Giracoin is a crypto coin company that is run by Gira Financial Group. Giracoin.io does not disclose the name of its founder. It was created in June 2016 and seemed to be running from Switzerland. Although it has been operating since 2016, it has not been able to fulfil its aim of replacing the Bitcoin and becoming a leading crypto platform. In fact, very few people actually know about Giracoin outside Switzerland and Africa.
Yet, the company claims to be a crypto company that has the world’s largest growth in the crypto industry, which is obviously untrue. There are a lot of questions and uncertainties surrounding Giracoin, which will be discussed in great details in this review. If you are thinking about investing in this company, you should definitely read this review before making up your mind.
What is Giracoin?
Giracoin.io describes the platform as a safe and legal Swiss crypto company. The company claims to be providing the number one services in the world, without giving any proof. Quick performance, online support, and excellent security systems are said to be some of the features of Giracoin. Furthermore, the website states that the company is n network marketing and blockchain development.
Owner of Giracoin
While Giracoin.io does not specify anyone as the founder of Giracoin, some research indicates that Ramon Simone is running the company. There is not much information available about Simone. However, it is known that he was involved in other MLM companies as well, which eventually collapsed. Ramon Simone maybe also the chairman of Gira Financial Group.
Alexa site analysis shows that Giracoin.io has a decent global ranking. Most of its traffic is from Switzerland (73.4%) and Africa (43.5%). The website is clearly targeting Africa crypto industry because it keeps mentioning its association with different African companies. However, there is no official record of such associations, which makes Giracoin a highly suspicious crypto company.
Fee To Join Giracoin
Compared to many other crypto companies, Giracoin is an expensive platform. First of all, all users must buy its affiliate membership for €30. Furthermore, to participate in the compensation plan of the company, you must buy one of the following packages:
- Starter Package for €50
- Professional Package for €120
- Consultant Package for €550
- Expert Package for €1200
- Broker Package for €3000
- Manager Package for €6000
- Principal Package for €9000
- Executive Package for €13,000
- Director Package for €26,000
- President Package for €33,333
- Ruler Package for €111,111
The prices of these packages show that the company is asking a lot of money from its user. Even if you start with the first Package, you will have to make an investment of at least €80. There is no guarantee that you will ever be able to get this money back from the company.
Giracoin claims to allocate tokens to its members in the following manner:
- 500 Tokens for Starter Package
- 1200 Tokens for Professional Package
- 5500 Tokens for Consultant Package
- 12000 Tokens for Expert Package
- 30000 Tokens for Broker Package
- 65000 Tokens for Manager Package
- 100000 Tokens for Principal Package
- 150000 Tokens for Executive Package
- 300000 Tokens for Director Package
- 400000 Tokens for President Package
- 1400000 Tokens for Ruler Package
According to the Giracoin.io, the tokens are ultimately converted into Giracoins. However, the company does provide any proof or details about this process.
Giracoin tried to launch its e-commerce GiraBuy. It was an attempt to legitimize the company but was a complete failure as GiraBuy collapsed in 2018. The tokens scheme of the company has raised some serious suspicions about the company. Even if the member buys packages to get the tokens, there is no way of utilizing these tokens. It means that the coins are utterly useless.
Moreover, the recruitment plan of the company is like any other pyramid scheme, which is illegal. It does not offer any products or services. All of these reasons are enough to say that Giracoin.io is not worth your hard-earned money.
Therefore, you should avoid investing in this company and use the authentic crypto cloud mining companies. These companies have transparent and flexible account plans that you can use to mine your own crypto coins and earn maximum profits. If you use the services of these crypto cloud mining companies, you do not have to worry about getting scammed by fraudulent companies like Giracoin.
Working of Giracoin
Giracoin offers the users to make money by investing in the modern crypto coin mining process and by accurately predicting an increase in the price of the coin. The site even claims that Bitcoin has become redundant and Giracoin will be replacing it. However, it is just not possible because the cost of Bitcoin has been on a continuous rise for many years now. On the other hand, Giracoin is struggling to become even noticeable in the highly competitive crypto industry.
The most worrying thing about Giracoin is they there is no substantial proof that it is involved in any kind of crypto mining. In fact, it is highly possible that it is another Ponzi pyramid scheme that is using money from the new members to pay the old ones. Unfortunately, such type of Ponzi scams is very common in the crypto industry. When people stop joining such programs, the company collapses, making the affiliates lose a significant amount of money.
The company offers the following two main types of earning money, which also point to the fact that Giracoin is a crypto pyramid scheme:
Referral Commissions in Giracoin
Referral commissions are an essential part of most of the MLM and crypto companies. In the case of Giracoin, it seems like the entire company is dependent on referrals and recruiting others. A traditional uni-level payment model is used to pay the residual commissions. It means that an affiliate is at the top of a team while all the directly recruited member are placed under the affiliate.
Whenever level 1 affiliate hires new members, they are promoted to level 2. This process of promotion keeps going on. The website mentions the following referral commission breakdown:
- 5% commissions for Level 1
- 10% commissions for Level 2
- 15% commissions for Level 3
- 16% commissions for Level 4
- 10% commissions for Level 5
- 9% commissions for Level 6
- 5% commissions for Level 7
- 4% commissions for Level 8
- 3% commissions for Level 9
- 2% commissions for Level 10
- 1% commissions for Level 11 to Level 20
Final Verdict About Giracoin
From the business model and compensation plan of Giracoin, it is evident that the company is behaving as an MLM Ponzi scheme. It simply means that the company is a scam because it is lying about being a leading mining platform. Since 2016, Gira Financial Group has promised its members that the value of the coin will increase. However, there is no indication that it will ever become a mainstream crypto company. In fact, its chances of collapsing are really high because it is not a popular company and its recruitment seems to be falling rapidly.
In short, Giracoin is a worthless crypto scam. Therefore, you should not think about investing your money and time in this company. Instead of relying on such useless crypto mining frauds, you should use the reliable crypto cloud mining companies. Such companies offer modern crypto-mining tools with maximum customer support that allow you to earn profits.