What Is Barcoin?
Barcoin, found online at Barcoin.co, is a digital currency that comes with a unique concept. Here’s how the official website describes it:
“Barcoin is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow [sic] people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.”
Obviously, when someone starts talking about how you can buy a digital token today to earn a “substantial interest” on your investment, that’s a red flag you’re being scammed.
Like other notorious scams on the internet today, Barcoin also has a lending platform that promises to pay you guaranteed profits every day. You can expect to earn over 40% returns per month through this lending scheme – profits that are impossible with any legal investment.
Is Barcoin a scam? Or is this a legitimate investment opportunity? Let’s take a closer look at how it works.
How Does Barcoin Work?
Barcoin doesn’t appear to have any products or services aside from a lending scheme. It’s unclear who borrows money through that lending scheme. However, the company will pay you enormous ROIs by locking your money in that lending scheme.
Obviously, we’ve seen Ponzi schemes like Bitconnect take a similar approach: you lock your money for multiple months, then receive generous interest payments during that lockup period. The returns of older investors are paid by the deposits of new members, and the scheme eventually collapses when newer members cannot be recruited.
As far as we can tell, Barcoin uses this exact model to make money. There’s no evidence that anyone is actually participating in the lending program. Barcoin doesn’t appear to offer any financial products or services.
Ultimately, Barcoin advertises itself as a moneymaking platform where investors can generate huge returns – although it’s not totally clear how investors generate those returns, or where the money is coming from.
Here are the moneymaking opportunities advertised by Barcoin:
Barcoin will pay you 120% ROI per year by staking your coins, which means you leave them in your wallet to help process transactions on the BAR blockchain network.
Barcoin will pay you daily profits in exchange for participating in the lending platform. The company claims you can expect to earn 40% returns per month, along with daily interest of 0.1% to 0.2%. Your capital is returned after 120 to 200 days.
Barcoin (BRC) mining is the process through which new Barcoins are generated. Barcoins can be mined by CPU or GPU. It’s not totally clear how this works – the developers claim to have both PoS and PoW mining, and they list two different acronyms (BRC and BAR). It’s unclear if these are two different tokens, or if Barcoin is a hybrid PoW/PoS blockchain.
You’ll be paid 7% referral commissions “with excess unilevels network to infinity” for referring people to the platform. Like other online scams, Barcoin has an extensive multilevel commission scheme in place to generate referral income.
You can trade Barcoin to make profit. However, Barcoin is not currently listed on any exchange, so you’ll need to trade them through Barcoin.co.
Barcoin appears to be going through an ICO process similar to Hextra and other notable crypto scams. The developers are limited the number of tokens sold each day of the ICO. There’s a limit of around 250,000 BRC, with the price ranging from $0.30 to $1.25 throughout the token sale.
Launch dates for the ICO and pre-ICO have not yet been announced. However, the company encourages you to check the official website at Barcoin.co to stay updated.
It’s unclear if BAR and BRC are two different cryptocurrencies. The website is riddled with spelling errors and confusing information. However, the company is calling its ICO the BRC ICO. It’s unclear if BAR will be released in a separate ICO, or if it’s just another name for BRC tokens.
Who’s Behind Barcoin?
Like other crypto scams, we have no information about the team behind Barcoin. The company refuses to disclose its location, its development team, or any other relevant information about the project.
We have no proof that Barcoin’s developers have any experience in the field, and we have no reason to trust them with your investment.
The BarCoin Conclusion
Barcoin appears to be a scam. The company’s website and whitepaper are filled with errors, vague statements, and suspicious information. Like other notable crypto scams, the company claims to pay you 40% returns per month through a mysterious “lending scheme”.
The development team refuses to disclose any information about itself. There’s no transparency regarding any stage of the project – like the number of coins available. The company also seems to call its token by two different names: BRC and BAR, with no explanation of whether or not they’re different.
Ultimately, when someone advertises a digital token as an amazing investment opportunity, but refuses to disclose any information about itself, its products, its services, or its team, that’s a sure sign you’re being scammed. Don’t fall for Barcoin, and wait for the company to reveal more information about itself online before you send money anywhere.