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Welp, Steven Seagal is endorsing a cryptocurrency called 'Bitcoiin'

Feb 22, 2018 Posted /  1967 Views

Welp, Steven Seagal is endorsing a cryptocurrency called 'Bitcoiin'

With the emergence of cryptocurrency, many celebrities are getting involved with the new transaction concept and endorsing it as per their understanding. One of these celebrities is Steven Seagal who  confirmed the news through a recently posted statement on Seagal’s twitter account. The news was previously published on Bitcoiin’s official website. Yes, Bitcoiin with two i's. and the same news has been confirmed by the veteran star a month before beginning of second-generation Bitcoin presale.

The arguable crypto was promoted through a press release  highlighting Seagal’s journey, stating: "Hollywood actor Steven Seagal has become a believer of Bitcoiin2Gen, the Hollywood action star will be representing the leading cryptocurrency organization, Bitcoiin2Gen, as brand ambassador."

he debatable points of the virtual token is the derivation of its name from the most renowned crypto, Bitcoin with two i’s followed by its roots i.e. Ethereum Blockchain Technology featuring mining partner, Dragon Mining.

To attract miners a press release was published on the website stating:

"To promote Bitcoiin B2G, a depositor who chooses to participate in one of our accredited Mining Programs will earn commissions off their recruits' earnings. Bitcoiin B2G is offering a 4-level commission structure, available to whoever joins the program and/or purchases Bitcoiin B2G during the ICO period."

The controversial Bitcoiin has been criticized on pyramid program basis as well where the early investors will get additional benefits on introducing new buyers.

The uncertainty of the coin heightens when you get to know that there is no additional information available about official backers and developers. As per ICANN reports, the website was initially registered with Panama and later on the ownership was transferred on 8th January.

In a month ago commented - "Bitcoiin hope[s] to peddle their B2G altcoin using bitcoin's established brand awareness."  By using an established name the token is trying to take advantage of gullible investors.

The Security of Exchange and Commission had warned in November estimating the upcoming crypto threats-

"Celebrities and others are using social media networks to encourage the public to purchase stocks and other investments, These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement. Celebrities who endorse an investment often do not have sufficient expertise to ensure that the investment is appropriate and in compliance with federal securities laws. Conduct research before making investments, including in ICOs." – SEC

Don’t get influenced by celebrities endorsement. Conduct an in-depth research before putting your money on stake

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