The Bitcoin Code is a service from Steve McKay that provides access to a specialist piece of software or bitcoin trading. This has supposedly generated millions of dollars in profits.
What does the product offer?
Bitcoin and cryptocurrency is definitely a hot button topic right now and there are plenty of products out there that claim to capitalise on the market. Steve McKay however definitely takes the biscuit with The Bitcoin Code, a supposed piece of software that was recently brought to my attention. There are some very strong claims made in terms of income potential as well as the lack of risk that is involved with the service. In fact, the headline states “Ride The Wave of bitcoin And you could earn up to $13,000 In Exactly 24 Hours”. This is all well and good on the surface of things.
Scratch this surface layer away however and The Bitcoin Code starts to take on a slightly similar form. I will cover this in much more detail below, but I will say now that despite claims to the contrary this is nothing new. In fact, I would go as far as to say that my familiarity with The Bitcoin Code is very concerning. So, let’s have a look at this miracle software that will supposedly make you a millionaire through bitcoin.
The premise behind The Bitcoin Code is incredibly simple. You make a deposit through Steve McKay’s software, it trades for you automatically and you profit. With people all over the world supposedly involved in this process (the marketing material for The Bitcoin Code even goes as far as to suggest that users all meet up to holiday together), it is claimed to be for anybody. It is also often implied to be the easiest money that you will make.
When you sign up to The Bitcoin Code, you are supposedly getting access to an award winning trading app including being voted the number one trading app by the UK Trading Association. This sounds very impressive until a little bit of light Googling shows that this is not in fact a real organisation. The app supposedly trades bitcoin automatically however I can state that this is categorically false. There is a lot of evidence for this that I will get to.
Core to the sales pitch is that trading bitcoin is complicated and requires a lengthy process to get started. The software contained within The Bitcoin Code automatically trades cryptocurrency for you. All that is required is an initial deposit. This is clearly aimed at enticing people who are familiar with the bitcoin as a method of making money, however they are not necessarily savvy enough to know where to start.
Given that there is a claimed trading accuracy of 99.4%, it comes across that there is almost no risk involved with using the software. There is also evidence of a sort provided to back this claim up. Almost every page on the The Bitcoin Code website shows a number of trades which are consistently coming in, all of which demonstrate a profit of various units. This trade history is interesting however it is also recognisable from other services I have looked at historically. These all ended up being scams.
What is really interesting about The Bitcoin Code, putting aside all the crappy marketing and claims about bitcoin and cryptocurrency is when you go to make a deposit. In order to deposit through the software, you are told you will have to use Banc de Binary. This name may not necessarily mean a lot to some people but they are a binary options broker who have been involved with a large number of highly questionable binary options trading products, all of which have a near identical model to The Bitcoin Code. Interestingly, if you try to follow up on this, the trading company has changed to Wise Trader.
How does the product work?
It will likely come as no surprise at this point to learn that we are not told anything about how the software for The Bitcoin Code works. There are plenty of interesting claims. Apparently The Bitcoin Code “has been created using the most advanced programming the trading world has ever seen”. Furthermore, the software is supposedly able to stay ahead of the markets by 0.01 seconds. This means that The Bitcoin Code is actually able to effectively operate in the future! (this is of course sarcasm). This “time leap” supposedly makes it the most consistent trading app on the planet. Steve McKay also talks a lot about how it trades bitcoin however this is categorically untrue.
The fact of the matter is this. The Bitcoin Code is nothing more that the same old binary options trading software scam that was so prevalent a year or two ago. Binary options in and of themselves are questionable and are a long way from trading. You are essentially betting on whether or not the value of a currency pair will rise or fall. There is no trading of currency however, theoretical or otherwise and as such, I believe the marketing for The Bitcoin Code to be patently false.
Furthermore, when you sign up for The Bitcoin Code, you are taken to a completely different website, wisetrader.com. Whilst these do trade binary options based on cryptocurrency, you are not actually trading said currency. You are betting against their value.
What is the initial investment?
From everything that I have seen, The Bitcoin Code is sold as being a “free” product. Truthfully though, you will have to make a minimum deposit through whichever broker the person who is actually behind The Bitcoin Code is using at the time. This means a minimum of £250 typically which you are almost guaranteed not to see again. There certainly isn’t any guarantee on your deposit.
What is the rate of return?
With The Bitcoin Code and products like it, you may as well take your pick on how much you can earn. The sales material talks about $13,000 a day being a realistic figure (which of course it isn’t). Steve McKay also claims that his software has personally made its users a combined total in excess of $18 million. Once again, this is clearly crap and the only thing that I believe will happen to your money is it will be disappeared to a questionable Cypriot or Maltese company
As I have already mentioned, this kind of product was a near permanent fixture on the affiliate marketing circuit a few years back. Fortunately, the media got hold of binary options as a concept and rather publicly tore proverbial strips off it. None the less, I have followed binary options with something of a vague curiosity and I have been well aware that they have not gone away. They just haven’t held any interest for me either. The Bitcoin Code though was brought to my attention as a cryptocurrency trading product, not binary options.
None the less, within minutes of looking at the website it was clear to me what I was dealing with. The similarities are very clear to anybody who is familiar with this kind of scam product. Because binary options brokers pay a lot of commission on deposits, there are some unscrupulous people out there who create sites that exist purely to make you deposit with a broker. They take their commission, the brokers inevitably “lose” your money (whilst hounding you to invest more because this time it’s guaranteed) and everybody loses out except those who have invested.
The fact that The Bitcoin Code uses bitcoin as a platform is rather concerning to me and I genuinely hope that anybody who has looked at the website to date hasn’t handed over any money. Without explicitly stating it, Steve McKay suggests that you are buying bitcoin when you trade it with his software. This isn’t the case at all and anybody looking to cash in will be left sorely disappointed. I cannot stress enough that The Bitcoin Code does not purchase any bitcoin or cryptocurrency for you.
Naturally it goes without saying that you should give The Bitcoin Code a massive berth. Honestly, it saddens me a little to see products like this on the market. They exist only to target those who don’t actually know what they are getting themselves into. The marketing is always slick and if you hadn’t experienced this kind of operation before, you could easily buy into it all. I cannot stress enough, do not invest a solitary penny in The Bitcoin Code. You will only end up sinking time and money into a product that is designed to serve as a sinkhole for this.