Yuan Pay Group Scam Review: 6 Reasons Why Your Money Will Be Gone!

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Yuan Pay Group is the only company that is authorized to work with the yuan digital currency. The Chinese government gives permission for this. Until 2017, any company operating in China was prohibited from dealing with cryptocurrency. But since Yuan Pay Group claims to have a monopoly on digital yuan trading, it also enjoys full government support. But the creation of the Yuan Pay Group began about ten years ago. This company was established in 2010, right after the 2008 financial crisis. Since then, there have been some major changes in the way cryptocurrencies work. Today people prefer to invest in cryptocurrency.

Many people lost a lot of money with this method. And other websites where you can learn more about the Yuan Pay Group are also warning that this is a scam.

What is Yuan Pay Group?

Yuan Pay Group is a payment processing software operating around the world with offices in nine cities. It was established in 2010 and started to develop China’s national bitcoin in 2014. Anyone in any country can access it and use it for online transactions. In a short period of time, it has attracted many followers and a large population is investing in it.

It claims to cooperate with the Chinese government and complies with all the latest laws. The Chinese government allows digital transactions themselves and authorizes the Yuan Group.

How does Yuan Pay Group work?

Data from various sources indicate that the Chinese government may soon launch a government-backed cryptocurrency. Yuan Pay Group offers an artificial intelligence-powered trading platform to help you take advantage of launch volatility.

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Yuan Pay Group Review: Is Yuan Pay Group a Scam?

Yuan Pay app development team claims that their product is very easy to use and, above all, has a modern and intuitive graphical interface. The Yuan Pay app is the first official Chinese digital currency trading app. The platform uses a very careful marketing strategy when “selling” its product. The system is currently capable of trading RMB, but depending on which broker you turn to when registering, other alternative cryptocurrency pairs and even some currency market pairs may also be added.

Our team has thoroughly investigated this possibility. It is already possible to invest in the Chinese yuan, even if it has not yet entered the market. Yuan Pay group can be a risk for you and also can be the reason for you to lose money. See below why…

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6 Reasons You Should Avoid Yuan Pay Group:

There are many cryptocurrencies that have made their mark on the global market. But others still have room to move forward. Yuan Pay Group wants to take a leading position in the cryptocurrency market. Without a doubt, with such a lot of support, he will declare himself. But before he can continue to do so, he must prove that this is not a scam. Because there are rumors in the market that this is nothing more than a scam and people will risk their money by investing in it.

Malicious Program

The first of them were created back in the days of the emergence of electronic payment systems. Now their counterparts are adapted to the cryptocurrency market and can be activated wherever such an opportunity arises. The most common methods of stealing crypto coins are Ransomware, viruses, fake links, phishing.

Owners of digital money should be extremely vigilant and try to stay one step ahead of malware – use reliable antivirus protection, check all addresses and not click on suspicious links.

Lack Of Legal Framework

The situation is aggravated by the lack of an investor insurance system. They cannot claim compensation for losses, despite the fact that some of the exchanges are positioned and act like virtual banks. Bitcoins are intangible digital codes that have no ownership. If they are stolen from a virtual wallet, the owner can neither identify the thief nor prove their right to the coins. The situation is similar in the case when transactions were made in the name of an unscrupulous party.

No Guarantees For Damages

When carrying out transactions through the exchange, the user does not actually own the funds that are stored in his account – the assets belong to the exchange and are controlled by it. The site only provides access to them when you log in. Thus, the owner completely trusts his bitcoin wallet to a third party, relying on the security measures it takes to protect the money.
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Volatility

This point should be highlighted separately. When there is such volatility, everyone starts giving advice on when to buy and sell. Of course, ideas can be good, but inexperienced market participants should step aside and wait so as not to lose everything at once. Digital coins can be a tool for generating high returns, but only in the hands of experienced investors.

Loss Of Secret Code

This is the access key to the bitcoin wallet. Loss of the code implies the loss of all assets that are stored in the wallet. This can happen if the hard disk of the PC fails or the flash drive on which the code is written is damaged. It is impossible to restore the code and return the money.

Erroneous User Transaction

A mistake when entering a code by only one digit or sending it to the wrong address also leads to losses. The transaction cannot be canceled, therefore the amount sent cannot be refunded.

