There are quite a few bitcoin scams out there, all of which deserve to be exposed in due time. BitQyck is a company that caught our attention a few days ago, as the company shows quite a few similarities with Onecoin. It appears this is another MLM scheme with no proof of it being even closely related to cryptocurrency whatsoever. Time to take a closer look at what Bitqyck is about.
Beware of BitQyck For Now
Looking at the BitQyck website does not instill a whole lot of confidence whatsoever. It looks like a site put together hastily and with very little effort behind it. Moreover, it does not look like a professional platform anyone should invest in by any means. It also appears this platform is related to Calorchi, a well-known MLM scheme that has no ties to blockchain technology either despite their claims.What Bitqyck claims to provide is a way for people to invest money into this program. As one would expect from an MLM scheme, the goal is to invest money, recruit others, and get them to invest. While this is a legitimate business model, there is plenty of reason for scrutiny where BitQyck is concerned right now. After all, the company claims to offer some form of blockchain-based rewards.First of all, no one’s entirely sure how the Bitqyck MLM scheme even works under the hood. There is very little to no information to be found on the website, and company representatives are unwilling to explain how the company generates money. This draws some parallels to Onecoin, as those representatives can’t properly explain how the company works either. Quite strange for a crypto-oriented company, to say the least.Second, Bitqyck is another one of those MLM schemes that provides no way to mine the cryptocurrency. It is also unclear how many coins are in existence, or which blockchain they can be found on. Everything is kept under very close wraps, which usually indicates there is no technology powering this concept. Instead, it is likely Bitqyck uses a regular database to update user balances, similar to how OneCoin operates.Moreover, there is no block explorer to speak of, although that should not surprise anyone after reading all of the above. Companies such as Bitqyck have very little reason to be transparent, as that would only expose their inner working. The currency is not traded on the open market either, nor can they be sold on any exchange whatsoever. Instead, Bitqyck investors can only use their balance for products and services provided by the parent company.Although none of these facts directly labels Bitqyck as a scam, the facts are quite troublesome nonetheless. It appears Bitqyck has taken a page out of Onecoin’s book and is now making inroads in the US and Canada. It is impossible to join the program with a sponsor ID, and the company is looking for business owners to sign up for their services. A very dubious scheme, to say the least, it but only time will tell whether or not Bitqyck is legitimate. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.