Bitcoin, Ethereum, Ripple, Litecoin, OneCoin and so on and so on. You have probably heard some of the most famous cryptocurrencies. The next one coming is S-Coin by the company called Coinspace?
There has been a lot of buzz recently about this new cryptocurrency. Will it become as popular as Bitcoin? What are the differences? Is Coinspace a scam? Find out answers to all of these questions in the next 1-2 minutes by reading my informative article.
Coinspace Scam Review 2017 – Video Version
Before diving into the article, I want to provide you an opportunity to have a look at my video review of Coinspace. I believe you’ll enjoy and find it helpful.
Founders: Jerry Plesko. Current Base in Malta (Tax-Free Area)
Short Review: In my eyes, Coinspace looks just like a Ponzi scheme. I don’t see there any new value compared to other cryptocurrencies. I recommend staying away from it and concentrate on more reliable ones like Bitcoin.
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What Is Coinspace? – New Bitcoin!?
Coinspace wants to be related to other reliable cryptocurrencies like Bitcoin and Ethereum. One of the leaders of Coinspace says that Coinspace works like any other currency in the world but it’s only digital. If you don’t know yet the idea behind cryptocurrencies, you can read it here or you can have a look at the video below.
Coinspace is being marketed in the following way, “Imagine if you would have bought Bitcoins in 2009. Now you would be a millionaire… But don’t worry! You have the same chance again through buying S-Coin through Coinspace.” We all probably know somebody who earned quite a lot of money with Bitcoins. I didn’t bet so much but at least I earned a few thousands. Many times I have fallen into thinking, “What if…”
What if I would have bought more and now I would be a millionaire. Anyhow, it’s done and we can’t go back in time. It’s better to live in the moment than in the past.
But Bitcoin wasn’t the only successful cryptocurrency. There have been many others and people who joined early have become multimillionaires. Ethereum was one of them. I made a research about them and found it an interesting opportunity to invest money as well. However, I probably missed the best boat.
Is Coinspace another chance for us? Is it a “new Bitcoin” that will make hundreds of millionaires all around the world? Or is it just a scam? I’ll let you know in a moment.
Coinspace vs Bitcoin – They Are Totally Different
As you saw in the video above, Bitcoin is the first decentralized digital currency. It means that one company or institution doesn’t run the show. It’s decentralized and the code is open to see for everyone in the world.
Coinspace is a different story. Their product called S-Coin is run by their own company and they decide what is happening there. You can’t buy S-Coins through any reliable cryptocurrency broker because only Coinspace is selling them. The idea is similar to Onecoin where an individual company is running the show.
This brings us many questions. What if the company isn’t reliable? What if they just take our money and run?
The fact that Coinspace is centralized is not a problem itself. You may know the third biggest cryptocurrency in the world right now called Ripple. That currency isn’t centralized either but it’s still legit. So, it really depends on the team that is working there in the background.
You can pay with Bitcoins in numerous places all around the world: Subway restaurants, hotels, when buying flight tickets and so on. Sometimes you even get a discount when you pay with Bitcoins.
But where can you pay with Coinspace’s S-coin? Nowhere.
The idea of Coinspace is to invest into the system and get more money out. You can do it through Coinspace packages. Let’s have a closer look.
Coinspace Packages – “Give Us Your Money!”
Have you heard what is the most common investing advice in the world? It’s called, “Give me your money.” Salespersons in the bank are giving their advice that sounds nice and cool but after all, they want to say is, “Just give me your money.” The same principle applies to numerous other investing “gurus”.
In the picture below you can see different investing packages of Coinspace. The idea is the same like in other Ponzi schemes: the more money you invest, the bigger ROI (return on investment) you are going to get.
If new people join the system, those who invested early on will most likely get a good return on their investments at least in the beginning. But if new people stop joining the program, the pyramid will collapse.
I believe that first, the value will go up for a while when they are doing aggressive marketing. But at some point, it will most likely just collapse if they are providing good value.
Where Is the Value of Coinspace? – I Can’t Find It!
It’s hard to find a great value in Coinspace. As its best, it’s just a duplication of Bitcoin on many other coins that enable immediate payments and transactions.
It seems that Italian officials don’t see the value of either. Italian Securities and Exchange Commission stopped Coinspace sales activities and promotion in Italy.
Do you know if promoting Coinspace has become illegal also in other countries?
Conclusion – Is Coinspace a Scam?
In my eyes, it seems nothing more than a Ponzi scheme. It will be very interesting to see what happens after their launch. Will the founders just take the money and leave or will the value go higher for a while?
The important question to ask is, “What kind of value is this system giving?” When you invest your money you need to understand what is the main reason the cryptocurrency/company/gold/whatever will grow in value. It seems that Coinspace is just a cryptocurrency with packages like in network marketing.
My recommendation is to stay away from Coinspace and look for better investments.
I believe that Bitcoin value will still go up in the future and I’ll give you $10 free Bitcoins through my link.
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What do you think about Coinspace? Do you own other cryptocurrencies?
Have you also learned other ways to earn money online?
Let’s discuss in the comments below! 🙂
If you have any questions, feel free to ask and I’ll be sure to come up with an answer.