Consumer Alert: Billcoin

PRESS RELEASE

FOR IMMEDIATE RELEASE

25th October 2016

Consumer Alert: Billcoin

Consumer Watchdog would like to alert consumers about Billcoin, a Ponzi scheme that is actively trying to recruit victims in Botswana.

The proponents of Billcoin describe it as a “cryptocurrency” and imply that it is comparable to a genuine digital currency like Bitcoin. In fact, Billcoin is a Ponzi scheme.

The organizers of the scheme are recruiting victims in Botswana using a Facebook group called Billcoin Botswana. In this group they suggest that a recruit’s investment “will be paid 80% interest” per month converting an initial investment of P220 for each “Platinum Billcoin” into P410. However, they give no explanation of where this extra money might come from.

Recent recruits have reported that they were promised a Mastercard credit card they could use to withdraw their “earnings” but this Mastercard seems to be as fictitious as the currency they promote. We recently spoke to a victim of Billcoin who paid them her life savings of P30,000 and who has subsequently received nothing in return. This victim is now depressed and suicidal.

Billcoin is a Ponzi scheme like Eurextrade and MMM Global that preceded it. A Ponzi scheme involves small returns being paid to victims from the joining fees of later recruits. It is effectively “robbing Peter to pay Paul”. However the vast majority of victims are paid much less than they contribute towards the scheme.

Consumer Watchdog urges everyone not to waste their time, energy and money in this illegal Ponzi scheme.

If consumers are in any doubt they should contact Consumer Watchdog for free advice. We can be reached by phone on 3904582, by email at watchdog@bes.bw or by joining our Facebook group, Consumer Watchdog Botswana.