SCAM ALERT!!! BTCs Mining Satoshi Chain — Exposing The Scam
In today’s post, I exposed BTCs Mining or Satoshi Chain, a scam project that poses as a crypto mining app.
This app promises to reward users with BTCs which they can later exchange for Bitcoin (BTC).
Considering that Bitcoin remains the highest-ranking cryptocurrency, it is tempting to jump on any chance to get it for free.
Little wonder why it went viral on WhatsApp:
Already, it has recorded over one million downloads on Google Playstore.
But is the BTCs mining app worth the stress? Or, is it another Pi that will burn your data for nothing?
Keep reading to find out!
Click on any item above to read its details immediately.
1. What Is BTCs Mining?
This is a mining app that supposedly rewards users with bitcoin when they mine BTCs.
It was released in February 2022 by an unknown team.
According to its white paper, BTCs is the native token of the Satoshi public chain that is used for transaction fees.
BTCs was coined from the combination of Bitcoin’s ticker — BTC and the “S” in Satoshi.
Also, it claims to have a community that is committed to the growth of the Satoshi public chain.
Additionally, the total supply of BTCs is 2.1 billion coins.
The plan is to release them first, via mobile mining; and later, via on-chain decentralized node mining.
Interestingly, it intends to launch its mainnet in the third quarter of 2022.
Let’s talk about how this platform works in the next section.
2. How Does BTCs Mining Work?
BTCs mining operates like the mobile mining apps we discussed in the past.
First, interested users download the app and then login daily to mine the coin.
To register on the app, you’re required to provide an email address and set up a password.
For BTCs, users are required to tap on the mining button twice daily to earn the coin.
Unfortunately, I didn’t find any information on how many BTCs users can earn daily or how they can receive their bitcoin rewards.
However, it is stated on the whitepaper that there will be two types of validator nodes on the mainnet: Bitcoin computing power nodes and BTCs pledged spare nodes.
Also, the spare nodes are only needed when the computing power nodes are insufficient.
And this is supposed to convince us that the system will be supplying mainly Bitcoin? Very ridiculous!
Moreover, the team has plans of giving away free 525.6 million BTCs by December 2022 when the app mining will end.
Let’s discuss what makes this app a scam in the next section.
3. Why The BTCs Mining App Is A Scam
Let’s start with the anonymous team, they describe themselves as “loyal fans of Satoshi Nakamoto” and they claim that naming the public chain “Satoshi” is the perfect way to pay tribute to Satoshi Nakamoto.
Now, if we don’t know them, how do we know that they have what it takes to scale the platform?
Secondly, BTCs Mining claims to reward users with bitcoin but we all know that new bitcoins are only released when miners are rewarded for processing transactions.
And as such, tapping a button on a stray app cannot deliver bitcoin to you.
Besides, there is no proof of how bitcoin will be distributed to users.
All we find is a white paper full of jargon and diagrams that try to mimic a decentralized network.
There’s nothing we’re doing with that.
[You may also like: Bitcoin Mining in Everyday Language — A Complete Guide (2021)]
Furthermore, I downloaded the app myself to see how it works and surprisingly I didn’t see where to mine the BTCs.
All I saw was information on moving cryptocurrency prices and trending coins. It beats me, really.
Obviously, these guys are just using bitcoin to lure people to download and register on their yeye app. Mtcheew!
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This is not the first time we’re learning about a crypto mining app and I’m pretty sure it will not be the last.
We’re always disappointed at the end because it remains a circle of tapping the app every day and updating the app regularly to keep mining.
All the while, you’re burning internet data, and watching annoying ads, only to receive coins that are worth nothing (if at all you receive any).
BTCs Mining wants the public to believe that users of the app are rewarded with bitcoin yet they didn’t show us how.
Sadly, it appears to be bait to get people to download, use the app, and amass wealth for themselves.
I mean, it has 1M+ downloads already.
Please, don’t waste your time on this app.
Let’s draw the drapes here and I hope this article was worth the read.
I’d like to know if you downloaded this app too and what you think of it.
Tell me in the comments section right away!
Also, share this post with your friends, thank you!