Hello and welcome to my ‘Is Bizzcoin A Scam?’ article.
In our present times, a lot of people are investing on cryptocurrency. Sadly, some found trouble more than benefit. As such, this ‘Is Bizzcoin A Scam?’ article will unravel the secrets of one company that work with crypto.
Also, as a savvy investor, this good read will work towards providing you valuable information regarding scams. Needless to say, it is important to do research personally to gauge the risk level you can accommodate.
Without further ado, let us start this ‘Is Bizzcoin A Scam?’ article!
BizzCoin Review Quick Summary
What is Bizzcoin?
Perhaps, in another form or manner, you have been introduced to cryptocurrency. According to the website Investopedia, cryptocurrency is a digital currency that works on decentralized networks based on blockchain technology.
Now, a lot of news and offers are being made regarding investments on crypto. Fortunately, a lot of self-directed IRA companies, such as Regal Wallet and Bitcoin IRA are now offering crypto IRAs.
To start, Bizzcoin is the crypto equivalent of BizzTrade, a Forex multi-level marketing. Currently, this marketing move is a Ponzi scheme which is directly connected to the Bizztrek pyramid scheme.
With this being said, Bizzoin may appear to be another nonsensical digital currency that holds no actual amount. In a way, this is true, and most people instantly ignores something that is related to schemes and scams.
During its launch in 2020, it is hailed as something that can return your investments in no time. With that being said, why did it have its own fair share of investors? Well, for one, it is an ERC-20 token that can be set up in a few minutes. And two, many people just wants to jump on the cryptocurrency hype train.
Going back, it did sound fascinating at first. By the time of its launch, it has an innate value of 39 cents. Currently, it is at 0.027, which is bizarrely and ridiculously low.
At this time, you may want to skip to a reputable organization that can safely handle your crypto assets. Which is why, I recommend doing business with Regal Wallet. Truthfully speaking, this is the best crypto IRA company in the industry!
Is It Really A Pyramid Scheme?
To explain, a pyramid scheme is a system that works by recruiting members. Essentially, the more members that you recruit, the greater the kickback you will receive. In the succeeding sections, you will see how Bizzcoin operates.
Intriguingly, Bizzcoin has no trading transactions or retails sales. Thus, in a logical sense, their source of income will only come from successful recruitments.
For now, it is imperative to understand that Bizzcoin is one of these schemes. For further reasoning, its earliest root, the Bizztrek, is a pyramid scheme. Do note, pyramid and Ponzi schemes are illegal! That is why, you must never associate yourself with these items, activities, and systems.
If you visit their website, their are a couple services and programs that you can participate with. For example, they have their non-custodial wallet termed ‘BizzWallet’. With this, you will be able to have a secure online wallet that works with other cryptocurrencies as well.
Take a look at the other services they have to offer to you. But, do remember, we have already established that Bizzcoin is a Ponzi scheme. As such, proceed with caution. Or, the much better alternative, find another investment medium.
- BizzExchange – first, this global trading platform allows quick and easy buy and sell of various cryptocurrencies such as Bitcoin and Ethereum.
- BizzMart – second, this online portal is an avenue to buy goods and products from all over the world using BIZZ.
- BizzTravels – third, this services is for those that wants to utilize their Bizzcoins for travels, hotel bookings, and flight bookings.
- InfiPay – fourth, this service entails payments done thru bank institutions that support Visa and Master.
- POS System – fifth, this is an advance getway for payments of product. Also, it doubles as an efficient way for merchants to advertise their items.
- BizzGaming – sixth, this allows clients to play certaing games to earn Bizzcoin.
- BizzATM – last, this service allows exchanges of Bizzcoin to any flat currency.
How Does It Work?
