Million Bitcoin Cash is a new type of cryptocurrency that is totally unrelated to Bitcoin (BTC) or Bitcoin Cash (BCH). Find out how it works today in our review.
What Is Million Bitcoin Cash?
Million Bitcoin Cash, found online at MillionBitcoinCash.org, is a new type of cryptocurrency under the symbol MBCH. The digital currency launched with its ICO on October 11.
The token claims to be built on a fork from bitcoin’s blockchain.
The name of the digital currency comes from the fact that there’s a total supply of one million tokens. While bitcoin and Bitcoin Cash have a total supply of 21 million, there are just one million MBCH in circulation.
Million Bitcoin Cash also has some type of referring and lending system that claims to double your money – guaranteed – every year.
There’s also not a lot of information about the currency available online. Searching for “MBCH” or “Million Bitcoin Cash” online, for example, reveals virtually no results.
Ultimately, Million Bitcoin Cash has all of the signs of a Ponzi scheme, an ICO scam, or a pyramid scheme. But let’s take a closer look at how the currency works.
How Does Million Bitcoin Cash Work?
Million Bitcoin Cash launched on October 11 with its ICO. The developers claim that it’s a fork from the bitcoin blockchain. However, that doesn’t seem to be true. It’s possible that Million Bitcoin Cash is built on the original bitcoin blockchain or some other modified blockchain.
Further down on the official website, the developers claim they spent “over 3 months of development” on the project, during which, “we built a blockchain.”
In any case, Million Bitcoin Cash has removed SegWit code from the bitcoin blockchain and replaced it with an adjustable blocksize cap with a limit of up to 8 MB.
In terms of the consensus algorithm used, Million Bitcoin Cash used a PoW/PoS mixed system at launch but later transitioned into a pure PoS coin.
Million Bitcoin Cash’s blockchain also has replay and wipeout protection to minimize user disruption and provide “peaceful coexistence of the two chains.”
Finally, there’s also a new SigHash type included as part of the replay protection technology. Million Bitcoin Cash introduces a new way of signing transactions, which brings additional benefits like input value signing for better hardware wallet security. It also eliminates the quadratic hashing problem.
Ultimately, we can’t find Million Bitcoin Cash available for trading anywhere online. The website lists major exchanges like Nova, Cryptopia, YoBit, and others. However, none of these exchanges feature MBCH.
The Million Bitcoin Cash Lending Plan
One of the biggest red flags that Million Bitcoin Cash is a scam is the lending scheme and referral system mentioned on the official website. The company claims to pay a monthly ROI of 8.3% (100% per year) if you give your coins to them (they don’t refer to this practice as “staking”, by the way, and it seems unrelated to proof of stake).
You just give the company 100 MBCH to 10,000 MBCH, and they’ll double your money every year – guaranteed.
In addition to this lending scheme, Million Bitcoin Cash has a referral plan where you get paid 3% to 12% by referring new people to the platform.
Later on, the website mentions that the lending scheme listed above is related to mining, and that your 100% annual returns come from transaction fees on the network. However, the overall process is extremely vague.
The Million Bitcoin Cash ICO
There’s only one place online where you can buy Million Bitcoin Cash, and that’s on a website called “BTC Family Trade”, found at BTCFamilyTrade.com.
The ICO began on October 11, and bonuses continue until November 10. It’s unclear if the token sale ends after that date, or if you can continue purchasing tokens.
Who’s Behind Million Bitcoin Cash?
Million Bitcoin Cash is led by a man named Arvind Norberg, who has 5+ years of experience with blockchain. He’s the only team member listed on the official website.
The website mentions that “there is no one single development team for Million Bitcoin Cash”, but there are “now multiple independent teams of developers.”
In August, the dev team claims to have had 50+ meetings with “celebrities [and] player agents” to build an easy base of customers.
A Google Search for “Arvind Norberg” reveals no information about the individual. Norberg claims to have been one of the original developers of Bitcoin Cash. However, according to Reddit, Bitcoin Cash’s developers have never heard of the man.
Million Bitcoin Cash Conclusion
Million Bitcoin Cash is a complete scam. The website is filled with ridiculous claims, false information, and an overall lack of transparency. The creator of MBCH claims to be one of the original developers for Bitcoin Cash – when in reality, it seems to be a fake name.
The digital token also claims to be a fork of the bitcoin blockchain, but it’s really just an ICO for a totally new PoS coin.
There’s no whitepaper, no transparency about the developers, and ridiculous earnings promises that claim you can double your money every year – guaranteed.
Meanwhile, the one website where you can buy Million Bitcoin Cash, “BTCFamilyTrade.com”, looks like it was designed by a 6-year old, and claims to be registered in Japan while using a Ukrainian phone number.
Ultimately, for all of these reasons, it’s hard to see any value in Million Bitcoin Cash.