Bitcoin.com reviewed in terms of safety, speed, fees and trustworthiness
It works, but stay away.
- Ease of use
Bitcoin.com is a website located at an extremely memorable domain name, making it seem to anyone new to Bitcoin that this is the official Bitcoin website. However, that is not the case.
Despite the fact that Bitcoin.com is just a commercial website founded by Roger Ver, an early Bitcoin entrepreneur, the website makes the impression of a go-to one-stop portal for everything Bitcoin. However that is where the difficulty lies.
Here is a screenshot of the website structure, the main products of the site being marked with a yellow frame, and referral link collection with the blue frame:
As you can see there are several main areas Bitcoin.com is making money off: they sell Bitcoin, they sell cloud mining services, they host gambling games in Bitcoin and they run a twitter advertisement platform called Birds. Let’s review each section separately.
– Credit card processing by Simplex 5% ($10 minimum)
Bitcoin.Com cloud mining pool review
Cloud mining services are a very controversial issue. They have to be profitable for the provider, because this is not a charity. Hence, the fees they charge for rented out cloud mining computers have to be higher than the value of mined coin, otherwise they would just take the miners and mined for their own use. As a result, it’s almost always easier to buy cryptocurrencies for the same amount you’d spend on renting a miner.
If you are willing to accumulate as much Bitcoin as possible – save your money on cloud mining services and buy coins directly.
Gaming.Bitcoin.com gambling review
We at CoinVigilance acknowledge that gambling is a serious problem for many, a real addiction that brings more harm than good – as a result we do not review, promote or condone gambling. It should be done responsibly and in private.
Bitcoin.Com wallet review – BCash controversy
This has to be the main part of the review because Bitcoin.com stance behind the BCash fork has been a major red flag for anyone looking to form a long-term partnership with the company.
In short, Bitcoin.Com and its’ founder Roger Ver are very aggressively pro-BCash, they push the “bcash is bitcoin” narrative with a large amount of social media manipulation and censorship (twitter + a subreddit they control). As a result for a regular user it’s very, very hard to tell when their commercial interest overrides the general consensus or fair play principles.
For instance, in November 2017 the Bitcoin.com wallet was in the middle of a scandal when Bitcoin activists realized that the Bitcoin.com wallet they urge every new user to sign up for contains Bcash and Bitcoin together by default, and in a very confusing manner. Bcash is listed as the first coin in order, and it’s hard to tell which is which, but the reality is that Bcash is just another coin, unrelated to Bitcoin you are buying:
I'm skeptical these installs are real "growth" – probably just users leaving bad feedback, since this wallet misleadingly defaults to Bcash instead of Bitcoin.
— Stephen Cole (@sthenc) November 21, 2017
This is unreal. Default #bcash wallets created on the https://t.co/yBPdR31scV wallet. How many people will lose money thinking they're using a Bitcoin wallet? Please share and give a review warning potential users. https://t.co/DMwtxlhKgM
— BennyP (@BTCbenny) November 20, 2017
The company’s Google PlayStore page is flooded with bad reviews as well:
For now, if you have created a Bitcoin.com wallet and store your Bitcoin in it you have not lost anything – there is time to move your coin to another wallet.
However, if you are just entering the Bitcoin world we do not recommend buying Bitcoin from Bitcoin.com, using their wallets or trusting the news they publish.
The management of the website compromised their reputation too much to be entrusted with valuable such as Bitcoin.