Anyone deal with bitcash?

[user1478639495]

Hi all, just wondered if anyone has any Exeter over with bitcash, currently using, past use or no anyone that has used it?

My father wanted to invest in it but we've talked him out of it but he is very cut up about it as he says the market is going crazy and he is losing out on so much money-I find it very hard to believe that it's not a scam and your money would be lost quite quickly, he's not the sort of person that has a lot of money to put in and the risks out way the benefit. I feel so bad for him he's so cut up about it, I'd like to know some real people that may have some dealings/experiences within this?

Tia

Do you mean Bitcoin? Bitcash exists but it's really a zombie coin, definitely not worth buying.

If you mean Bitcoin then yes, the market has pumped since the start of Jan, up around 30% as I type.

It IS a highly risky and speculative investment, you're not wrong about that.
Plenty of people will tell you it's a scam - it's not. It's a digital asset and it's worth what people are prepared to pay for it. Last year that was $60k + per bitcoin, it dropped as low as $15k and currently trading around $23k.

So you're kind of both right - he would probably have made money BUT he can just as quickly lose it again so it's not a good place to put money you can't afford to lose.

For the record I am pretty heavily into crypto - the pump this last month has taken me by surprise and I would be even more surprised if we don't get another pullback in the market very soon.

Yep. Echo the above. Bitcoin Cash exists, but its pretty much dead.

Bitcoin is what he should be looking at. There is a learning curve with bitcoin, to use bitcoin you need to learn how to secure the seed words that give you access to it in a wallet that holds the private keys to the bitcoin. Cold storage like Ledger or Trezor is the way to go.

Start small, exchange £10 and get comfortable with moving it around between you and your dad. Delete your wallets, then recover the bitcoin using the words.

Only once he is confident that he knows how it works should he put in any more.

There are lots of scams that will sell you "bitcoin", but to actually have bitcoin you need to control the private key in a wallet that you have the seed words for, not on an exchange or a platform.

Hi there, sorry for my delay and thank you for your responses.

It seems my dad has gone behind our backs and gone back to this and invested £10 k.....it now looks tonight he's lost the lot.....it is or was bitcash not bitcoin but the company he's dealing (through bitcash) with keep changing their name he says so I can't remember what they are under currently, I think possibly coin base? he's now at the estate where he wants out because he hasn't got a bloody clue what he's doing plus we're on his case constantly telling him this is all
A scam. I think very sadly he's lost all of his money....they are now telling him that to get the money he's supposedly earn the has to pay them £18 grand and once paid that realsied the money he's made into his account.

I'm really not buying this but I'm just checking with you guys or anyone else who deals on this and would know. Is this right you'd pay the % if tax then the money gets realised. ?

I'm clutching at straws, I just want to cry, he's so devastated by his own actions, it's breaking me and him.

Tia for any help

Sounds very scammy. Can you contact Action Fraud or similar for advice?

Hmm. Bitcash runs on a decentralised blockchain so the only way you can normally buy it is using an exchange. Coinbase is one of these and it's legit.

However to use Coinbase you would just set up your own account, transfer your own money and then swap it for Bitcash or whatever that is then held in your virtual wallet on the exchange until you either take it out (to your own personal wallet) or trade it.

If there's another company involved, acting as a middleman, then that does sound very dubious. Does your dad have any account details/ login or anything like that?

Thank you for your replies, he's still not 100% convinced it's a scam so once we get it confirmed for him then we are calling action fraud to find out what the hell we do. None of us know anything about this stuff so it's really hard trying to help out of this mess when we are just as clueless.

He does have an account I'm assuming, he's showed this black and orange green with lots of figures and numbers etc but that was from before. He's been letting this 'bank manager' so the third party, basically have all of his log in details to sort it all out for him because he doesn't know what he's doing. He's an old man he is not tech savvy at all on a basic level let alone with all this.

He's out his entire trust in these ppl he even gave this guy his personal bank details that's how stupid he has been. I just cannot believe how stupid he's been.

But I'm pretty sure from what your saying, with this third party involved and asking for this tax money it's fraud, I do understand there probably is a tax to be paid on a high amount of money and that's fine, but surely that would be issued through HMRC? They are now telling him he is liable to pay this tax money of 18k and if he doesn't there will be consequences as he's signed all these declarations. When asked what it is he's signed, he says he doesn't know he's just basically trusted them so much and that everything has to have legal jargon and be signed and for security reasons he's just gone on and done exactly what they asked.

I feel sick to my stomach, I so badly want to help but just don't know which way to go, this has got to be a scam right?

He is a pensioner with hardly any money, he's gambled this small bit he had, and has most likely lost it, they know he's a pensioner with just a state pension, how could someone do this I'm just so angry and sad at his stupidity and their pure evilness.

It's all a big scam and fraudulent. Even bitcoin. And they print as many tokens called Tether as they like that has no backing and use them to buy Bitcoin and inflate the price. its a giagantic scam which will come tumbling down eventually.

Would he pay any attention if you were able to arrange a visit from his local Police Community Support Officer, who'd then also be able to flag it up to Action Fraud for you? He is in a very vulnerable situation.

That's actually a really good idea, I may try that thank you for that.

It seems now after calling the fca they have confirmed to him that it is a scam and are emailing him his next steps-still waiting for that email. He's been trying to call the fraud line at his bank but they are having technical phone issues-how typical-so it's just halting the whole process.

I feel sick to my stomach for him I really do. I am so angry at him yet feel so sorry for him, it's all out of desperation he sits there calculating how many years he can live on their savings to keep run of their home and bills etc etc this is without holidays and fun or spending on nice things, though that he's lost himself 10k and some......I have no words I really don't....bet these scammers are laughing at him, robbing a pensioner and taking full advantage of his trust.

He looks so drained and washed out, he's literally aged about 10 years in the space of a day 😔

I'm so sorry to read your update @user1478639495

I really hope the bank can help you recover some of the money. These scammers are beyond contempt.

Thank you ❤️

Its crazy how cut up he was when you guys had blocked him but he went and did it anyway.

It seems that he wasn't going to be happy either way, if you had protected him he still would've been sad that you had somehow blocked him.

This really sounds unlikely. I would certainly not follow those links.