In this post, I’ll tell you why I think theBillionCoin is a scam and present some facts below to prove why it shouldn’t be called a Cryptocurrency, let’s go.
TheBillionCoin Scam- Self Acclaimed Cryptocurrency
Meaning of Cryptocurrency: A cryptocurrency is a medium of exchange like normal currencies such as USD but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Okay, maybe that wasn’t so straight to the point, take this one instead then, it is a digital currency designed to work as a medium of exchange using encryption techniques to secure transactions and creation of additional units of the currency.
Examples include the Bitcoin, Litecoin, Peercoin, Primecoin, Ripple, Mastercoin, Dogecoin and other’s, let me stop there.
Cryptocurrency has become very famous today, known and used by almost everyone. Behind it also, are some fraudsters trying to seize the moment to make some profit for themselves by using the term, cryptocurrency.
There are a lot of them, one which includes “TheBillionCoin” or TBC. Like many digital currencies, this one claims it’s market value increases daily. When TBC first came in, it’s opening price was €0.001 and has supposedly gone up in value by 5% ever since that day. Off course, that sounds too good to be true, the aim is to attract new members settling them with the idea that they can become a millionaire in a short period of time. It is a fact that most of the new members are people who don’t have a true understanding of what cryptocurrency is and how it works.
What Determines the Value of a Cryptocurrency
You’ve seen the chart above of how TheBillionCoin claims to have it’s price go up every day but in this section, I’ll briefly explain what determines the value of a cryptocurrency.
In short, the price of a Cryptocurrency is determined by its supply and demand. For example, when demand for bitcoins increases, the price increases, and when demand falls, the price falls. Get it, right?.
Demand here is based largely on two factors: The utility of the Cryptocurrency and Speculation. Utility is the ability to use the said cryptocurrency to buy things or to pay for things that you want. Speculation is the belief that the Cryptocurrency may one day be much more than they are now, i.e. future utility.
Why is TheBillionCoin Not a Cryptocurrency?
This is what we all came for, so continuing reading below;
- TheBillionCoin(TBC) is not on coinmarketcap.com , that is by far a major blow against “TheBillionCoin”.
2. It’s value always goes up. That is not supposed to be, unless it’s value is determined by the owner of TheBillionCoin and not by the market because there is no cryptocurrency which its market value goes up at all times. It is just a mechanism to look for more members.
3. There is no open market supporting this coin. If at any time this scheme was to fall, all the members will only have a worthless coin, because members can not sell their coins anywhere.
4. It uses a Multi Level Marketing style.
5. Uses testimonials and the idea of their trickery of a millionaire board into getting new members.
6. It can’t be Mined, like seriously? How then are more coins generated?
7. It has a bad reputation on Reddit and on the Bitcointalk Forum.
8. Users get banned without Warning. It’s users have complained about their accounts being banned without warning, this might happen when they sell their coins at a cheaper rate or whatever reason they choose to ban for. You will lose your coins for ever.
9. After the TBC upgrade, TBC has blocked the SEND BUTTON on all user accounts and you’re required to pay an Annual fee of $10 before you can become a Trusted Seller.
These are just some of the facts to prove that TheBillionCoin is a Scam, a deception in the name of a cryptocurrency. Many of us have fallen for this, it’s high time the truth came out.
I’d love to hear your opinion, feel free to oppose the facts I have outlined or to let me know what you think about this Coin, thank you.
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