Legitcoin claims to be a “revolution” that will help you get rich quick. Best of all, there’s no risk or hard work involved whatsoever. That’s why it’s called “Legit Coin”. Here’s our review.
What Is Legitcoin?
Legitcoin, found online at Legitcoin.me, is a digital currency that’s being sold for $2 apiece online today. The creators of Legitcoin claim the token will be worth $70 by March 2018. In other words, they’re promising investors that their investment will be multiplied by 35x just by buying Legitcoin today.
Legitcoin is listed under the symbol LEGIT.
Typically, when someone is trying to sell an investment product to you, they’ll avoid making ridiculous statements about the future value of that investment. Legitcoin doesn’t have any products or services in place. The company doesn’t claim to solve any problems whatsoever. Despite the total lack of value, the company claims its token will skyrocket in value in just a few short weeks.
Obviously, we’re skeptical. Let’s take a closer look at whether Legitcoin is a complete scam – or if it’s a “legit” investment opportunity.
How Does Legitcoin Work?
As mentioned above, Legitcoin doesn’t have any products or services in development. The company doesn’t claim to solve any problems, nor does it have any partnerships with any existing companies. The tokens have no apparent value whatsoever. They’re just arbitrary tokens invented by a scam artist.
Despite the total lack of value, Legitcoin is selling 20 million LEGIT tokens through its ICO at a price of $0.50 per token. The tokens, as mentioned above, will be worth $80 by March 2018 – so there’s absolutely no risk to this investment, according to the makers of Legitcoin
The price of LEGIT is rising to $2 per token by the end of the ICO on February 14.
Legitcoin claims to have a debit card in development. However, there’s no proof that this debit card exists. They also claim that LEGIT will be listed on all major exchanges in the near future – although again, there’s no evidence that Legitcoin has secured any partnerships.
The company’s roadmap also has all of the features you’d expect to see in a scam coin – like a lending scheme, internal trading platform, and more. All of these features will help you get rich quick with no risk whatsoever, according to the official website.
The Legitcoin ICO
66% of the total supply of LEGIT is being distributed to the public through the ICO. The remaining tokens are reserved for the “Legitcoin Foundation” (20%), the team (10%), and advisors and early backers (4%). It’s unclear what the Legitcoin Foundation is or where the money will be used. The official website mentions vague funding targets like “protocol”, “marketing” and “operations”.
It’s unclear how many Legitcoin tokens actually exist. The company claims 20 million tokens will be distributed during the ICO, which would make the total supply 60 million. However, 20 million is also listed as the “total token issue”.
In any case, the ICO began on January 9 and ends on February 15, 2018. Tokens are being sold at a price of $0.50 per LEGIT during the token sale, rising to $2 per token by the end of the sale.
Who’s Behind Legitcoin?
Legitcoin was co-founded by Mark Lee and Steve Forster. There’s limited information about either individual available on the official website. There’s no explanation of their qualifications, for example, and no details of their previous work experience. We don’t have a link to a LinkedIn profile or other public profiles to verify their identity. A woman named Jessica Leed is listed as CMO. All of these names appear to be fake.
The company does not disclose its location or any further information about the project. There’s an overall lack of transparency regarding any aspect of Legitcoin.
If someone tried to sell you a blank piece of paper for $2 today, claiming it was going to be worth $200 by the end of 2018, would you pay that man $2? Probably not. That’s what Legitcoin is trying to do.
The company appears to be a complete scam with no real products, services, or value. In fact, the only “value” of the coin comes from the development team’s promise: the team claims the coin will be worth $80 by March 2018, rising even higher by the end of the year. There’s no proof supporting this valuation, and there’s no reason to believe LEGIT is worth even $0.10.
Based on all the information we can find online, Legitcoin is yet another scam coin. It’s the furthest thing from a “legit” investment opportunity.