Have you stumbled upon Bizzcoin and wondered "Is Bizzcoin a Scam?" Lately, a lot of people have been investing in crypto hoping to make it big. Unfortunately, a lot of people have also lost their money in this market. Plus, Bitcoin and other cryptocurrencies has suffered a crash in their values lately.
However, can Bizzcoin help you make it big in this market? Can they be trusted with your hard earned money?
Well, come and join me as we unravel this website dealing with crypto. Hopefully, we can have a conclusive answer at the end if Bizzcoin is a scam or not.
BizzCoin Summary Review
- Name: Bizzcoin
- Website: https://www.bizzcoin.com/
- CEO: Farid Ladhani
- Minimum: $50
- Fees: $10 for the activation fee
- Rating: 1/5
What Does Bizzcoin do?
Before we get to what is Bizzcoin, we must first talk about the cryptocurrency space. However, if you are someone who is already familiar with crypto, then you can go on ahead. So, cryptocurrency is basically a form of digital currency which people can use to buy stuff online securely. Furthermore, many people have also started to invest or trade in it hoping to make a quick buck. It is based on decentralized networks that is based on the blockchain technology.
So, it is not surprising that many companies such as Bitcoin IRA and Bizzcoin are trying to jump on this hype train. Plus, there also a lot of websites and business trying to incorporate crypto in their businesses. However, you must be wary since there are also a lot of people trying to prey on the clueless.
Going back to Bizzcoin, it is the crypto alternative for BizzTrade. BizzTrade is an multi-level marketing (MLM) based on Forex trading. However, their business model looks like a Ponzi scheme. Plus, they are directly connected to the Bizztrek pyramid scheme issue.
Looking at the value of their Bizzcoin, it does not bode well at first glance. Their value tanked -97.31% from the value of $0.07809 to $0.002064 in just a year. So, it looks like the coin does not hold significant value. Why would you want to invest in something that has no value?
To summarize, it seems that Bizzcoin was created by a group of people wanting to make money at other people's expense.
If you really want to invest your money in something more trustworthy then I suggest you read my article about Goldco.
Is Bizzcoin a Scam - Services Offered
Bizzcoin was initially created to be used as a form of payment for other services in the Bizz platform. You will also have a digital wallet or a 'non-custodial wallet' called BizzWallet in which you will keep you Bizzcoins. Furthermore, you can also hold other cryptocurrencies in it as well.
Below, you can find the list of services that they are hoping to offer.
- BizzMart - A marketplace where you can buy products worldwide using Bizzcoin.
- BizzExchange - Buy and sell other cryptocurrency with this global trading platform.
- InfiPay - A payment gateway for global transactions that uses Visa/Mastercard.
- BizzTravels - Pay for your travel expenses using Bizzcoin.
- BizzGaming - Earn Bizzcoin by playing games.
- POS System - A gateway for product payment. Plus, it also doubles as a way for merchants to advertise their products.
- BizzATM - Allows for exchanging your Bizzcoin into fiat currency.
How Does It Work?
Before you can start doing anything with Bizzcoin, you must first register an account with them. You can do this through their website or mobile app. After that, you will be then given a list of packages to choose from:
- Starter - 50 Euros
- Pro Starter - 100 Euros
- Business - 500 Euros
- Trader - 5,000 Euros
- Pro Trader - 10,000 Euros
- VIP - 25,000 Euros
Plus, you would have to pay an additional 10 euros as an activation fee whenever you purchase a package. You can have a total of 5 packages in a single account. However, the packages does not reflect a specific amount of coins that you will receive since it is tied down to the market value of Bizzcoin. For example, at the time of writing, the value of Bizzcoin is $0.002064 or 0.0019 Euro. So, if you choose the trader package worth 5,000 Euro you would receive a total amount of 2,631,578 Bizzcoins.
This might look enticing since it is a big number; however, you must remember that it's still only worth around 5,000 Euro. Furthermore, you will also be running the risk of losing money. If the value of Bizzcoin goes down further, then the value of your investment will also go down with it. And honestly, seeing the value trend of Bizzcoin, it will most likely go down for the foreseeable future.
