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Bixbcoin is a cryptocurrency project launched in 2020. This digital currency promised its investors easy profits, borderless exchanges and faster transactions than Bitcoin. Despite the huge amount of publicity that was done for this project, today there are some people who consider it a scam. Stay tuned to learn more about Bixby Coin Scam.
The unclear identity of the production team and their expertise
Social networks are particularly important in the results of fundamental analysis, this project does not have an official Telegram channel or group, and according to the searches, most of the accounts created by Iranian users are followed or managed by Iranian admins. And in some of these channels, there are messages of dissatisfaction of users.
Unavailability of clear information about the performance of the site and its managers
This currency is not listed in reputable exchanges such as Binance
Not addressing the technical and specialized aspects of the project in its white paper and expressing general content in the field of digital currency
The roadmap of this project does not offer anything new and all its goals have already been done by other coins.
According to the results of the Alexa site, this project has been welcomed only by Iranian and Malaysian users, and it does not have a significant rating on this site.
Bixbycoin has two sites with io domains. and com. but both sites have the same appearance and content, and both are linked on the BixbyCoin page on the official Coinmarketcap site.
In these two websites, it is stated that “Bixbycoin provides services to users without the need for intermediaries. The BixBcoin network eliminates intermediaries and conducts transactions peer-to-peer, i.e. point-to-point. This digital currency can be bought, sold, transferred and invested.
It is stated on the website of this cryptocurrency that Bixby Coin is a coin; So it has its own blockchain network and it is started by a strong development team (although there is no name or address of them). In this website, it is mentioned that the total supply of Bixby Coin is about 3 million units, all of which have already been mined by the development team. This issue itself is questionable, why all coins must be mined in advance!
On the other hand, Bixbycoin mentions the existence of a mining pool on its website and claims that miners can receive fees for transactions. There is an obvious contradiction here.
The next thing about the Bixby Coin scam is that it refers to multi-level marketing. This marketing is another name for pyramid marketing and the Probix site, which is a Bixby Coin staking website, basically works in the field of attracting members through commission payments.
All that is mentioned in the Bixby Coin website is also mentioned in the white paper, but the technical aspects of the network have not been examined. In fact, only a series of general contents have been mentioned. When you read the white paper, instead of getting to know how the network works, its consensus algorithm, how transactions are processed, etc., you come across a series of general contents in the field of digital currency.
In general, we must say that Bixby Coin has many ambiguities, contradictions, weaknesses and problems. This project claims that because the supply of its coins is limited, the possibility of its price increase is high. While the limited supply is only one of the reasons for the value of a digital currency. On the other hand, it is mentioned in the Bixby Coin white paper that the speed of its transactions is faster than the Bitcoin network, but no explanation has been given about how this speed increase.
A cryptocurrency’s roadmap usually details more about its development process since launch. According to the Bixby Coin Scam Roadmap, the project was launched from 2018 to late 2019 until it launched in summer 2020.
Unfortunately, the roadmap does not provide any details about the project. The only important thing is that the launch of the ATM machine and POS machine are mentioned as the goals of 2021 and 2022. Despite the limited supply of Bixby Coins, there is no need for an ATM or POS machine at all. So practically these goals have no meaning.
One of the most important things that increase the price of a digital currency is the mention of the programs that are planned for its development in the future. It is important to know that Bixby Coin has not made any plans for its future development.
One of the most important things for a cryptocurrency project not to be a scam is the development team behind it. Usually, in the About Us section of the project website, the development team is explained and their work and professional records are discussed. But there is no About Us section on the Bixby Coin site or even in any of its subcategories such as Probix, and the team members are not introduced.
Of course, in some news sources and existing articles, a group called MRM Group is mentioned as the Bixby Coin development team, but their identity is also unclear in these sources. The question may arise in your mind that the identity of the Bitcoin developer is also secret. But you need to know that a small project like Bixbycoin is full of ambiguity and bugs cannot be compared with Bitcoin, which is at the top of all digital currencies.
The launch of Bixby Coin started in 2018 and was completed in 2020. The development team of this project is anonymous, but they have claimed from the very beginning that they have established a safe, fast and accurate platform for conducting digital currency transactions and are serving users. The digital currency of this project is known by the symbol BixB and is bought and sold in some digital currency exchanges.
Bixby Coin claims that investors can make money by staking and participating in its lending schemes and pocket good profits. But the reality is something else. In fact, we can clearly say that this project does not look promising at all and may be a scam.
Among the things that can be mentioned to prove that this project is a fraud are the anonymous development team, the negative comments of users on social networks and pyramid marketing. According to what was stated in this article, you should know that investing in the Bixby Coin fraud project is very dangerous. The project may be dismantled at any moment and its investors become losers who were deceived by the promises of the project and wasted their capital.
