Visacoin, found online at Visacoin.eu, is an ongoing ICO that has no affiliation with the credit card company, “Visa”. Find out how it works today in our review.
What Is Visacoin?
Visacoin is a cryptocurrency listed under the symbol VCX. The currency is currently going through an ICO, during which it’s priced at around 1 VCX = $1 USD.
The creators of Visacoin have absolutely no affiliation with Visa – despite the name. It appears the name was chosen in an attempt to convince investors that this is a legitimate product offered by Visa. In reality, there’s no connection between the two whatsoever.
Based on all of the information on the official website – including the tiny whitepaper and total lack of team information – we’re led to believe that Visacoin is a scam.
What’s the point of Visacoin? What problems does Visacoin seek to solve? Let’s take a closer look at how this coin promises to revolutionize the world.
What Problems Does Visacoin Seek to Solve?
Visacoin’s website identifies a number of major challenges with digital currencies, including:
Challenge 1) Creating a Large Visacoin Community:
“The fact that thousands of new coins are introduced represents tremendous challenges for us to attract the attention of the community.” To solve this problem, Visacoin’s developers plan to “develop a source code and algorithm based on bitcoin and improve some restrictions of bitcoin and implement a large-scale marketing program.”
Challenge 2) Building a Reliable Payment Gateway:
Visacoin aims to build a simple and fast payment and transaction gateway that allows investors to trade Visacoin in exchange for Bitcoin (BTC). After creating that payment gateway, the developers plan to list their token on “prestigious trading floors” (we assume they mean crypto exchanges).
Challenge 3) Funding:
Visacoin lists “funding for project development” as one of its major challenges. They claim to have all of these good ideas – yet they just need money to develop those ideas. That’s why Visacoin will conduct an ICO to raise funds from investors worldwide.
Ultimately, most of the information taken above is directly from the Visacoin website. The website does a very poor job of explaining how Visacoin works, or what problems the currency seeks to solve. It’s worded very vaguely. It’s hard to have faith in a crypto project when one of the first sentences you see online is that they want to “develop a source code and algorithm based on bitcoin and improve some restrictions of bitcoin.”
The Visacoin ICO
Visacoin’s ICO is scheduled to begin on November 30 with a pre-sale. That pre-sale will end on December 4. The exchange rate will be 1 VCX = $0.75 during this pre-sale, with a minimum purchase amount of $10,000.
A total of 1 million tokens will be available during the pre-sale.
The general crowdsale is scheduled for December 5 to January 5. There’s a total supply of 5.5 million VCX available during the crowdsale at an exchange rate of $0.85 per VCX (rising to $1.05 per VCX by the end of the sale).
Of the funds raised, Visacoin plans to devote 70% towards building and developing the platform, 15% towards marketing and promotions, 10% towards operations, and 5% towards legal services. They don’t provide further details about any of these budget items.
Oddly, the Visacoin website has specific price targets for the token. The company claims that investors can expect the coin to be worth $50 to $100 by Q3 2018 – just 6 months after the completion of the ICO. In other words, Visacoin is advertising their token sale with claims that investors can enjoy ROIs of 5000% or higher.
Who’s Behind Visacoin?
It seems pretty obvious that Visacoin is a scam coin. Like most crypto scams, there’s no information about the team available online. The company doesn’t post any office address information, nor do they explain the qualifications of the team. that’s a sure sign you’re dealing with an ICO scam.
In terms of a timeline, Visacoin’s whitepaper claims they’ll start building the “Visacoin ecosystem” (whatever that means) by Q4 2018. It’s unclear what they’ll be working on until that point. However, we see no reason to believe Visacoin has any specific products or services in development outside of their scammy ICO.
Visacoin Review Summary
Visacoin describes itself as “a potential ecosystem for visionary investors”. In reality, this is a scam that appears to be taking advantage of the “VISA” name. Visacoin has no connection with VISA (the credit card company) whatsoever. The company has no products or services listed on the official website, and the whitepaper is devoid of any major information involving the project.
Despite the total lack of information, Visacoin claims that investors can expect their VCX tokens to be worth $100 apiece by Q3 2018.
Ultimately, there are way too many red flags around Visacoin. This appears to be a blatant ICO scam.