Global Coin Reserve – Is it a scam?
Name: Global Coin Reserve
Website(s): www.gcrmarketing.com
Price: $29.95/mth, $69/mth, $149.95/mth, $299.95/mth & More upsells
Owners: Bob Wood, Linda Helin & Mike Ward
Income Opportunity Rating: 1 / 5 Stars
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Global Coin Reserve shuts its doors
Global Coin Reserve Price update November 2015
GCR Coins are finally listed on an exchange (bittrex) on 24 August 2015. Within days of trading, GCR Coins has been devalued by almost 94%. On 24 August 2015, the value of a GCR Coin is 0.0023 and on 30 November 2015, its value is 0.0001152. The value of the GCR Coin has never climbed since. Check out a screenshot of the GCR coin trading chart:
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Global Coin Reserve Price update February 2016
Before inception of the GCR coin where the leaders of the Global Coin Reserve promises its members great returns on their investment, I voiced my opinion that the price of the coin will depend on its demand, and I was quite certain that the coin will not fetch its desired demand (you can read my review below). Since its inception in August 2015, it has lost 94% of its value in the span of 3 months. Now, in February 2016, its almost 6 months from its inception, let us take a look at the price of the GCR coin:
In November 2015, the price of the GCR coin is 0.0001152, and in a span of another 3 months, the coin has been devalued once again by another 78.91% to a low of 0.00002429 in February 2016. Imagine if you are heavily invested in GCR coin at the very beginning, you would have lost almost everything (-98.94%). I strongly doubt that the value of the GCR coin will ever climb back to its initial price, unless we can see huge demand for the coin.
Do you know what is Global Coin Reserve and Cryptocurrency?
I’m pretty sure you are introduced to Global Coin Reserve and you want to know if it is a good platform for you to make money. In order to understand what Global Coin Reserve truly is, you have to first understand Cryptocurrency. Cryptocurrency is a digital currency which is generally accepted by a group of people. The first cryptocurrency in the market is Bitcoin, which is created by a anonymous person who want to be named as Satoshi Nakamoto.
To have an in-depth understanding of Global Coin Reserve, there will be a lot of discussions on Bitcoin as there is a strong correlation between the both. Bitcoin is one of the most renown Cryptocurrencies in the market and at this moment, while I am writing this article, the perceived value of 1 Bitcoin equates to $243.98 (13 May 2015 at 2230).
Unlike real currencies, cryptocurrency has no Government intervention, the value of the cryptocurrency is determined by both the buyer and the seller at the point where a transaction is made. There are hundreds and thousands of servers in this world that tracks each and every transaction made using Bitcoin. So, notice how I record the time and date for the value of Bitcoin, it is because each minute where a Bitcoin transaction is made will change the value of Bitcoin.
Explanation of Cryptocurrency
If you go way back to history, before dollar bills were even made, people trade actual goods with one another. For example, because I want chicken, I am willing to trade one sheep for 5 chickens, if the other party accepts my offer then the trade is successful. In the past, currency is made between the goods which are acceptable to both parties.
In Cryptocurrency, it is generally the same, as long as both parties accepts a certain amount of Cryptocurrency for a service or an item, the trade is successful. For example, if I accept 1 Cryptocurrency for a pizza, then 1 Crytocurrrency is worth the value of a pizza. Simple as it is, but this is just the surface of it.
There are many things to consider before you invest your “Real” money in Cryptocurrencies.
Here is a video which may enhance your understanding of Cryptocurrencies:
So now that you understand what Cryptocurrency is, let us take a look at what Global Coin Reserve is.
What is Global Coin Reserve?
Global Coin Reserve is an MLM company that provides Cryptocurrency mining services. Here is a video that will help you understand what Crytocurrency mining is:
So, with all that being said, Global Coin Reserve created their very own cryptocurrency called “GCR Coins”. GCR coins are no different then other cyyptocurrencies like litecoin, namecoin and feathercoin, the only difference is that GCR coins are not as widely used as the rest or not used at all.
To be honest, cryptocurrency is generally traded if both parties agree to it. GCR coins are not widely known or even used for trading. It is basically trying to mimic Bitcoin back in 2009 when it first started.
There is a huge risk if GCR coins ever fall out. You might have cashed in on worthless digital coins. If nobody wants GCR coins as part of the trade, its value is equivalent to nothing. If you have invested “Real money” into GCR coins, you might have lost every penny of it.
You probably understood from the videos above on what a Block Chain is, someone once questioned Global Coin Reserve to reveal its block chain to see if GCR coins are real and whether any transactions are made with it. The reply to the question was “it will be a waste of its programmers’ time”. To me, my scam alarm bell is ringing.
On 24 August 2015, the GCR coin is finally listed on bittrex.com at the price of 0.0023 and has quickly depreciated its value by 94% to 0.0001152 as at 30 August 2015. Imagine having invested heavily on GCR coins on 24 August 2015, you would have lost almost everything.
To me, Global Coin Reserve is not in the business of Cryptocurrencies, Cryptocurrency is just a smoke screen for its real business. Global Coin Reserve is in the business of Multi-Level Marketing. I will further explain below.
The Global Coin Reserve Opportunity – What it has to offer
So you see, Global Coin Reserve is a Multi-Level Marketing Company. Somehow or rather I feel that this company sounds more like a pyramid scheme to me. There is no real value behind the product, you basically make money through other people’s membership fee.
And, if you want to make money with Global Coin Reserve, you can forget about joining the first 2 packages (1st Package: $29.95 with no monthly fee and 2nd package: $29.95 with $29.95 monthly fee), because there are no avenue for an income stream. You can’t make money with it and you get worthless items. If you want to make money from the Global Coin Reserve, you would have to join the Bronze package and above, which to me is a huge amount of money.
If you realise that there is no mentioning about the way you can make money with your GCR Coins. I truly believe that you can never be able to use GCR coins anywhere in this world. I hope you would reconsider before you join.
My Sincere Advice to You
I am not an expert in Cryptocurrency so I can’t advise how to make money using through it, but one thing I know is that if you are new to Cryptocurrency, you will probably have a hard time getting started on how to make money with it. There are no specific place I know of that will actually teach or guide you on how to mine Cryptocurrencies.
Moreover, even if you are an expert in mining Cryptocurrencies, it depends on the type of Cryptocurrency you are mining. If there are nobody accepting the type of Cryptocurrency you have, you are basically holding on to nothing. Worst of all, if you actually invested real money to buy a Cryptocurrency that nobody wants, that will be a real disaster.
With all that being said, do you think you still want to invest money and time on Global Coin Reserve? Do you still want to invest real money to buy some coins that may or may not be worth a dollar tomorrow?
If you want my honest opinion, I will say that Global Coin Reserve is definitely not a place you should be involved in. If you still want to pursue on as a Cryptocurrency miner, I can’t advice you on how to get started, however, if you want to make money online, I would highly recommend that you check out this program. Here is my proof that my recommendation works.
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As always, I invite you to share your views on Global Coin Reserve. All you need to do is leave a comment below. If you find my article useful, please help to share it by clicking on the social media buttons below.
Your pal,
Jack
