Thursday, September 25

SwitchToBit - Time for Bitcoin?

Hello everyone!

On 19th of September SwitchToBit joined Sticky Listing and $350 were reinvested into SwitchToBit. SwitchToBit offers quite a unique legend, but there is surely lot more than just a legend here, read more in DavidNews.com review.

Update 25.09.2014:
Admin issued newsletter that he is closing this project, and deposits will be returned. But anyway I would like you to read this review because it contains valuable information about Bitcoin itself.

Greetings members,

I would like to thank all of those who have Supported SwithToBit.com.
Unfortunately STB is a doomed program due to low interest from people in the Hyip Community. I guess It’s not quite time for everyone to SwitchToBit.
At the current rate of deposits STB will produce far more losers than winners, so I have decided to CLOSE the program and Refund all Members back to Break Even.
This comes as a great loss to me personally. Over 2k but I cannot ask others to pay for my failed experiment.

We have closed STB to new deposits.

Here is how the refunds will be handled:

We are auditing each account and subtracting any referral commissions that you have been paid so no one person will have earned any profit.
Next we will release your active investment so you can request a withdrawal.
Once you have requested withdrawal and your withdrawal has been processed you will have been paid the same amount that you originally deposited.
All accounts with active deposits are currently disabled so we can complete the audit.This should be completed within a few Hours of you receiving this Email.
Once the audit is completed you can log in and request your final Withdrawal.

STB will remain online CLOSED to Deposits but OPEN for Withdrawals for a few more days.

The only Winners in this program are the Monitors as they needed to be paid for their services.

Best Wishes,
Alan Hancock


SwitchToBit from the design point of view is very simple project. Design is not the most unique one but in the same time is very simply what just mean to you that it will be very easy to use. SwitchToBit in my mind is very unique project because it accepts only one payment option - Bitcoin and as you can already see at the slider such popular e-currencies like Perfect Money, EGO Pay, Payeer and Solid Trust Pay are just crossed out. Overall idea for this project is just great and I must say that I agree with administrator about all the other e-currencies.

Why only Bitcoin?

The main advantage of Bitcoin is that there is no institution, no government who would regulate it; Bitcoin is independent currency what government just can’t shut down one day. With this I just want to say that Bitcoin is the safest place to keep your money both for administrators and investors because you can’t lose all the money one day when government will just shut down one or another payment processor. I’m sure many of DavidNews.com readers still remembers Liberty Reserve case a year ago and few remember big e-gold thing previously. If you do not remember than I will remind – government just closed these payment options and people lost all the money – and I’m sure people lost a lot. Where is any guarantee that something like that would not happen with Perfect Money or EGO Pay? There is no such guarantee! With Bitcoin there is no such risk that government would just close it one day. Only risk for Bitcoin is raises or a drop of exchange rate, but that is another story for another article.

DavidNews.com from the very first day (DavidNews.com blog was started few days after Liberty Reserve shut-down) recommended every one to use Bitcoin. I’m confident DavidNews.com promoted Bitcoin like payment option in this industry months before HYIP investors even started to use it. For some time DavidNews.com made an active advertising in BTC-E trading platform and we were able to attract countless new Bitcoin investors for this industry what at that time used Bitcoin only. At that time that was not that successful tactic because there was only one big project in this industry what accepted Bitcoin – Cryptory (for now already scammed) and I’m sure this was not enough for them to stay here for good, but from time to time some BTC-E comes back. Half a year ago situation was changed like day and night – more and more projects started to accept Bitcoin, but today only rare project does not accept Bitcoin, seems that in general more regular investors also use Bitcoin more and more because they understand the big cons for it.

Back to SwitchToBit! I’m glad that administrator just dropped all the other payment options but he question is – will this tactic be successful today? I’m sure it just depends on the administrator and how well he will be able to attract Bitcoin players. I hope that other administrators will notice this tactic also and together with them they will be able to make this industry immortal.

SwitchToBit offers three investment plans what all will pay for 15 days (initial deposit included in daily payments). From these three investment plans two are very affordable for any investor. You can start investing in SwitchToBit starting from $10 and up to $500 in first investment plan what is called “Bitcoin Beginner”. Beginner investment plan will pay 10% daily for 15 days and it means that you will earn you initial deposit back within 10 days and if everything will go well during last 5 days you will earn 50% profit from SwitchToBit. Second affordable investment plan allows you to make deposits within range of $501 up to $2000 will pay you 11% daily and as you can calculate yourself you will “break even” in 9 days and after that you will claim nice 65% profit. One thing – Bitcoin deposits will not be added instantly and take in mind that adding your deposit after your payment can take up to one hour.
 
As you already know SwitchToBit accepts only Bitcoin what is tied to fixed Bitcoin exchange rate 1 BTC = $500. Maybe for some inventors Bitcoin only might seem a con but I personally see just pros. The biggest pro what I can mention right away is that project will grow little bit more slowly than other rivals, but in the same time this slow growth will help this project to grow the right way and it will allow to extend the lifetime of it. Second big con – there is no fees for payments, with this I just want to say that for each transaction investors/administrators generally lose money, but with Bitcoin no fee situation can help to extend the lifetime a little bit. Don’t underestimate the power of small things – also withdrawal fees what are small can kill projects way faster than no fees. One more thing – SwitchToBit will process your payments manually, but I must say that I have received them quite fast to Bitcoin account.

SwitchToBit project is using licensed GoldCoders script, but dedicated server is provided from Black Lotus Communications, and DDoS protection is provided from BlockDOS. For an extra layer of security SwitchToBit have installed SSL encryption, but that does not mean much because it comes for free. Read more about SSL encryption here.


In the end I want to say that SwitchToBit has received good response from investors in DavidNews.com chatbox and I’m sure Bitcoin lovers will invest in SwitchToBit, but I want to remind that even this experimental project will be gone some day and than will arrive new projects, so invest less than you can afford to lose and do not invest all the money into one project. One more thing - if you are already investor than remember to support project because from your support also depends how long any project, not just SwitchToBit will live.

Join SwitchToBit here!

Discussion about SwitchToBit here!

David
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