We all want the most fiat currency for our Bitcoin when we are forced to sell this beloved digital currency. However, it is not as easy as you might think to find the best price, especially not when you need some quick cash. But when a Bitcoin platform with 0 information about its team claims to offer you 10% on top of the current market price, something definitely smells fishy.
My Wallet Ltd – No One Knows Who They Are
Personally, I don’t even know half of the people running the Bitcoin exchanges I use the most. That is not because that information has been shielded from my eyes, but because I know I could look it up whenever I feel the need to do so. Not so where My Wallet Ltd. is concerned, as they display zero information on the company or the people working there.
My Wallet Ltd. is a brand new Bitcoin exchange platform, which is more than happy to purchase your Bitcoins at 10% above the current market value. Needless to say, this sounds incredibly fishy in its own right, as there is no way this business makes any money by paying a premium price per Bitcoin.
However, this all seems to be part of a “special offer”, which runs for little over two months (from March 15th 2015 until May 23rd 2015). The purchase price is based on the current Bitstamp value in USD? and 10% is added on top of that for every purchase. In fact, My Wallet Ltd. is looking to buy up to 450 BTC per transaction.
Assuming this would be a legitimate offer – which it probably isn’t – you could stand to make quite a lot of profit from selling your Bitcoins to them. And that is exactly the danger of these kind of “offerings”, as they are looking to prey on unsuspecting novice Bitcoin users who only see the higher price per Bitcoin. People have been burned enough by fake offers and empty promises.
Some Warning Signs
But let’s take a look at some of the facts here. Granted, all the above looks to be screaming “we will scam you out of your Bitcoins”, but it’s hard to judge without actually trying it. However, there are some other warning signs that you should take notice of before even considering to use the service offered by My Wallet Ltd.
While it is great to see that My Wallet Ltd. offers a wide array of payout options – including MoneyGram, Paypal and Western Union – it strikes me as odd that this company will pay any associated fees themselves. I mean, they pay 10% premium on top of the current Bitcoin price AND they are willing to cover any fees associated with Paypal or Western Union? When something sounds too good to be true, it usually is….
And what about the domain name mywalletbtc.com? If you do a simple WHOIS search – which is freely available to anyone on the internet – you will see their domain name expires the day after this “promotional offer” ends. Maybe I’m starting to see things, but this isn’t adding up at all.
Speaking of the domain information, when you conduct the same WHOIS search, you will find no information about the actual domain registrar either. All of the information is protected, which is not that uncommon when it comes to major businesses. However, add that to the fact there is no information about the company itself or the team on their website, and you can see why you should steer away from this website.