Is Bee Network a scam cryptocurrency?
Is Bee Network a scam cryptocurrency?
Hi everyone,
It is not a scam, but the coin holds no set value as of yet (just like how Bitcoin (BTC) started off) and is a long-term investment. A cryptocurrency’s value can be based on scarcity, among other reasons. The fact that the Bee supply will halve at certain miner/user counts and then cut off after 1 billion miners/users, provides value to the coin. Due to this halving process, the Bee cryptocurrency will have scarcity due to the cutoff in supply of Bees among the community.
The app is currently over the 2 million user mark as of this date and the next halving takes place at 10 million + users. They also have bought the domain Earn A Bee In Game, Future's Not The Same | Bee Network and invested heavily in staff and the mobile apps. The mining app can be downloaded on the iOS App or Google Play store. The earlier you begin mining and referring, the better! The good thing behind mining this coin is the following:
it can be done entirely on your mobile phone
little effort is required to mine (push button once every 24 hours)
it’s environmentally-friendly
it doesn’t drain your phone’s battery
you can refer others to increase your mining rate
and best of all, it’s completely FREE!
Currently, the Bee Network is focused on building its network of verified and trusted players. Then they will be moving into the next phase - the Bee Network Marketplace, once the community has been established and a million users have been exceeded in the app. The Bee Network marketplace is slated for Q3 of 2021. In addition to the Bee Network Marketplace, the founders plan to move to another phase and list this cryptocurrency on major cryptocurrency exchange markets in Q3 of 2022, but it could happen sooner based on how quickly the user base has already increased. Both the Bee marketplace and listing on exchanges should drive the value of the coin, since it will have more value and can also be converted to fiat money.
Utility of a coin also drives value. For example, Ether coins can only be used to access and drive utility on the Ethereum network. That means value is therefore based on utility, as well as supply. It is still yet to be determined if this coin will provide utility, or if it will solely be used for exchange of value.
In the app, the continuous mining uses your phone’s GPU in the background and you never really see it. Here is an example of the mining interface below:
I hit the lightning button once every 24 hours to get the mining started! That’s it.
This type of app model is similar to the Pi network. But there are probably better improvements with the Bee Network.
Again, it’s free to get started, but you must use a referral code, since it is a trusted community of users with real identities (bots are eliminated). My referral ID is: lebonsamaritain . Get started quick before the next halving starts at the next threshold of miners/users. Your mining earns less then!
