Whenever a new Bitcoin service comes along, it goes hand in hand with excitement and curiosity. As we have come to learn over the past few years, you should be careful about getting your hopes up for something that sounds too good to be true on paper. My Wallet Ltd. is one of those services you shouldn’t trust so easily with your Bitcoins.
Editor’s Note: Bitcoinist.net does not endorse My Wallet Ltd. nor do we claim they are legit or a scam. Use service at your own risk.
UK-Based Company…Or So They Claim
There is little information to be found about My Wallet Ltd., other than a press release which has hit a lot of the major PR outlets. But when you look at the company website, there is nearly no information listed except an address in Lancashire and a UK phone number. Oh, and there is a contact email address as well.
One of the main concerns about this company is the fact there is no company information at all. No names of people involved, no VAT number we can verify online, no picture of the company itself…. Just a few lines of text which should be sufficient in order to convince us to sell them our precious Bitcoins.
If you look up the company address on Google Maps, you will notice that My Wallet Ltd. is based out of a farm in the middle of nowhere. Granted, apparently there is an art studio and a Dance/Aerial Arts/Fitness center nearby. But this doesn’t exactly strike me as an area to base a wealthy business out of. Because, let’s face it, My Wallet Ltd. is making some bold claims.
Purchasing Your Bitcoins….Above The Market Price
Selling Bitcoins for the right amount is not an easy task. There are plenty of Bitcoin exchanges which will happily take your coins from you in exchange for fiat currency, but you will usually be paid below the market price. That is only normal, as these exchanges operate on charging small fees and the trading margin between buying and selling a Bitcoin.
My Wallet Ltd. on the other hand, is looking to buy all of your Bitcoins between now and May 23rd. And not for a cheap price either, as the company uses the current Bitstamp price [in US Dollar] and pays the seller a 10% premium on top of that market price. Instead of selling a Bitcoin for US$260 on Bitstamp, you will get US$286 from my Wallet Ltd.
According to the press release this company sent out, they are buying Bitcoin as a premium price for a limited time only. In fact, My Wallet Ltd. wants to buy up to 450 Bitcoin per transaction per user, and they will even pay any fees associated with your preferred payment method. Speaking of payment methods, you can choose between PayPal, Western Union, MoneyGram and Wire Transfer.
Plenty of Reason for Caution
The lack of company information itself is disturbing, but at least there is a cell phone number you can call. Unless….Wait a minute, that isn’t even a UK cell phone number, it’s just a landline number. And it is a landline registered in Andover, Hampshire, which is nearly 250 miles away from where My Wallet Ltd. is claiming to be based out of.
Another interesting to note is the fact that the Mywalletbtc.com domain will expire one day after this “special promotion” ends. At the time of publication, there has been no domain renewal indication, which only makes things look even more fishy. Maybe they want to make a quick profit to renew their domain name? Who knows?
Last but not least, the press release sent out by My Wallet Ltd. indicates this company has conducted business worth 2.3 million GBP in Bitcoin transactions so far. There is no information about this to be found anywhere on the internet. In fact, until I came across the press release, no one had even heard of My Wallet Ltd.
Some Questions Answered
Because there is very little information to be found about My Wallet Ltd., I decided to contact their staff in order to get some answers for our readers. First of all, the owner of the company is Maureen Facey, and the business registration number is 08877364. After looking up this business registration number, I retrieved the following information:
Name & Registered Office:
MYWALLET PAYMENT SOLUTIONS LTD
145-157 ST JOHN STREET
In regards to why My Wallet Ltd. is offering this much money for your Bitcoin is because the company sees this as a good way to hoard coins for a future investment. Given the recent Bitcoin price volatility, the company is hoping that Bitcoin prices will go up again, and even past the premium value they are paying customers until May 23rd.
As you can judge from the business registration number details, Mywallet Payment Solutions LTD. has various offices spread out across the United Kingdom. This also explains why the contact phone number belongs to a different address, as they most likely operate a call center at that location.
All of the above information give the company a bit more legitimacy compared to the blatant lack of information on the website itself. However, whether you want to use the services provided by My Wallet Ltd. remains entirely up to you, of course.
All images courtesy of Pixabay