CryptoTab Review: Can you really mine bitcoin (BTC) for free or is it a scam?

CryptoTab Review: Can you really mine bitcoin (BTC) for free or is it a scam?

bitcoin mining

Even though bitcoin mining through browsers is somewhat controversial, some companies are trying to turn that idea into a legitimate business. CryptoTab is one such company. However, doubts and concerns persist as to what these projects have to offer. Is it a Ponzi system in disguise?

It is always good to see companies trying to turn negative development into something positive. CryptoTab is trying to bring some positive attention to the mining industry by browser, given the negative impact that this industry has received since its inception. After all, it is normal for people to be hesitant after all the polemics surrounding this technology.

The purpose of CryptoTab is to allow users to mine Bitcoin in their Google Chrome browser. Although this seems like a convenient solution, everyone will agree that mining Bitcoins per CPU will not generate many gains. At CryptoTab you won’t be able to mine BTC but Satoshis, which means the smallest unit of Bitcoin, eight digits behind the decimal place. Even so, there will always be people who think this is a worthwhile endeavor. All they have to do is leave Chrome open on their computer while the device is on. For these people, this will sound as though they are generating Bitcoins for free, although this is not really the case since your computers will consume a little more energy. This extra cost may not even be covered by the number of bitcoin fractions that users will earn using this service.

Although the CryptoTab business model appears to be perfectly legitimate, it appears that users will need to invite others before they can receive any money. With a ten-level reference program, it seems that most of the service users’ earnings will come from others they invite. However, as users are not investing money, they will receive a small percentage of their guests’ earnings.

According to the website, the team is running its own bitcoin mining operation. As more people start using the Chrome plugin, the operation is likely to become much more efficient and users will be paid in exchange for invited friends.

It is a business model that is at least intriguing. It resembles well-known Ponzi systems, which invade the internet every day, with gains based on the number of people you can bring into the scheme. Based on the calculator provided on the site, refusing to invite people will result in a $ 0 gain. This may not be completely correct, but it would also make some sense.

At the same time, it would not explain why anyone would mine Bitcoin using this plugin because apparently there is no way to make money without inviting others. So, in fact, it does not matter if you mine or not, what you should do is invite other people to mine for you.

Anyone with a minimum of common sense will notice that this system will not last forever. You do not have to be a great corporate manager to realize that in reality, this is nothing more than a financial pyramid looking for new entrants.

Bitcoin mining is hard work that requires machines made for that purpose only. Hardly 1, 10 or 100 browsers would be able to generate enough profits to make up for their efforts.

Do not be deceived, mining is a job that requires real investments in imported and expensive machinery, do not get carried away by an easy income at the end of the month because cheap can get expensive.

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About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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