Jan 02 2016 0

Bloom BTC - updated Feb 2, 2016

As of Jan 29, 2016 withdrawals are waiting for staff checkout.
Advise: Do not invest

Somewhere during the last month I came across the service of Bloom BTC. Bloom BTC is a Bitcoin investment program which promises hourly payouts of 0.1% (2.4% daily) of your investment. The minimum investment is 0.001 BTC (roughly EUR 0,40).

It sounder to good to be true, but since the minimum investment is very low I decided to give this service a try.

After creating your account you get a personal Bitcoin address to make your deposits. As soon as you have made your deposit (and it has been added to your Active Deposits) you will start earning your 0.1% every hour. Based on the Compounding Percentage you have chosen your profits will be split into your active deposit (amount over which you will make your profits) and account balance (the amount you can withdraw without any fees).

The higher the compounding percentage the faster the amount over which you make profits will increase, the lower the compounding percentage the quicker the balance which you can withdraw (without any network fees) will grow. You can change the percentage any time you like, so you can play around with it. I started out with 100%, then went with 50% and now am at 20%.

When you decide you want to stop using Bloom BTC, you can release your investment (this has a fee of 5%).

Since I started using Bloom BTC I have made a total of three deposits

Date Deposited amount
Dec 19, 2015 0.00500000
Dec 25, 2016 0.00726300
Jan 1, 2016 0.02508000
Total 0.03734300

And four withdrawals. Every time I made a withdrawal I almost instantly received an email from Blockchain.info informing me that a deposit had been made. The minimum withdrawal is 0.0001 BTC.

Date Withdrawn amount
Dec 25, 2016 0.00042882
Dec 30, 2016 0.00070431
Jan 1, 2016 0.00062375
Jan 2, 2016 0.00068393
Total 0.00244081

So roughly in two weeks time I already got 6.5% of my total investment back, not bad considering the largest deposit hasn’t been generating profits very long. My active deposit has increased to 0.03894967 (approx 4%).

Like with all Bitcoin related services (or any other investing services) you never know how long it will last. So far it is looking promising, but still too early to tell. It just might be another Ponzi scheme, but for now I give them the benefit of the doubt.

Hopefully this is a service that will keep performing like this for a long time, already had too many services taking off with some of my hard earned Bitcoins…

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