Bitpetite is a “bitcoin tumbler” that promises to offer secure money transfer services over the bitcoin network. Read our Bitpetite review today to find out how it works.
What Is Bitpetite?
Bitpetite, found online at Bitpetite.com, appears to be a legitimate bitcoin money transfer platform at first glance. However, a closer look reveals that the money transfer service is basically a “front” for a high interest pyramid scheme.
Basically, anyone who transfers money over Bitpetite pays a fee. A portion of this fee gets passed to Bitpetite’s investors. The bitcoin users, meanwhile, pass their coins through a mixer in exchange for a fee.
Bitpetite claims to pay investors a minimum of 3.60% per day, every day – guaranteed. In fact, Bitpetite claims many investors will generate more than that.
Obviously, an ROI of 4% per day works out to over 1,000% returns per year – which is ridiculous for a guaranteed investment. Let’s take a closer look at how Bitpetite works to see if it’s a legitimate investment opportunity – or if it’s a complete scam.
How Does Bitpetite Work?
Here’s the basic process by which Bitpetite operates:
Step 1) Money Transfer:
Bitpetite provides secure money transfer services over the bitcoin network. The company isn’t totally upfront about how its bitcoin “mixer” or “tumbler” services work, or even what users pay for the service.
Step 2) “The Process”:
Bitpetite claims that its system “requires dynamic funding in order to run effectively”. Money from investors will “improve the performance of our service.”
Step 3) “The Result”:
Bitpetite charges a fee for using the service. “This enables us to work on developing our system and to pay our investors their earnings.”
As far as we can tell, Bitpetite is a blatant money transfer scam that convinces users they need to pay an additional fee to “securely” transfer money over the bitcoin network. You enter bitcoin addresses into the platform – the platform doesn’t process fiat currencies in any way. All Bitpetite is doing is taking your money as it passes through the bitcoin network. It’s possible that your money gets passed through a tumbler, or it’s possible that your money disappears along the way. It’s tough to find unbiased reviews online.
Bitpetite charges a “minimum service fee” of 0.5% of the amount transferred. The company also charges an additional fee of 0.0005 BTC for each receiving address.
Bitpetite describes that 0.5% fee as the “minimum” fee, so it seems likely most users will pay a significantly higher fee than that.
Obviously, you don’t need to pay a fee (outside of the miners’ fee) for transferring money between two bitcoin addresses. The only reason you’d want to use Bitpetite is if you wanted to put your coins through a “mixer”.
The Bitpetite Mixer
Bitpetite takes a while to explain the point of its money transfer services, but it finally gets to it: the platform acts as a mixer. You send bitcoins through the platform to another bitcoin address. The bitcoins you receive at your receiving bitcoin address will be the same amount as the ones you put into the platform (minus Bitpetite’s fees). However, they may not be the same bitcoins (i.e. different bitcoins on the blockchain).
Here’s how the company explains its mixer:
“Our privacy protection technology includes sending funds to multiple customer purses at once, deferred transactions, and random service fees. We keep no records of our customers’ operations.”
Ultimately, it’s not totally clear how Bitpetite’s mixer services work, and I’m still not convinced the platform isn’t a scam. There are more reputable mixers on the market today. Bitpetite may not even have any type of mixer system in place. The company may just allow you to send bitcoins to multiple addresses.
Whether or not Bitpetite’s mixer services are legitimate, the company’s investment platform seems to be an obvious scam.
Bitpetite Investment Packages
Bitpetite offers two investment options:
- 147% ROI after 6 weeks
- 180% ROI after 9 weeks
You earn 3.97% ROI on working days and 1% on weekends with a minimum deposit of 0.005 BTC.
In addition to making money through Bitpetite’s guaranteed investment plans, the company lets you make money by referring new people to the service. Bitpetite has a three tier investment structure that pays 10%, 5%, and 2% down all three tiers.
Conclusion: Is Bitpetite A Scam?
Bitpetite, to be fair, appears to be more legitimate than other bitcoin investment websites. The company at least appears to have a service in place – they operate a bitcoin mixer and charge a fee.
However, it’s not totally clear how Bitpetite’s mixer works, or if it even functions as a mixer. The real shady part of the Bitpetite platform, however, comes from the fact that the company advertises enormous interest rates to investors – like 147% to 180% after just a few weeks. We can find no reports that the company has paid anyone, and we don’t believe anyone has successfully withdrawn money from the company (if somebody tells you they’ve successfully withdrawn money, it’s likely because they want you to join through their affiliate link).
Ultimately, Bitpetite seems to be some type of high yield investment program (HYIP) hidden behind a shady bitcoin mixer. There are way better ways to spend your money online than on bitcoin scams like Bitpetite – and there are better, more reputable bitcoin mixers available.