We were going to call this post “The Good, The Bad, and The Ugly,” but we feel that would be unfair to the folks at Bitpetite. (That is an AFFILIATE LINK; plus we’ll run a banner ad or two on this post, too. Using our affiliate links to sign up for various programs in the Bitcoin and cryptocurrency universe helps us to keep providing the content here; plus, as you’ve seen elsewhere on the site, we take a “warts and all” approach to these platforms, and to our own investments. We’ll tell ya when we’re wrong, and we’ll sometimes even make a mistake or two.)
Another potential title: “The Good, the Okay, and The Meh.” That might be more accurate, as we have had a generally positive experience, we’ve lucked out on the affiliate front – but we do have some issues with Bitpetite that we’ve raised in the past and will continue to bring up.
The Good, Part I
The Bitpetite platform is one where they perform “Money transfers with cutting-edge technology,” and they rely on your investments to do that. Call us high-rollers if you want: we invested a whopping 0.5 LTC in the platform on August 17, choosing the LTC/LTC option, meaning that we were investing in LTC and our profits were paid in LTC, not converted to USD.
Should you want to get involved, you’ll need to decide which of the three currencies (BTC, ETH, or LTC) you want to use, and whether you want to be paid in that currency or have your payments denominated in USD.
Away we went with our investment, and the value at the time was $44.54 for one LTC. $22.27 at stake. Yes, high-rollers.
You know, in this crazy Bitcoin-related world, and especially with the Passive Income Platforms we talk about on the site, six weeks can sound…well…risky. We’ve seen platforms go belly up in less time than that; our $22-ish was more than enough to try out with.
We can officially report back that…Bitpetite made every single payment.
We are confident enough in this site’s long-term prospects that we will invest again; this time, we’ll put a little bit more at risk.
AD BREAK: should you, too, want to get involved, here’s a lovely ad you can click on.
The Good, Part II
The affiliate program has been good to us; because it’s “multi-level,” it might scare a few people off – if you’ve never been part of a Multi-Level Marketing meeting, you might have scary thoughts of a coffee shop somewhere and being sold into a system where you have to recruit a bunch of people for your downline.
So yeah, this is our version of an MLM sales pitch – you, too, might have a lot of contacts on a platform and, if you join in and get them to join in, you could find yourself being compensated for others’ involvement. Here’s that AFFILIATE LINK again.
“Okay” – which I’d say is a generally positive experience, more positive than negative – probably could be attributed to the “brand experience” here. It’s fine – the website is fine, the name is interesting (but is it pronounced like “appetite” or is it supposed to be French?), and the negatives from the “pay no attention to the man behind the curtain” element are offset by the fact that they have paid, consistently, for the six weeks I’ve been in the program.
But we **do** have a couple issues with this site, and we’ll raise those in the next section…
Our issues here are almost entirely semantic ones.
It’s not an “investment” if you don’t get it back, right? Or, more accurately, if you think of this like buying a share of stock that pays a dividend: at some point down the road, your hope with the share of stock is that you will be able to sell it for more than you originally paid for it. If you sell it for less, you can then tell yourself that the dividend payments can make up for the loss of principal on the original investment.
With Bitpetite, you say goodbye to the entire principal.
We have bolded and italicized that part because we want to be more upfront than the Bitpetite team is: you will say goodbye to your entire principal.
In our case, the value of the original investment – $22 or so – was paid back and then some; our 0.735 LTC is worth, at today’s price ($54.94), $40.38. That is a return of 89%!
It is not, however, the return of 147% that the site claims.
A 100% return on investment means you have doubled your money. You have not doubled your money – you have done well, this is a great passive income return, but you have not doubled your money. This is an important distinction, and one we challenge Bitpetite to change on its site.
Summary: Bitpetite Might Be Worth Your Time to Investigate
With all of the Passive Income Platforms, we stress you should Do Your Own Research and that these are risky propositions – just like with any other cryptocurrency investments, ICOs, trading “altcoins,” heck, even buying Bitcoin or one of the other behemoths, you could lose your money.
But our recommendation, based on six weeks of positive results, is that Bitpetite still gets a thumbs up, and may be a good place to park some of your coins for passive income.