For this, you need to create an account on their website. First off, there are no fees collected in this part. Next, you need to avail one of the following packages they offer:
- Starter – 50 euros
- Pro Starter – 100 euros
- Business – 500 euros
- Pro Business – 1 000 euros
- Trader – 5 000 euros
- Pro Trader – 10 000 euros
- VIP – 25 000 euros
With these being said, there is a 10 euro activation fee for every purchase of package. Additionally, you can have a total of 5 packages in one account. Interestingly, the number of Bizzcoins you’ll receive will depend on the value they have in their system.
To illustrate, let us say you chose the Pro Business package. If the price of one Bizzcoin is at 0.25 euros, then you will have 4 000 Bizzcoins in your account.
Moving on, here is the most important bit of them all. To prove that this is a ponzi scheme, they are practicing a compensation plan. As mentioned already, this is an important message to caution any investors out there not to fall for their schemes.
As established, they have no retail sales or transactions. Thus, they rely on two types of income: active and passive. For passive, your package will be ‘incubtated’ for 52 weeks. After which, you will be eligible to earn 10% monthly, depending on your package.
On the other hand, active income has a more complicated way of earning. For the key takeaways, please read the following:
- You will be given your own referral link. For every successful click of your link, you will earn a 10% commission fee of the package that your recruit purchases. Formally, this is known as your direct income.
- Next off, there is a team bonus. In this, you will also receive a commission fee from a package purchase. But, this time, it depends on the recruit of the recruit you have. Technically, this will be your smaller teams. A commission fee of 7-9% is available here.
- After this, a matching bonus is available for those who availed of the trader or pro trader package. Similarly, you will receive commissions depending on how successful your ‘team’ recruits ‘members’. Essentially, the more recruits you have, the better. This bonus is capped off at the fifth generation (first generation are your direct referrals).
- In addition, a renewal bonus is also up for grabs. This happens when one of their ‘investors’ buys or renews their package. Alternatively, this also resets the previous bonuses, therefore allowing new collections of commission fees.
Lastly, there exists an affiliate rank. This starts with a team leader (200 points) up to the president (60,000 points). Depending on the ranks, other bonuses such as vacation trips, car bonuses, and special matters are awarded.
Customer Ratings and Reviews
For this part, I am unable to list any favorable reviews about Bizzcoin. Then again, there is little to no expectation that this crytocurrency will have a positive image in the industry.
Unfortunately (of fortunately), it has no conclusive review pages in Better Business Bureau (BBB) and Business Consumer Alliance (BCA). However, there are some organizations that has something to say to Bizzcoin.
Checking with Trustpilot, BizzTrade (the company that launched Bizzcoin) has a 2.2 rating. In my book, this is a direct no for any possible companies I want to invest at. Which means their product, Bizzcoin, will relatively do poorly also in the market.
Pros and Cons
- No positive characteristics
- A Ponzi/pyramid scheme
- Not law-regulated
- Has little trade value
- Ridiculously low flat currency value
- Extremely unfavorable to people in the lower generations
- Services offered are nonsensical
- Almost all reviews lean on the negative side
- Will most likely shutdown some months from now
Do Not Conduct Business!!!
To conclude, this ‘Is Bizzcoin A Scam? article arrives at solid points to prove that this is a Ponzi scheme. As such, I suggest not to conduct business with this cryptocurrency. Moreover, do not entertain any representatives of their company, BizzTrade.
As a summary, one can ascertain that this is a ponzi scheme just by looking at their business ethics. More than likely, if you buy one of their packages, you will just be waiting for nothing. Any promises of return of investments will come back to haunt you.
For their services, it is very comical that they try to hide their fraudulent activities using enticing promos. Honestly, who in the right mind will transact with a Ponzi scheme just because it promises good service?
Perhaps, by the coming months or years, they will prove me wrong by charging their company structure. For now, I am standing by my claim to not invest a single dime in this cryptocurrency.
If you are looking to invest in crypto, then fear not. Regal Wallet, the leading firm in regards to crypto IRA is more than willing to help you!
As usual, I extend my thanks to you for reading this ‘Is Bizzcoin A Scam? article of mine. For comments and suggestions, do leave them in the appropriate section below.