Top 5 virtual coins or scam cryptocurrencies should be avoided

After Bitcoin currency Created in 2008 and increasingly attracting the attention of financial investors, individuals and organizations began to take advantage of this to present scams through money. virtual (electronic money). They are mainly aimed at people who do not have much knowledge about cryptocurrencies but want to “get rich” and want to invest. As a result, many people are fooled and governments blame Bitcoin again.

Recently, there were reports of mass arrests of 60 people in Bolovia, a banned country Altcoin, they distributed documents about Bitcoin but with the aim of defrauding others. Taking part in recent cryptocurrency scams, below I will list the Top 5 fraudulent and suspicious virtual currencies that are emerging recently.

See more: What are cryptocurrencies, cryptocurrencies, digital currencies, cryptocurrencies?

Top 5 virtual coins, scam cryptocurrencies (Scam)

1. Onecoin

Surely you are no stranger to OneCoin coin is the most “famous” of all scam coins. So, it is not uncommon to mention OneCoin first. But what exactly is Onecoin and how does its scam system work? OneCoin is a Ponzi (multi-level) scam coin that runs on a private Blockchain managed by Gibralta-based Onecoin Company. In just 1 year, this company has earned more than $ 50 million due to illegal product sales thanks to a strong advertising strategy on Facebook.

Onecoin’s main product is transaction documents, or packages of products priced between 100 Euros and 118,000 Euros, including tokens for Onecoin mining in Bulgaria and Hong Kong. You can see that this company does not sell digital currencies, only sells packages of documents. Italy and China are the first countries to expose OneCoin’s deceptive nature.

2. LCF Coin

LCF Coin is currently storming in China. The LCF Coins virtual currency is in the prelaunch stage but does not have any website or social network. In contrast, they are advertising through Google and have sold more than 600,000 products. Why is LCF Coins considered a scam? Financial consulting firm Rothschild & Co of LCF Coins has warned people not to trust the cryptocurrency:

“The scheme is meant to be an investment fund related to digital currencies and” many other things on the internet “, and they pay in installments based on the length of time they join. This shows that the fund is very similar to a Ponzi scheme. ”

It is the financial consulting firm of LCF Coins that has spoken, there is no reason not to doubt this currency.

3. Centurion Coin

Located at No. 3 that is Centurion Coin (CNT). Thanks to the Italian website Truffacoin, one can confirm that the Centurion Coin is a Ponzi scheme. Slightly similar to OneCoin, Centurion Coin is just another thing that they open a charity fund.

On the Centurion Coin website you see the names of the development team members, but the real identities of these people are hidden behind a Dubai company. This “charity” has donated 5 million coins, but according to the block openers of Centurion Coin, there are currently 50,000,086,400 pre-mined CNT coins in the first batch of December last year.

4. Earthcoin

Earthcoin (EAC) is also on the list even though it is the most legitimate coin in the top 5 scam coins. It was even on Coinmarketcap’s list. When searching for Earthcoin on coinmarketcap.com, around June we can read Earthcoin’s market cap is about 935,000 USD and has 9,346,468,332 EAC (currently Earthcoin market cap is 4,894. $ 811 with EAC 11,374,525,128), but it doesn’t seem too convincing.

Pre-mined EACs and even bug fixes show that the initial supply of the coin is automatically generated by the developers before it is released to the public. This means that miners do not generate a supply over time as we often see it. Also, they do not have a good website and do not provide any detailed information about Earthcoin itself and its volume. In the decentralized world of cryptocurrencies this is too suspicious for investors.

5. S-Coin

S-Coin (Coinspace) is the last cryptocurrency on this list. It works like Onecoin because the company offers an unsustainable development plan. Coinspace sold 12,000 packages of tokens, but their value is not tied to any entity and has no basic principles of supply and demand. Those are the signs that this is a suspicious coin that everyone should pay attention to.

Conclusion

Above is “Top 5 virtual currency or electronic scam (Scam) should stay away“Was compiled from a popular foreign blog.” Virtual currency blog collect here to join everyone to evaluate and be more careful in choosing investment coins, especially multi-level coins, HYIP or Ponzi. Hopefully the article will bring useful information for readers. Don’t forget to Like, Share and give yourself a 5-star rating right below. Wishing you safe investment and always profitable.

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