If you wanted to make it even more difficult for anyone to track your transactions, you had to pay a higher fee, which I find quite suspicious. The lesser fee and the mixing of an investor’s Bitcoins with the Bitcoins that belonged to Bitpetite were supposed to create anonymity in the transactions, but as it is, this was another scam that was geared towards extorting more money.

Bitpetite claimed that the technology used on their website was very high to ensure that every transaction is untraceable. Bitpetite scam is further shown by the failure to disclose the owner or their location. The reason for this could be to avoid getting tracked down after they are done scamming investors of their hard-earned money.

It seems that English was the only accepted language by Bitpetite, as the dialogue box to facilitate the switching from one language to the other was unavailable. The number of users at the time that the website was online was not provided as well which makes it difficult to know if this was a popular crypto site or not. People from different countries worldwide were able to transact on this platform. I was, however, able to find out that by September 2017, the global Alexa ranking for Bitpetite was at 13, 795 which means that it was a popular website. The people who mostly interacted with the website were from the United Kingdom, Spain, Russia, the United States, Brazil, and Venezuela, among others.

The website that hosted Bitpetite did not partner with other cryptocurrency sites for the time it remained online. Investors were able to access the website on any device, including Android phones. Customers could be able to transact using Bitcoins to US dollars, Bitcoins to Bitcoins, Ethereum to US dollars, and Ethereum to Ethereum.

Whenever there was a need to communicate with Bitpetite, one was able to make a Skype call or send an email using the provided contact form.

How Does Bitpetite Work?

The following is how the transactions at Bitpetite were carried out:

• The first step was to open an account where you were not expected to provide your actual details.
  Once you get your account ready, you are supposed to make your deposit. The least amount of deposit is 0.005, where you were allowed to either let the deposit remain inform of cryptocurrency or change it into US dollars. You were allowed to open more than one account as long as you did not indicate any referral connection among the multiple accounts.
• The return on the deposit was quite high, where one was able to earn almost 4% during business days and 1% on weekends. It is not clear how Bitpetite was able to issue such high profits daily. It is possible that those who had joined the site earlier were paid with the deposits that the recruits were depositing. When they could no longer sustain this, they closed down and disappeared with what remained of the deposits.
• If you wished to send or transact using Bitcoins, Bitpetite had offered to carry out the transaction on behalf of their clients at a fee. It was claimed that the transactions were anonymous and that they would not be traced back to the Bitcoin owner. The only proof that one could use to prove that there was an ongoing transaction was a receipt that was issued. This is not enough evidence, as it is possible to denounce i,t, or in this case, when the website closed down, some clients remained holding onto the receipts with hopes that the website would be online again.

Bitpetite Features and Services

1. Bitpetite claimed that they were open to transact with any person, where all that was required as the minimum deposit was 0.005 bitcoins.
2. Investors were given the freedom to choose their preferred interest rate and the deposit terms they were most comfortable with.
3. There were high and regular returns, where the returns on weekends were 3.97% and 1% during weekends.
4. Withdrawals from customers’ accounts were done on demand without any delay or additional fees.

Bitpetite gave a chance to the customers to choose either to have their money remain inform of Bitcoins or any other cryptocurrency in dollars. If this were done, the interest was calculated in US dollars, but if an investor chose to have the deposit remain in the same way, the interest was calculated in the form of that currency. For instance, if you deposited 0.025 BTC for 9 weeks, the interest rate on business days was 4.5% which would make the daily net income 0.001125 BTC. This would make the total returns 147% of the initial deposit, and at the end of the nine weeks,  the amount earned would be impressive.

Bitpetite, just like many other crypto sites, had not provided a guarantee that these high yields would be achieved in the end. It is a fact that there were a lot of investors who lost thousands of dollars when the site was shut down, and they still hope that things will change one day.

Bitpetite Cost

Bitpetite requires that investors deposit funds into their account for up to 9 weeks, within which returns of 3.97% on every business day.

Besides providing a platform to deposit and earn from cryptocurrency, the investors were also allowed to use Bitpetite as a channel to move their funds from one account to the other. Bitpetite claimed that when they mixed their Bitcoins with the Bitcoins deposited by customers, no one would be able to know where the funds came from. This is a huge sc, as the initial transaction where the money was being deposited still points back to the person who paid the deposit. To reap more from the hard work of the investors, Bitpetite was always encouraging them to make more deposits. It seems they started planning for their escape long before the website was disabled, so that they would have a considerable amount at their disposal.

Bitpetite Reviews

KerLaeda was informing the forum members that Bitpetite was gone and there was no hope that they would be coming back. It seems he was able to talk to some of the support staff who claimed that they had not received any directions from their own,  er, and all their emails to her have not been answered. He advises people to remain careful so that they do not fall victim to the other sites that are coming up.

Merit seemed to have been scammed out of a lot of money that amounted to $54000 by Bitpetite. He was asking if there was an update that would help him recover his funds, and if this was not possible, he wanted to know if there was anything else that would be done.

Timerland says that Bitpetite is one of the scam websites. The website had promised high returns on the deposits made them deposit huge amounts of funds. The website also claimed that they would mix funds so that no one would be able to trace where the funds came from at a fee. He claims that nothing would be done now that the website had been disabled, and according to him, the admins must have covered up their tracks so that nothing would be traced down to them.

These reviews are mostly complaints from those who invested as of n;w, they do not know what step to take to recover their money. Bitpetite is a scam that has disguised itself as high-interest rates.

Conclusion

Bitpetite scam was evident from the start when they offered very high interest rates on investments. In such cases, it will be more prudent to only invest what you can afford to lose, as you do not know what will happen next. Such sites can never be recommended, and it will be advisable to look for another website.

The returns that the investors had been promised were unrealistic, and there was no way Bitpetite would have sustained the website. The other huge scam that those dealing with Betpetite had been promised was the mixing of crypto so that no one would be able to trace them to the person who initially sent them. It is one to be cautious, especially with sites that promise very high returns. The  Bitpetite scam should be enough lesson when choosing a crypto site.