If you are like most people, you probably thought to yourself that YOcoin is one type of cryptocurrency that is in direct competition with Bitcoin. However, the truth of the matter is that it is nothing like Bitcoin. And how is it different? Read below to know.
Unlike Bitcoin where block chains are mined to generate money (simple mechanics of supply and demand, however, with Yocoin, it would seem that the money is generated through a multi-level marketing compensation scheme. In other words, you earn your money when you recruit people to “invest” in it.
Bitcoin, on the other hand, has always been a currency of supply and demand, and we have seen its value rise from zero to $1,000 in the beginning as offline stores and brick-and-mortar businesses recognized it as a legitimate form of payment. Then, as national governments clamped down its use among citizens (case in point: China), we saw the value go down again. Thankfully, this original cryptocurrency bounced back as large venture capital firms invest in Bitcoin-based enterprises like online Bitcoin-to-dollar conversion wallets.
With Yocoin, though, we see none of that. Probably because the company is not so transparent about who owns it and where it operates from, there are many online bloggers out there who caution against joining the company. But this hasn’t stopped people from joining. Anyone can be part of the business by investing $50 to $2,000, with unit costing 17 cents or 0.00025 BTC. The coins are not delivered at once, though, 5% is sent to you every week.
If you want to gain money, you need to recruit since you will be paid through a binary compensation system. You can earn 10% of your direct recruits. We have no information on how much the commission is on downlines.
If you are interested in joining Yocoin, those are the things that you need to know. The company does not offer information on its ownership. Also, it would seem that the coin itself is not mined. Rather, it is bought and sold at a fraction of what Bitcoin costs. And just like most MLM marketing companies in operation today, it does not have any outside product that has intrinsic value, which is rather disturbing.
However, if you still want to invest (again, the minimum amount is $50), do so at your own risk. Don’t say we didn’t warn you.