BitcoinMania Game - Bitcoin Mining Simulator: The Good and The Bad.

By Adrian Castaneda | disruptive_tech | 4 Oct 2021


BitcoinMania is a relatively new platform that allows us to generate BTC, ETH and DOGE for free by playing web-based mini games within its platform which you can later reinvest to purchase more miners and increase your BTC, ETH or DOGE rewards. Alternatively, money can be invested to purchase virtual miners to accelerate the process to generate these crypto rewards.

If we decide to use it and play for free, it is simple, we can play and generate some free BTC every day 100% free playing mini games that they offer and collecting profits (although little) from the free miners we receive when signing up to the game.

But, if we decide to consider  BitocoinMania as an investment to produce passive BTC income, there are several factors to take into account before diving into it.

CONTENT:

  • Understanding the structure of BitcoinMania.
  • Possible future scenarios.
  • Negative scenario.
  • Positive scenario.
  • Comprehensive 24-Month Road Map.
  • Economic Model Analysis
  • Game Pros & Cons

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UNDERSTANDING THE STRUCTURE OF BITCOINMANIA

First, we must recognize that currently, BitcoinMania is structured in such a way that its main source of income is based on the investments from players. The profits generated by sponsors at this time are small and it would be impossible for the platform to survive on adverts alone. This tells us that BitcoinMania is set up much like a pyramid as it currently relies heavily on investments from players to remain afloat. 

Therefore, something that we must take into account at this time is that if people stop investing or all players decide to withdraw their funds at the same time, the game would probably enter a state of insolvency in which they could not afford to pay all players and collapse; and many people, especially people who invested recently, could potentially lose their investment if BitcoinMania runs out of funds.

 

POSSIBLE FUTURE SCENARIOS

Having already explained this, there are 2 possible scenarios about the future of BitcoinMania. One that could turn out to be bad and one that could be good.

 

NEGATIVE SCENARIO

Let's start with the bad: As I mentioned earlier, in the worst case BitcoinMania could end up turning into a pyramid scheme or Ponzi scheme (if you will) in which once they have raised enough money, they decide to disappear and not pay anyone. After all, BitcoinMania does not have a physical address nor is it registered as a company with any legal obligations that enforces them to return the investments if they declare “bankruptcy” or decide to vanish. Therefore we, the players, have no guarantees other than to trust their word, believe on their project or what is written on their website.

We have already seen many projects like this that ended up disappearing without leaving trace. However, these types of pages usually shut down in a few weeks or months. BitcoinMania in the other hand is approaching the first year of life which could raise some credibility. Though, it could also be a tactic to keep attracting more players to invest money and increase their coffers before disappearing.

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BUT NOT EVERYTHING IS NEGATIVE, LET'S SEE THE OTHER SIDE OF THE FACE.

 

POSITIVE SCENARIO

If we want to give BitcoinMania the benefit of the doubt. We could argue that they are using this strategy to raise funds, which otherwise they would have no way to raise, and as they also detail in their crowdfunding section they are trying to “raise funds to make the page better and profitable for everyone” in the long term (and yes, this includes them. They would also have to be able to make money).

If we move to the financial world for a moment, crowdfunding is a practice that is also carried out in public and private companies when they need to raise capital. The initial investments raised in a crowdfunding round help companies to achieve an economic goal that allows them to develop and achieve their goals. And for BitcoinMania, this would help them raise the necessary capital to build a better platform, hire competitive developers, implement better servers with greater security and continue its expansion. 

The closest example we have of an online mining simulator platform that managed to raise money in this way (although they never called it crowdfunding) is RollerCoin, which like BitcoinMania had a similar beginning when it began, attracting players by offering a free games in which players could earn different cryptocurrencies just by playing for free, but it also offered the opportunity to invest by buying miners that produce cryptos in an automated way, in other words, both depended on the initial investments from players to be able to grow.

 

COMPREHENSIVE 24-MONTH ROAD MAP

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ECONOMIC MODEL ANALYSIS

Both RollerCoin and BitcoinMania share a similar strategy. And realistically, to this day, part of the earnings that RollerCoin generates is also from the investments of players. And BitcoinMania is no exception. And I believe that even if BitcoinMania manages to execute successfully, part of their profits will always come from new investments. However, ideally, a higher percentage of their revenue will come from sponsors and the amount of traffic they get on their website rather than investments from players.

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Returning to the comparison with RollerCoin (since it is the closest example). Today, RollerCoin, has a robust platform that not only bases its earnings on the investment of players (although they are still important) but also on money they generate through advertisers who pay to display their ads on a page that It already has more than 1.5 million users and continues to grow and attract more people every day. And all this happened, thanks to many players who believed and invested in the project 3 years ago when they first started. RollerCoin had zero reputation and probably very little capital. Today, RollerCoin is a game that enjoys a good reputation, its development continues and apparently they will soon start offering NFT's on their platform.

BitcoinMania, on the other hand, has just completed 8 months in the market and recently surpassed the 72,000 players mark, still a relatively small audience. However, if BitcoinMania is able to replicate and execute its strategy effectively (and, as long as its creators are honest people who want to turn it into a reputable and trustworthy brand) we could be seeing the rise of a competitive player in the online mining simulator market. 

 

Only time will tell, in the meantime, we can only speculate and continue to monitor the site to see how this story develops. I have personally invested some money in the game as I have been using this platform for over 4 months now and I see positive signs. However, I also understand the risk I am taking and would like for people to be aware of the risks involved with investing in platforms like this. 

CONS

  • High commission fees when withdrawing directly to a BTC wallet address.
  • Few withdrawal options.
  • Recently implemented a withdrawal cap of .01 BTC per day.
  • Heavily dependent on players investments. 

PROS 

  • Running uninterruptedly for 8 months.
  • Ability to deliver payments.
  • Have a comprehensive and realistic 24-month road map for the project. 
  • 24hr. technical support.
  • Game development and growth: new games and cryptocurrencies added.
  • Google Authenticator Enabled

 

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I am not trying to bring the page down. In fact I do believe in their project but, again, I also understand there are greater risks involved in platforms like BitcoinMania and RollerCoin

Therefore, I would advise anyone joining any of these online crypto mining simulator games to always do your research first. 

Happy and safe mining everyone!

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Adrian Castaneda
Adrian Castaneda

In the Crypto journey - Westfield State University Long-Term Stock Market Investor


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