Is The Billion Coin A Ponzi Scheme?
What is The Billion Coin? While it looks like it’s a new cryptocurrency, it’s actually a scam. It’s not decentralized, isn’t open source, and isn’t decentralized. Is it a pyramid scheme? Let’s take a look. Is it a pyramid scheme, or just a cryptocoin? If you’re a beginner in the cryptocurrency market, you should be wary of any company that claims it is a decentralized, open source currency.
This is a cryptocoin
The Billion Coin is a cryptocoin that has received much attention in the crypto community. It has been marketed as a decentralized and person-based currency driven by the number of verified users. Its name hints at the fact that one coin is worth one billion Euros. Despite the fact that it is marketed as a decentralized currency, it has been linked to the administrators known as Kris Kringle. While the Billion Coin claims to be decentralized, the admin can suspend an investor’s account at any time without any warning.
The Billion Coin’s ultimate price depends on the total number of verified members. Each coin is worth one Euro, multiplied by the number of Verified Members. If you want to join the TBC community, you must pay a $10 wallet fee. This fee is non-refundable but can be paid in BTC. After paying this fee, you can unlock one million TBC coins. However, you must have a BTC wallet in order to participate in the TBC community.
It is a pyramid scheme
The Philippines Securities and Exchange Commission has issued an alert for investors about unauthorized pyramid schemes like “TheBillionCoin”. This new digital currency promises substantial returns within days. However, the company and its founder have not been registered to promote or sell securities. As a result, violators can face fines and imprisonment for up to 21 years. To be safe, investors should avoid investing in the digital currency. The scam’s scammy sales pitch can be read below.
The founder of billion coin has never disclosed the name of the person behind the coin. The billion coin website states that the number of verified users is the primary determinant of the price. Hence, it is impossible for investors to swap the coins to a fiat or electronic currency. Furthermore, there is no publicly available exchange of the bitcoin (BTC) for the billion coin. In fact, the billion coin is not even listed on a public ledger.
It is not decentralized
While The Billion Coin (TBC) claims to be a decentralized currency, its system is anything but. It is not decentralized in the sense that it doesn’t use a blockchain, nor does it have records of transactions. Instead, it uses a software formula to measure the growth of verified members and compensates for it. The TBC formula is based on a simple principle: one Euro multiplied by the number of verified members will give you one million euros. Those who believe this is a decentralized system should be cautious because this could make the entire system untrustworthy.
There are only six official websites of The Billion Coin. These websites may not be secure and may lead to phishing and scammers. The Billion Coin is not decentralized in the traditional sense, as its members cannot sell their coins to each other. As a result, many members have reported their accounts being suspended or even emptied. These actions raise concerns about the legitimacy of the Billion Coin and its ability to eliminate poverty.
It is not open source
One reason why TheBillionCoin is not open source is that the company is not openly sharing its source code. This makes it impossible to trace the source code of the coin. A ponzi scheme is a fraudulent business model where prices always go up and the only people who make money are the people who own it. If you’ve never heard of a ponzi scheme before, this may be a good time to learn about them.
It is not exchanged on public exchanges
The Billion Coin is not listed on any public exchange, so if you buy this cryptocurrency, you will have a worthless coin in your possession. As such, there is no way to exchange it for any other digital currency or electronic currency, so you are stuck with your worthless coin when the price of this coin goes down. In addition, members of this group cannot exchange the coin for any other currency, including fiat currencies. So, how can you make money with The Billion Coin?
The TBC coin is a full-blown scam. The coin’s price is calculated by multiplying the number of verified members by one euro. Thus, when one billion TBC users are verified, the price of a TBC coin will be equal to 1EUR. However, the scammers behind this cryptocurrency, called Kris Kringle, haven’t revealed the identity of their owners or administrators, and they’ve even suspended members’ accounts in an indiscriminate manner.
It is not authentic
One of the first questions that may come into your mind is, “Is the billion coin authentic?” It is easy to tell whether a coin is real or not because it isn’t listed on the regular repository of digital currency, coinmarketcap. In addition, the growth of the coin is centralized, not community-based, and does not follow the principles of the original Bitcoin Whitepaper. This is a clear violation of the concept of a decentralized monetary system.
This cryptocurrency is not authentic because its administrators are enforcing a strict policy that forbids giving out TBC to friends and relatives as gifts. In fact, the Billion Coin administrators have stepped up the penalty by deactivating their bank accounts. While the Billion Coin has six official websites, the truth is somewhere in between. According to experts, this program uses a program method to monitor the growth of verified members and compensates expansion. It is based on the concept of a euro multiplied by the number of verified investors, which is not in accordance with the value of the US dollar.