When it comes to lending money, its good to be cautious, even if you knew the person/group to whom you are lending it, so why should you worry about money lending sites?
In case of online lending with sites like Bitpetite , Bitconnect and (a new one) Chain.group this becomes even more suspicious specially in a case when return offered are very high (147% or 180%).
The dividend which is offered by Bitpetite, for 6 weeks loan are 4.5% on weekdays and 1% on weekends (did not understand why not average it out over the whole week instead of dividing it between weekday and weekends) which compounds to 147% of initial investment at the end of 6 week term, definitely looks suspicions and arises following question.
Question: How Bitpetite is able to pay everyone if they don't have a cryptocurrency of their own like Bitconnect (which is a separate topic in its own, but will talk later about it)?
Answer : After going through their site, which is a simple one, it is right there on the home page. Bitpetite provides a service called "Bitcoin Tumbler" which offers a solution to the privacy problem (in Bitcoin blockchain network, one can follow the transactions from one wallet to another). To counter this situation and to make Bitcoin transactions truly anonymous people use tumbler service. Bitpetite charges for this Tumbler service and then able to pay for the offered interest rate.
Question: What is the duration of my loan?
Answer: There are two types period offered, 6 weeks and 9 weeks. Loan for 6weeks provides 147% return on investment which and one for 9 weeks sheds 180% over the period averaging at 180%.
Question: How frequently do i get paid my interest?
Answer: Interests are pre-caculated and paid on hourly basis, yes you heard it right its hourly basis. Which means you can transfer your amount every hour to your personal wallet.
Question: What is minimum amount i can invest, if i want to try it out?
Answer: Thats very good question, initial investment can start from as low as $10.
Follow below links to explore the programs:
- Join Bitpetite
- Join Bitconnect
- Join Chain.group
Disclaimer: I am neither a financial consultant nor into managing someone's money, so please follow caution and do your own research before investing.
If you are investing into these, please support me by using the above registration links.
Do let me know how was the article, as this is my first ever on Steem.