BitCoiin 2Gen claims to be the next generation ICO, much safer and superior than the original Bitcoin. BitCoiin ICO will start in March 2018. Despite the launch of its first ICO, BitCoiin is making such huge promises which led me to further investigate about the legitimacy of the company.
I checked for the names of the founders on the website of BitCoiin, but nothing is mentioned about it. The company only says that their offering is advanced version of Original Bitcoin that was published by Satoshi Nakamoto. Here is what its mentioned on their website.
“The inspiration of Bitcoiin 2Gen, is to make a superior or more advanced version of Original Bitcoin: A Peer-to-Peer Electronic Cash System, was published in 2008 by Satoshi Nakamoto.”
The domain (bitcoiin.com) was registered on 8th February 2015 and is updated on 8th January 2018, just before the website was launched for BitCoiin.com. The registration is made private. Hence, I was not able to find the name of the owner of the domain.
There is no verifiable products or services available with BitCoiin. It is only able to market its affiliate recruitment program. The ICO will be starting in March with 50.000.000 tokens.
BitCoiin – Compensation Plan
As the ICO still to start and BitCoiin has not provided much about the compensation plan, we are here with limited information. As per the anonymous admins, every B2G coin offered by the company will be worth $5. Affiliates are encouraged to buy these coins and hold it with the platform to earn interest rate at 1% every month, which will total for a 12% rate every year.
There are no details provided about the required investment or the ROI attached to the invested funds.
BitCoiin – Referral Commission
BitCoiin, like many other pyramid schemes vouches for recruiting more people into its system. It uses unilevel compensation structure to pay referral commission to its affiliates. In a unilevel compensation plan, an affiliate is placed on the top order and the personally recruited affiliates are placed directly under the affiliate who recruits them.
For example, the affiliates who are recruited by the top affiliate, are placed on level 1, directly under the top affiliate. The affiliates recruited by any of the level 1 affiliate will be placed on level 2 and so on. This goes for an infinite series.
The company has kept a cap on 4th level for paying the referral level. A percentage of fund invested by the new recruit will be provided as referral commission to the existing affiliates.
- Level 1: 15%
- Level 2: 10%
- Level 3: 5%
- Level 4: 2.5%
BitCoiin – Reviews
Matt: I read about the BitCoiin opportunity in a cryptocurrency forum. I checked the website and it looked decent. But, the way these people have exaggerated the company’s profile, seemed dubious to me. The ICO is opening at $5/coin which is expensive. If I will have to spend that much without knowing the future, I would spend on a cheaper one.
Rej: Using the same name as bitcoin, but far away from getting close to its value. If anything is gonna work in your favour, then it’s your popularity and looking at the facebook account, it does not seem you are even trying for it.
Conclusion from the above Reviews
Till date, there is not much hype about this program apart from the regular posts from the anonymous admins. I was able to find few reviews on forums, but the actual members seem invisible.
I believe that this is just another scam trying to figure out ways to convince users that it is not.
The company claims that it addresses the issues that have affected the growth of bitcoin eco-system including the longer transactions time, big transactions fees, less earnings to miners, outreach from the common people and most important its core system, the blockchain itself.
However, it has not provided the way it has done so or planning to do so. They are actually trying to build a palace for its investors in the sky which would anyway, won’t be reachable.
This brings me to the same point. All the claims are just illusions. There is no evidence to prove any of that. Hence, affiliate recruitment program remains the only source to pay affiliates.
This makes them another addition to the list of Ponzi Scheme running under cryptocurrency niche. As the income depends completely on the recruitment, the platform will collapse as soon as the recruitment will stop.
Those joining early will may make some profit, but majority of the affiliates will be losing money at the end of the day. After the platform will collapse, these anonymous admins would be the first to leave the sinking ship.
So, make your decisions wisely and keep away with companies that are not transparent and make imaginary palaces in the sky. It is not worth your hard-earned money.