Bit-ATM Review: 3% a day crypto ATM Ponzi scheme
Bit-ATM provides no information on its website about who owns or runs the company.
Bit-ATM’s website domain (“bit-atm.net”) was privately registered on July 29th, 2020.
Despite not existing until a few months ago, on its website Bit-ATM claims ‘we started with our business on Bitcoin boom back in 2017.’
Alexa ranks Venezuela (16%), Russia (9%) and India (6%) as the top three sources of traffic to Bit-ATM’s website.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Bit-ATM has no retailable products or services, with affiliates only able to market Bit-ATM affiliate membership itself.
Bit-ATM’s Compensation Plan
Bit-ATM affiliates invest USD or bitcoin on the promise of a perpetual 3% daily return.
Referral commission son invested funds are paid out down three levels of recruitment (unilevel):
- level 1 (personally recruited affiliates) – 10%
- level 2 – 3%
- level 3 – 1%
Bit-ATM affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $10 or 0.0009378 BTC investment.
Bit-ATM represents it generates external revenue via a crypto ATM network.
BIT-ATM is a network of ATM terminals around the world. This gives a possibility to buy or sell cryptocurrency to anybody either with cash or by credit card.
Our engineers found a technical solution, which allowed using our ATMs for mining cryptocurrency. It is not a cheap deal, but this allows us to ensure additional income for our investors.
Supposedly revenue is generated via exchange fees and crypto mining.
Not evidence of Bit-ATM having exchanges or generating mining revenue is provided.
Furthermore Bit-ATM’s business model fails the Ponzi logic test.
If Bit-ATM’s anonymous owner already has ATMs in place capable of sustaining a 3% daily return, what do they need your money for?
As it stands the only verifiable source of revenue entering Bit-ATM is new investment.
Using new investment to pay Bit-ATM affiliates a perpetual 3% daily return makes Bit-ATM a Ponzi scheme.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve Bit-ATM of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of investors lose money.