BovaCoin is a blockchain-based cryptocurrency that claims to be “one of the most valuable cryptocurrencies of its time.” Let’s find out if it’s a worthwhile investment.
BovaCoin, found online at BovaCoin.com, is a cryptocurrency that claims to be powered by the “world’s first smart staking platform.”
As of April 16, 2018, the BovaCoin platform claims to have 36,000+ users. The official BovaCoin website is vague about how BovaCoin works and what the platform seeks to accomplish. The website has sentences like this, for example:
What exactly does that mean? I have no idea. Let’s take a closer look at how BovaCoin works and what makes it different from other cryptocurrencies.
How Does BovaCoin Work?
BovaCoin is a form of digital money that can be used to transfer value across international borders with “almost zero fees.” BovaCoin also claims that its transactions are secured from tampering “through the use of cryptographic functions.”
Awkward wording aside, all cryptocurrencies offer similar benefits. What makes BovaCoin different from the thousands of other digital currencies available online today?
Well, the main difference between BovaCoin and its competitors is that the coin comes with three ways to make a profit. Overall, the coin claims users can expect to earn returns of up to 5% per day by staking their BovaCoins through the “smart staking platform”.
Wallet Staking: 0.3% Profit Per Day
BovaCoin claims to offer returns of 0.3% per day through its basic wallet staking program. You download the BovaCoin wallet, then stake your coins within the wallet. While staked, your coins are locked for a specific period of time. Your coins will earn profits of 0.3% per day while participating in the staking program.
Smart Staking: 5% Profits Per Day
You can earn profits of up to 5% per day by participating in BovaCoin’s “smart staking” program. This program is described as “similar to wallet staking but different in two ways.” The two differences include staking your BovaCoins for a longer period of time and earning “far more coins than with wallet staking.” It’s unclear how smart staking works or why you would earn more than with ordinary staking.
Copycat Trading: 2% to 7% Per Day
BovaCoin has a copycat trading system where you can copy the trades made by the BovaCoin “finance team”. That team consistently beats the returns of every investment firm, hedge fund, and cryptocurrency trader in the world by earning profits of 2% to 7% per day. BovaCoin claims users will not lose money by participating in the copycat trading scheme, as the average return is always 2% to 7% per day.
BovaCoin also has a fourth way to make money: they have a multi-level, pyramid scheme-style commission structure. You can earn 5 levels of commissions, ranging from 5% on the first level to 3% on the second level, 2% on the third level, 1% on the fourth level, and 0.5% on the fifth level. The more people you convince to buy BovaCoins, the more money you can earn.
Who’s Behind BovaCoin?
BovaCoin has all of the red flags we associate with a cryptocurrency scam. One of the easiest ways to spot a scam is to look for team information or location information. Scams never disclose real team information.
As you might expect, the BovaCoin team refuses to disclose any information about its experience, its names, its location, or other relevant information. Here’s how the whitepaper explains the team:
“We are a diverse team of European experts with a passion for the intricacies of finance and blockchain technology.”
That’s it! This is the only information BovaCoin explains about its team. We have no idea where the team is located, nor do we know the names of anyone involved with the project. There’s no reason to trust the anonymous team with your money, and there’s no reason to believe they won’t disappear with your investment.
BovaCoin appears to be a scam. The company claims investors can expect returns of around 5% per day simply by participating in a mysterious “smart staking” program. They also claim to offer returns of 2% to 7% per day through “copycat trading”. In reality, there’s no proof of any of these earnings, and the entire BovaCoin scheme seems like a blatant scam. There’s no team information posted online, nor is there any transparency regarding any aspect of the project.
For all of these reasons and more, BovaCoin is one scam you should probably avoid. There’s no reason to believe it’s a legitimate investment opportunity.