WesternCoin, found online at WesternCoin.co, is a cryptocurrency that promises to pay you up to 45% per month just for holding onto it. Here’s our review.
What Is WesternCoin?
WesternCoin is a cryptocurrency that claims to have trading, lending, and staking systems in place. The crowdsale for the token began on October 2 and concludes on October 31, 2017.
The website features limited details about the currency and how it works. There’s no whitepaper, and no information about who created the currency. At first glance, the entire operation looks like a scam.
By the time you get to the bottom of the WesternCoin homepage, you’ll realize that the company has some type of multilevel marketing system or pyramid scheme in place: if you buy a bunch of WesternCoin tokens today, you’ll earn 45% ROI per month. The more money you give the company today, the higher ROI you’ll earn.
The company also has referral bonuses and matching bonuses available.
Ultimately, most people online agree that WesternCoin is a blatant scam. However, let’s take a closer look at how it works to see if there’s anything legitimate about these operations.
How Does WesternCoin Work?
WesternCoin doesn’t appear to be a legitimate blockchain-based token. Instead, it just appears to be a pyramid scheme or high yield investment program. You buy tokens today, then hold those tokens in your wallet to earn money through proof of stake mining. It’s unclear how the mining procedure works because there’s no WesternCoin whitepaper or further explanation available online.
The WesternCoin currency itself has no value. It cannot be spent outside of the WesternCoin.co website. It’s not listed on any exchange, and you can’t redeem it for anything.
How to Trade WesternCoin
WesternCoin is only available from an exchange called WNC. You register an account, deposit bitcoin, then purchase tokens from WNC. That’s it.
A quick Google Search for “WNC exchange” gives us no results – so we have no idea where you can actually buy WesternCoin tokens. However, it appears that this exchange is just this purchasing portal on the official WesternCoin.co website.
How to Stake WesternCoin
WesternCoin claims to use a proof of stake mining system. That mining system involves downloading a wallet for Windows, Linux, or Mac, depositing WesternCoin tokens into that wallet, and then earning a staking interest of up to 7% per year. Later on, the company claims that you can expect to earn 45% per month through WesternCoin.
How to Lend WesternCoin
WesternCoin’s developers also claim to have some type of lending system in place. That lending system involves registering an account and depositing bitcoin onto the WNC Exchange (again, we have no idea what this exchange is). Then, you lend to other users through that exchange and charge users 45% interest per month (!) for your money.
WesternCoin Affiliate Program and Pyramid Scheme
WesternCoin has an affiliate program or pyramid scheme in place. You can earn referral commissions down 10 levels.
The more money you give the company in the form of a “lending investment”, the more money you can earn. WesternCoin will pay you “volatility interest” plus a fixed interest rate.
When you deposit $100 to $499, for example, you’ll earn a volatility interest of up to 45% per month. If you invest $50,000 to $99,999, then you’ll earn volatility interest plus 0.30%.
Referral bonuses will pay you 8% on the first level, and 5% on a matching bonus.
The WesternCoin Crowdsale
The WesternCoin crowdsale is taking place from October 1 to October 31, 2017. The developers claim there’s a maximum supply of 21 million WNC tokens, with a total of 5 million tokens available through the crowdsale.
Since there’s no WesternCoin whitepaper, we don’t have a breakdown of how many coins each member of the team receives, or how many coins are reserved for the platform.
Who’s Behind WesternCoin?
The creators of WesternCoin provide no information about themselves online. We have no information about the team running the operation, nor do we have any information about where they’re based or when the company was founded.
When a company is asking you to send bitcoins online, but refuses to disclose their identity, it’s a huge red flag that you’re being scammed.
Ultimately, WesternCoin has way too many red flags surrounding this currency. The company promises to pay you 45% ROI per month in exchange for lending your money through the WNC Exchange.
Ultimately, we have no proof that WesternCoin is a blockchain-based currency. For all we can tell, this is just a digital token created arbitrarily by a team of scam artists. The company will be propped up by the initial deposits from gullible investors. Then, the scheme will continue until no new members are recruited, at which point everything will collapse.
To learn more about WesternCoin, visit online today at WesternCoin.co. However, you should absolutely avoid giving your money to this scam – at least, based on everything we can find online today.