LiteFunds is a Bitcoin gifting system that works in levels of recruitment and six month subscription fees. The initial upline payment is one of the lowest you will find on the internet at only 0.0009 btc.
The site claims that they have changed the way the system works so it is more convenient but the direction for leveling up is confusing and misguided.
After paying your initial upline fee you are instructed to recruit two more people to sign up and to pay the same fee. It is claimed that you upline to level two in the same way that you signed up.
But in the explanation of the company mission statement, the direction reads “that with enough collection of funds from your level one downline you get to upgrade to level two in the same manner you joined” although that amount is undefined other than “enough collection”.
What Is LiteFunds?
LiteFunds was registered as a website on the eleventh of January, 2017. The registration belongs to someone named Muhammed Bakru and the company is located on Jakarta Street in the city of Jakarta.
The country code for the telephone number and zip code do match that of Indonesia and there is an email contact listed. But the lack of an actual street address is disconcerting.
LiteFunds is on Facebook and there is a reasonable amount of traffic passing through. A quick Google search will bring you to a few threads of conversation discussing whether or not the site is “real”.
For every question there is usually an answer of how well the site works. Some of the responses are nameless and faceless; others list their names and have realistic looking avatars.
There is an active Twitter account that is just as young as the website. The link in the profile is not attached to the LiteFunds website but rather to another site that when clicked leads to nothing.
The location is listed as “otta ogun state Nigeria” not matching with the records of registration for the site itself.
There is no tangible product with LiteFunds. They are a platform only matrix using Bitcoins to help build your wealth. The biggest upside initially is the low buy in at 0.0009 btc. That’s less than one US dollar.
But one US dollar on the current market is worth over thirteen thousand Rupiah in Indonesia, if that of course is where the company is actually located.
The website claims that they have revolutionized the industry by reevaluating the way gifting systems work and have removed issues that have plagued similar systems in the past.
The site lists the four main ways in which they have done this as main selling points preceded by a paragraph that accentuates their one of a kind system. The paragraph and the four main sell points have been listed word for word on other sites that use a similar Bitcoin gifting system.
A low buy in at less than one US dollar is difficult to pass up. It is stated that just a 0.0009 btc donation can get you to 855 btc “over and over again”. You will need to recruit heavy to get to 855 btc and each of those recruits would have to recruit well and so on.
By signing up you are signing up to a subscription that needs to be renewed every six months. The fees increase every six months to pay out those who are levels ahead of you. It is unclear whether or not you can cancel anytime and receive full payment or if there is a fee for doing so.
On the home page of the website the administrator has forgotten, or neglected, to type a tag line under the header. It still reads “Tag Line Goes Here”. Under the heading of LiteFunds at the top of the page it reads “Change Dream Became Reality”.
It is possible that Indonesian does not translate well into English and that has caused the disparity in logic, unless of course it is Nigerian, which may also translate poorly.
There is similar awkward phrasing in the FAQ. It makes for a difficult read at times and does not give any potential member a feeling of ease on sending their money in to join. 855 btc is just a shade under one million US dollars.
It seems more than unlikely to invest such small amounts every six months and be able to collect on one million dollars any time in the future.
Spelling errors, a forgetful administrator, discrepancies in location, and an unlikely payout is more than disconcerting; investor definitely beware.