Yes, BitcoSky.biz is a scam site because its business model is not legit. We don’t deny that sites like BitcoSky may pay few members at starting, but they will not pay the majority of members at the end. OK, let’s find out in detail why is BitcoSky.biz a scam, what makes
BitcoSky.biz is a fraudulent website due to the following reasons:-
# BitcoSky.biz is a Ponzi scheme which is neither a legal nor a sustainable scheme. Legal authorities have already warned the general public to stay out of the Ponzi scheme due to its unsustainable nature. The majority of members will lose their money in Ponzi scheme and only a few ones who join the system at first will make some few bucks due to which you will find out some few people who promote and support some Ponzi schemes.
# We can say “Bitco Sky” is a Ponzi scheme because it doesn’t have any real source of income to pay profit to its members. It claims to pay up to 15% daily profit for 15 days on the investment amount of members by using the money of members in cryptocurrency trading and mining as well as in foreign exchange. However, none of the experts in the cryptocurrency or foreign exchange field can guarantee such a high amount of return daily by doing any kind of trading or mining. On top of that, BitcoSky even fails to provide the proof of its foreign exchange or cryptocurrency trading or mining which proves it doesn’t have any real source of income and only can pay members by routing the money between the members which is not a sustainable business.
# All the Ponzi schemes like BitcoSky trick people by showing the real payment proofs because they pay few members at starting by routing the money between the members so that they can lure more people into their scheme by showing those payment proofs. However, it is practically not possible to pay all members in that way because when they pay one member, they need to use the money invested by at least other two members so that they can pay the principle and profit to that one member. But, whenever they pay members in that way, they will create a debt equal to the amount of profit that they use to pay the members. So, even Ponzi schemes like BitcoSky.biz want to pay all members they can’t because day by day the debt will be kept on increasing and they will not have enough fund to pay all members. That’s why Ponzi schemes like “Bitco Sky” are illegal schemes.
# BitcoSky has tried to trick people by showing the company’s registration document registered from the UK Companies House. But, don’t fall for that trick. Lots of Ponzi schemes in the past have already turned into scams which were registered from the UK Companies House. Actually, it is very easy to register a company in the UK Companies House by providing the virtual address which you can rent from the virtual address provider services as well as by providing the third person identities. Even you can register a company in the UK Companies House without a big hassle. On top of that, such kind of registration is not the license to run an investment company like BitcoSky.biz (BitcoSky Limited), but just a registration for the tax purpose.
# BitcoSky.biz also operates another illegal scheme known as a Pyramid scheme because any company which pays referral commission up to multi-level downlines without selling any real products or services is known as a Pyramid scheme. BitcoSky is also claiming to pay referral commission up to 2 level downlines but without selling any real products or services, just on the sales of its Ponzi ROI plans. So, this makes BitcoSky.biz a Pyramid scheme as well.
Now you know that BitcoSky.biz is a combination of two illegal schemes which are Ponzi and Pyramid schemes. So, BitcoSky is a scam. That’s why we have listed BitcoSky within our “Scams” category.
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