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BitherCash Review Update: Another scam to avoid that led to hundreds missing out as the owner blocked withdrawals.
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BitherCash appears to be a Crypto currency ponzi scheme operating from Dubai. After doing some background research, we found the Founder and CEO of BitherCash, Javed Mujawar. Before launching this project, Mujawar was involved in the promotion of another project called Global Donation Community. And before that, he was also involved in the One Coin scam.
At the time of writing this review, the site was receiving nearly half of its traffic from Pakistan. It also appears that recruitment into the scheme in Pakistan have since cooled. But initially, Mujawar was heavily promoting BitherCash in India.
His Facebook profile tells us that he is from Pune, in the Indian state of Maharashtra. We therefore want to find out whether what he is promoting right now is a good income generating opportunity or another scam being that he has already promoted scams in the past. His history is smeared with promoting MLM scams. So we need you to read this full review to make up your mind.However, if you want to truly invest in Crypto currencies, our advice is that you should try mining them with legit platforms such as these ones.
There is no product or service to sell. The only business taking place in this scheme is selling of affiliate memberships by recruiting more people to join the scheme. Those who join this scheme invest in what is known as BEC coins on the promise that they will earn a return. At some point, BEC coins were being sold by BitherCash for the price of 40 cents each. However, the current value of BEC coin seems to be 0.98 cents. The minimum amount of money that investors can part with is $100 and the maximum is $50000. There are 7 different investment plans which come with different features altogether.
As a student investor, you put in $100 and you get 1.5% a month for 10 months. Pilot investors put in $500 on the promise that they will make 2% a month for 9 straight months. Standard members put in $1000 and they make 3% a month for 8 months. Professional investors put in $5,000 to make 4% a month for 7 months. Master invests $10,000 to receive 5% a month for 6 months. Deluxe investor puts in 25,000 to earn 7% monthly returns for 6 months. And finally, Elite investors put in 50K to make 8% a month for 6 months.
You should take note of the fact that these ROIs are paid out in BEC points. These must be converted into real cash through BitherCash internal exchange which is known as BitherX exchange.
As for the recruitment commissions, investors who recruit others earn 10% referral commissions for every depositor. Residual commissions are also paid out based on how much an investor puts into the project. BitherCash also offers a matching bonus via a uni level compensation structure.
For basic membership, individuals must pay $10. However, if an affiliate is looking to acquire the so called BEC coins for investing, they must choose any of the investment plans mentioned above. BitherCash suggests that the higher the amount of money invested into the project, the high the income generated for that affiliate.
BitherCash does not provide evidence of an external ROI source. The only approved ROI source is that which comes from new depositors who inject funds into the system so that older members can be paid while the operators pocketing the rest.
Unlike suspicious ponzi schemes that pretend to mine or trade Crypto currencies, this one does not make an effort to pretend at all.
You must also remember that early last year, there were several clones of Bitconnect that were popping on the internet, and BitherCash is considered one of these projects but with the exception that they tend to pay a lower ROI.
In an effort to dupe the gullible investor, BitherCash uses the word staking instead of lending. Lending is a word that is synonymous with modern ponzi schemes. After an investor purchases any of the investment plans listed above, they will be paid in BEC coins which they can then ”lend” back to the company for alleged profits.
Keep in mind that it costs nothing to create BEC coins, and BitherCash operators are the people who are responsible for creating this coin. They can create as much as they like or as little as they like.
After parking your BEC coins, BitherCash claims that you will get a monthly ROI according to the plan of your choice. But this ROI is in BEC coins. You have to remember this at all times. When the investment plan comes to an end, they try to convince investors to buy the coins using more money than they paid the investors. This is nothing but a fraudulent business model.
In short, Javed Mujawar and his team are taking your money in order to fund the expenses which they have generated through the alleged ROI which they are paying. The rest is pocketed. That’s how this business is operating since every ponzi scheme operates like this.
This will continue for as long as gullible people approach BitherCash asking to invest in BEC points. But people can be clever. At some point, the demand for the so-called BEC points will go down and the value of BEC coin will be zero. Meanwhile, the BitherCash scam will pull out and that is how investors will lose money.
Lost funds with this platform? Recover your funds here
Also, BEC coins themselves are valueless outside the ecosystem of this ponzi scheme. Again, regardless of what ROIs they are promising, BitherCash is considered a ponzi scheme and a fraudulent business model. And the end of this should be pretty obvious. When new investors stop knocking their doors, the operators of this scheme will simply quite and make off with whatever they made from the scheme. There is no accountability and so they can do anything with your money.
Keep off a shady business like this one. You won’t find any value in a site like this. To invest in Crypto currencies, don’t buy fake points with worthless values. Mine your coins here.
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This is coin more operating in mumbai please make awareness about this fake currency lots of poor people investment in this