YoCoin, found online at YoCoin.org, is a new form of cryptocurrency similar to Bitcoin that is being promoted as “the future of digital currency” for anyone who has ever been interested in investing.
How Does It Work?
The YoCoin website appears to be very light on the details on how their cryptocurrency operates at this time, possibly because it is still such a new currency. The biggest promise made by YoCoin to their customers is that they are removing the barriers that once limited people’s ability to “participate economically and exchange currency for goods and services” by requiring them to have a bank account.
Bank accounts are no longer necessary, according to YoCoin, because their customers can just use software to send or receive their cryptocurrency. The website goes on to say that YoCoin uses blockchain ledgers as “a platform on which to build secondary programs that strip out costly middleman from all forms of person to exchange.” What kinds of specific benefits this will provide their users is hard to say – the website offers hardly any explanations of their benefits at all.
YoCoin and other cryptocurrencies are not regulated by any overseeing body, which means that their value – and price – can change very quickly. The only way to see its current value is to go their website or another cryptocurrency valuation website.
Unfortunately this website does not provide their customers with any information regarding possible returns and refunds, and their website publishes no set of legal Terms & Conditions which might give customers an understanding of any potential framework for a refund process.
This is not surprising since this is a form of investment; customers can try to sell their YoCoin to convert it back to their currency of choice, but they must realize that it is always an option to lose money in this process, and there is no recourse for that.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by submitting them directly to their website through their Contact Us link.
At this time it appears very clear that YoCoin is considered a scam, and is just the newest name in a long line of scams that attempt to blend cryptocurrency with a kind of multi level marketing matrix system to promote the further purchase and investment in YoCoin by as many people as possible.
The bottom line is that legitimate forms of currency do not combine their currency with what is ultimately a multi level marketing opportunity. People who are interested in investing in new types of currency should have complete control over how they want to invest and how much currency they want to purchase – their ability to get new people signed up to purchase currency as well should have no effect or impact on their investment.
In addition, YoCoin itself doesn’t even appear to know what it wants from its customers, saying that not only are they providing a cryptocurrency, but also eventually a global computer that can “eventually emulate many of the functions of companies like Uber, Airbnb, Dropbox, and Amazon, without the intermediaries who take a slice of the pie.” If a financial company can’t even clearly explain what their goals are, customers should really stay far away and invest their money elsewhere.
Competitors and Alternatives?
At this point in time there are many different types of cryptocurrencies available across the world, as listed by a Wikipedia article. Customers that are considering investing in any form of cryptocurrency should be cautious and do their due diligence, and never invest more than they can afford to lose.
If you have experience with this company or their products, please leave your YoCoin reviews below.