In addition, Bizzcoin also has a compensation plan that sounds a lot like a multi-level marketing scheme. However, it actually looks more like a Ponzi scheme. Continue reading this "Is Bizzcoin a Scam" article to learn more about it.
How to Earn with Bizzcoin?
In this part, I'm going to tell you all about their compensation plan and why I think it is a Ponzi scheme. First, we must define what is a Ponzi scheme. Well according to Investor.gov, a Ponzi scheme is an investment fraud where existing investors are paid using funds collected from new investors. So, what makes Bizzcoin a Ponzi scheme? Well, since Bizzcoin is a digital business, they do not have any physical retail sales or transactions. Well, then what are they really trying to make you sell?
Bizzcoin investors relies on two types of income which is active and passive income. The passive income comes from your package that has been incubated for 52 weeks. After the 52 weeks, you will then be eligible for a 10% monthly return on your package. However, 52 weeks is a long time in the before you can start earning passive income from your investment. Especially in the crypto space where cryptocurrency values can crash overnight.
However, if you want to earn much quickly then you can try their compensation plan.
Bizzcoin Compensation Plan
Basically, you will need to recruit people into joining Bizzcoin. For every person that purchases a package using your referral link, you will receive 10% commission from that package. There is also a team bonus of 7-9%. To summarize, a team bonus is when your recruit manages to recruit another person in which you will then receive your bonus commission. A matching bonus is available if you have availed a trader or pro trader package. So, when your recruits are doing well then you will receive another bonus. However, this bonus is capped at your fifth direct referral person.
In addition, if your recruit renews or buys another package then your bonus from them will reset. This allows you to collect previous bonuses again. Lastly, there is an affiliate rank which starts with the rank of Team Leader (200 pts) up to the President (60,000 pts). These ranks entails different bonuses such as vacations or other special rewards.
This sounds sweet and great right? However, you must wonder where all of this money is coming from if they are not selling an actual product or services. The only money coming into them is from investors buying their packages. So, this is why I am calling it a Ponzi scheme since it relies on the investment of other people to pay their existing investors.
Therefore, I suggest you check out other investment opportunities other than this one. Below, you can find some of my reviews of companies that you can invest in.
Out of all of these companies, the one I recommend most is Goldco. So, go on check them out.
Is Bizzcoin a Scam: Reviews and Ratings
There isn't a lot of reviews and rating of Bizzcoin online. Plus, there is also no record of them on from the Better Business Bureau (BBB) and the Business Consumer Alliance (BCA)
Below, you can find the ratings of them I have found online:
- Trustpilot - 2.8 out of 5 based on 3 reviews.
Furthermore, here are the ratings and reviews of their mobile app:
- Google Play - 4.7 out of 5 based on 494 reviews
- Apple Store - 4.5 out of 5 based on 32 reviews
According to these ratings, it seems that customers love their app right? Well, see the customer reviews that many people found helpful on Google Play and you can decide for yourself.
So, is Bizzcoin a scam? Well, what do you think?
What I Like About Bizzcoin
I cannot in good conscience say anything good about Bizzcoin. So, I suggest you take your money elsewhere or risk losing it.
What I Don't Like About Bizzcoin
- Coin value crashed and never recovered.
- Utilizes a Ponzi scheme which is illegal
- Negative reviews from actual customers
- Not good for long term or short term investments
- Not regulated or approved by authorities
Is Bizzcoin a Scam - Final Verdict
With all the information above, I can safely say that investing in Bizzcoin is not a good idea. So, please keep your money away from them or you might lose it overnight. Cryptocurrency is a very volatile investment and Bizzcoin does not help mitigate these risks.
Plus, they are operating a Ponzi scheme hiding behind exciting promos and rewards.
So, if you are looking for something good to invest in then I recommend you check out GOLDCO. Goldco is a precious metals IRA company that can help you secure your future through IRA investments.
If you want to learn more about Goldco, then click the button below!
So, that concludes my "Is Bizzcoin a scam" article! If you have experience working with them or any comments, then feel free to leave them down below!