I heard about The Billion Coin (TBC) in 2016 when a friend of mine who went for a seminar told me about it. I lent him the 10,000 naira he asked for to buy 3 TBC. The price of 1 TBC then was about 3,000 ~ $8. I did not buy because I could not understand how this Cryptocurrency could continuously rise in price for no reason. Unlike other currency, its continuous rise in value is not determined by supply and demand.
It’s over a year since my friend bought this coin, he is still stuck with it. Even though it’s stated on the official TBC website that 1TBC = 57BTC, my friend has not found a way to exchange it for any other crypto coin, fiat money or good and service.
We have decided to review TBC based on the request of one of our readers. This review might might offend some TBC supporters, however, we are only stating an unbias facts about TBC. Feel free to leave us a comment if you think our review is wrong or right, we will be glad to hear from you.
What is The Billion Coin (TBC)?
This is a cryptocurrency that is created with a concept of ending poverty globally and bringing a sort of balance between the poor and the rich. The Billion Coin was launched with an initial price of 0.001 Euros per TBC in March 2016. As regards to the owner, there is no visible face tagged to it. It has an admin known as Kris Kringle who is in charge of this huge scam. “Kringle” is a small unit of TBC such as the cent is to dollar and Satoshi to Bitcoin.
Scam claims of The Billion Coin
The Billion Coin claim to be a crypto that sort to seek a balance between the rich and the poor. They tell you that whenever you are being asked about the creator, you should claim that it does not matter right? They tell you that the price or value of TBC keeps going up and never goes down. They actually tell you that they are decentralized right? It simply means they shouldn’t be able to manoeuvre, suspend or monitor your wallet. It’s no longer news that in The Billion Coin wallets are being suspended if there is a documentation of anyone going against their membership agreement. You can watch the 24mins video below from the TBC official website to see claims of what the coin is all about.
What is the major membership agreement in The Billion Coin?
They always warn that all buying and selling of TBC must be done at a current price. They specifically warned that selling or buying of TBC at discount price is forbidden and that there will be consequences. They also insisted that there should be no giving out of The Billion Coin as gifts; anyone found guilty will be punished. A Severe warning is being issued out to anyone who goes against its membership agreement.
What are the punishments for defiling agreements of The Billion Coin?
The Billion Coin admins made it very clear that anyone who defiles its agreement policy will be given a six months suspension without warning. Though this was the initial punishment until recently when they decide to intensify their punishment. Hence anyone caught going against its membership agreement policy stands a chance of losing their entire TBC wallet indefinitely.
What are the official websites of The Billion Coin?
The Billion Coin has about six official websites.
Principle of The Billion Coin
The Billion coin uses a software formula that measures the growth of its verified members and hence compensates the growth adequately. It works based on the principle that one Euro multiplies the total number of its verified members. Now let’s say that they have one million verified members, what it does is multiply one euro by one million which is going to give us one million euros, and then it gives out one million euros as the price of The Billion Coin per euro. It is also stated that the price of TBC will continue to grow by 1% – 5% daily until it gets to 1 billion per coin hence the name – The Billion Coin-.
I expected TBC to behave like the other cryptos that uses market forces to determine the price/value of the coin rather it uses a formula that tends to promote the coin at intervals. This principle that is used by The Billion Coin defies all financial logic.
Rewards for Joining The Billion Coin
Seriously you get paid for bringing in new persons into this coin. It’s simple since the price keeps going up and it is being determined by the recruitment of people. If you have 1TBC when they were 1000 verified members then when you recruit in a group or individually and it gets to 5000 verified members you have simply earned. Remember when verified members increase the value of the coin increases too.
How to identify a Cryptocurrency Scam
- Is the coin being centralized?
- Does the coin pay return to its investors?
- Does the coin depend on investors for it to be sustained?
- Finally, do they keep begging you to join? Buy? Keep to rules?
If the answer to the above is yes, then you should find a better thing to do with that little cash of yours or better still help the less privileged with it.
It is also worthy to note that TBC is not
- listed in coinmarketcap.com where all crypto currencies are listed
- Traded on any cryptocurrency trading platform like Bittrex or Poloniex
Latest Development In the TBC community
As stated in the TBC blog, members will be able to convert their TBC to fiat money soon. To qualify for this each member is to pay $10 in bitcoins. the first 10,000 members to pay (know as testers) will qualify for the exchange. other members will follow suit if success is recorded with the 10,000 testers. you can read it all here
I suspect the above to be a Ponzi/MLM pyramid scheme in play. If the coin is worth as much as they say, why do members have to pay to convert it?
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My Conclusion on The Billion Coin
The Billion Coin is obviously fake and a scam. It is not a legitimate cryptocurrency. This coin functions just like a Ponzi scheme because it simply gains value as a result of incoming members. I believe some of us know the principle of demand and supply, hence we should know that when the demand for a commodity goes high it is only natural for the price to go high too. TBC goes high irrespective of the demand. It only cares about people registering and tries to enforce its membership agreement on people. I will call that extortion. Please be guided, do not fall a victim of this.
Also, remember they can simply snatch your coin way from you if you go against them which simply means they still own the coin even if you think you own it and they can take it away whenever they like. At the end of this whole thing, Kringle (the admins) keeps getting richer.
I believe most people that hold TBC know deep down inside that TBC is one big scam although they pray and hope it magically becomes valuable.
I believe my review on The Billion Coin will go a long way in guiding you on the right path. Please feel free to leave a comment. Also, share with your friends on facebook/twitter by clicking the Icon below. Thank you.
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