We investigate a website that calls itself The Bitcoin Code that claims you can earn $13,000 in 24 hours. The site claims to be operated by a software developer called Steve McKay.
The site vaguely claimed you can “ride the wave of Bitcon” and user the Bitcoin to become rich with a matter of days. The site operates from a number of domains including thebitcoincode.cc and thebitcoincode.com, and these were registered in July 2017.
What is The Bitcoin code?
Despite its vague claims that you can make money with Bitcoin, it soon transpires that this is just another Binary Options get-rich-quick scam. These are scams that claim you can get rich but in reality are just attempting to lure visitors to risky and unregulated Binary Options trading brokers.
What is a Binary Options get-rich-quick scam?
This refers to a scheme that deceives a victim by deliberately luring them into believing they can make significant money by trading with Binary Options trading software. The scheme will dress up Binary Options as a “secret” or “underground” method of getting rich.
Binary Options trading is where an investor attempts to predict whether a specific stock will rise or fall in value over a short period of time. If the investor predicts correctly they get a return on their investment, but if they predict incorrectly then they lose their investment.
It’s an alternative and less popular version of traditional trading, and it is poorly regulated. Additionally, most finance experts agree that Binary Options is similar to gambling. As such, there is no way to “beat” Binary Options or to “game” the system. There is no secret software or methods that can be used to guarantee wealth using Binary Options trading. Binary Options get-rich-quick scams have many similarities to schemes that falsely claim to help you beat online casino games.
These get-rich-quick scams use a variety of deceptive and misleading sales tactics to trick victims into signing up for Binary Options brokers by asserting that they can get rich by doing so. The Get-Rich-Quick scammers are paid a commission for referring victims to a Binary Options broker.
Those who sign up are required to pay an initial deposit into their broker account, and most will ultimately lose that money.
In the case of The Bitcoin Code, when we signed up we were referred to a broker called CFD Stocks. However it is possible the scheme uses many different brokers.
You can read more about Binary Options get-rich-quick scams in our article here.
Misleading sales tactics
Like all of these scams, this get-rich-quick scheme has many of the usual tell-tale signs of a scam.
This includes the usual story about the creator stumbling on “top secret” software that in reality doesn’t exist. The back story to this sales video is entirely false, and the people in it are actors.
The creator, “Steve McKay”, doesn’t exist. The backstory is false and the part is played by an actor.
The site uses fake testimonials.
The claim that a number of users have used the system and are now all millionaires is false.
The site employs the typical “limited spots available” tactic.
The site falsely claims those who trade in Binary Options will get rich using “secret” software. This is simply untrue.
The site uses stock images to illustrate other members.
In the hard-to -locate small print, the true nature of this type of site is demonstrated. From the disclaimer – users will ”trade in highly speculative investments which involve a significant risk of loss”
The bottom line…
It’s a get-rich-quick scam that uses a variety of lies and misleading sales tactics to trick visitors into believing they will get some kind of secret software that will allow them to get rich. In reality it’s just a spammy site designed to lure visitors into visiting and depositing money into unregulated trading brokers were the risk of loss is near certain.
Avoid this scam and others like it.