Gold Bitscoin is a new Crypto currency that is supposedly revolutionizing how payment of goods and service are done on the internet. The team behind it claims that their mission is to make Gold Bitscoin (GBC) be a household name just like standard currencies like EUR, USD and so on. The coin uses the blockchain technology to provide an easy, fast and convenient way to pay and transfer funds on the internet.
Gold Bitscoin cites ALI MOHAMMED as the CEO and Co Founder, TONY DENNISON (Chief Operations Officer), STEVE MACDONALD (fund manager and investment specialist), BEVAN MAILMAN (legal advisor) and SABITH MOHAMMED (Chief Technology officer). This team does not have any social media profiles to showcase their experience, previous work places or projects that they have worked for in the past. In fact, they do not have any digital footprints to start with, which makes us believe that these people are not real but are just stock photos. There area few pictures on the homepage of Gold Bitscoin which are meant to make us believe that this operation is legit because it involves a lot of people. But there is also an element of ponzi scheme in this project because their vision is somehow vague, plus it is not clear what Gold Bitscoin has achieved so far.
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The domain was created in December of 2017. The owner is MOHAMMED SABITH who lives in Australia. It is not clear whether Mohammed Sabith is the same person as Ali Mohammed because these two are different names. Since it has existed for 1 year now, it makes sense for people to express interest on the offering of this site. However, we have also looked at the road map and we think it’s vague. It does not look like something that contains goals that the project has already achieved.
According to Gold Bitscoin, there are 1 Billion tokens of Gold Bitscoin in supply and 200 million tokens have already been acquired by investors. This information cannot be verified, but at the same time we cannot take it at face value. They need to meet us half way. You also have to understand that this token costs Gold Bitscoin next to nothing to generate. While they claim that the value of this coin is governed by supply and demand in the market, that could be far from the truth. There is no evidence that many investors have expressed interest in this coin, and therefore there could be zero demand for it at the moment unless they start to aggressively market the project.
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The other thing is that Gold Bitscoin is more than likely to exit the market once they have pumped and dumped the coin. Right now the project is pumping the coin into the market to try getting more investors buying the tokens on the promise that it will increase in value as more people use it to buy and sell on the internet. It is also not clear whether this coin has been listed on any exchange yet. But even if they do, it will be part of a wider scheme to generate more sales from naive investors who buy based on speculation only for the project to exit.
The site is listing a number of supposed benefits on their homepage. They claim that the coin has been adopted by one of the governments in the world and will be used as a form of payment in the e-commerce industry. There are no specifics and yet investors want to know which government has adopted this coin as claimed on the website.
Secondly, Gold Bitscoin claims that they have secured various securities license in place. This allows them to conduct fund management activities and even offer securities to the public without being labeled a fraud. Well, this is not the case because the site does not display any licensing details. So when they claim that these details are in place, they are just lying to us to get our attention. They are not compliant with any legislation and regulations. So let’s forget this claim or brush it aside as one of the lies being told by a project that looks like a pyramid scheme.
They also claim that Gold Bitscoin has been endorsed by one of the industry’s top angel investors but this is far from the truth. Who is this angel investor? This claim cannot be verified because Gold Bitscoin is not verifying or getting into the specifics.
Many other supposed benefits are kind of vague because the site does not produce any proof to support their numerous claims.
They are selling a token for the price of 0.24 US dollars in the Pre ICO phase. They claim that in the last 100 days, the value of this coin has risen to 0.50 USD per token. This shows an upward trend but what is the true value of this coin? One may ask.
Well, first of all, it costs Gold Bitscoin nothing to generate the coins which they are selling. That’s because it is not real money. Also, we don’t have proof that the prices are dictated by supply and demand but we do have proof that these prices are set by Gold Bitscoin itself.
At the end of the day, the end user is getting a raw deal because they are being tricked into something that will eventually collapse. We have seen many of these before.
You need to be very careful when it comes to investing in ICOs. It is not a very easy thing to do if you are not experienced in the world of Blockchain and business in general. Therefore, our advice is that you should probably stay away from Gold Bitscoin. For trading of Crypto currencies, we advice that you use these apps to trade the coins.
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