Conclusion

Yuan Pay Group is unstable, not regulated by anyone, does not guarantee investor protection, is subject to extreme volatility, and is extremely attractive to fraudsters. The prospects for making money online can be as airy as the currency itself. Therefore, everyone who invests in bitcoin or carries out transactions with cryptocurrencies must, first of all, consider the risks in order to take the necessary measures. Only an integrated approach will help to effectively protect funds.

You can find out more about recent crypto scams on cryptoscam.info.

FAQ

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Is Yuan Pay Group a scam?

There are many scams that have spread all over the place and robbed people of their hard-earned money. This is the reason why people always doubt beginnings that seem new to them. It’s the same with the Yuan Pay Group.

There have been many rumors about Yuan Pay Group and what it intends to do, but is Yuan Pay Group legal?

As far as our research is concerned, this group is scam, also there are positive reviews about them. There are also some Chinese billionaires who support this group.

Is there a Yuan Pay app?

Yuan Pay Group is very modern, high performance, eliminating the need for an app. By simply connecting to the Internet, using any browser, and working the same on their smartphone, be it Android or iOS, the user can use all the platform’s tools. However, we found that there is no dedicated Yuan Pay app that can be downloaded from app stores.

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Bitcoin vs. Ethereum: Which Is The Better Investment?

Many individuals consider investing in Bitcoin (BTC) and on the other hand, some consider investing in Ethereum the Pepsi, and Coke of crypto. Indeed, these are No.1 and No.2 in the terms of public notoriety and entire market cap. But once you dive into its details, you will find out that these two concepts in fact serve entirely diverse purposes. It will essentially be more precise to make a vending machine versus a Coke assessment while talking about these two inspiring platforms.

Knowing the key differences between these two (Bitcoin and Ethereum) will take you down a much profounder track of technological development and where human beings are going beyond in the near future. The good news is, you do not have to completely get the idea of blockchain which is the fundamental technology behind crypto for this. We are going to discuss only Bitcoin & Ethereum to know the differences here.

Let’s have a glance at the fact that makes them different, similar, and eventually great. In case you’re planning to capitalize on one of these cryptocurrencies then you should know at least the basic variance between Bitcoin and Ethereum by comparing them.

Basic Details Of Bitcoin

Mysterious Satoshi Nakamoto presented Bitcoin, a fresh idea set off in a white paper. Bitcoin was launched in 2009. It offers the potential of online coins that is protected without any dominant authority, unlike the currencies issued by the government. There’re no bodily bitcoins, just balances related to a cryptographically protected public record.

Even though bitcoin wasn’t the first effort at an online coin of this category, bitcoin was the utmost success in its initial efforts, as well as it has originated to be identified as a prototype in some mode to almost all cryptocurrencies that have been industrialized over the previous decade.

The idea of a decentralized, virtual currency has increased acceptance among government bodies and regulators over the past few years. Even though it is not an officially recognized media of store or payment of value, but cryptocurrency has succeeded to create a place for itself as well as it remains to coincide with the monetary system in spite of being regularly debated and scrutinized.

Basic Details Of Ethereum

Vitalik Buterin created Ethereum in 2015, which was a cryptocurrency that delivers ether tokens. This’s equal to bitcoin in the network of Bitcoin. Ethereum is accustomed build and arranges decentralized requests whose back-end cryptogram is located in a circulated peer-to-peer system.

This is diverse from a normal application, where the back-end cryptogram is located in a central server. Ethereum is likewise conditioned to pay for facilities, such as the computational influence that’s essential before a wedge you can add to the blockchain as well as to pay transaction charges.

Ethereum works very likewise to Bitcoin as well as one can use this for their peer-to-peer payments. Similarly, one can use this to generate smart contracts. The smart agreements function in such a method that once a precise set of rules (predefined) is contented, a specific output happens.

Basic Difference Between Bitcoin And Ethereum

Criteria Bitcoin Ethereum
What It Actually Is A currency (cryptocurrency) A token
Symbol BTC ETH
Inventor Satoshi Nakamoto Vitalik Buterin, Gavin Wood, Joseph Lubin, etc.
Market Cap $591,315,809,208 $221,988,025,557
New Issuance Every 10 minutes Every 10-20 seconds
Launched Date January 2009 July 2015

Key Differences Between Bitcoin Vs Ethereum

Remember, Bitcoin & Ethereum are very different from each other. Ethereum was not initially formed to compete in contradiction of Bitcoin. Instead, it was intended as a De-Fi platform. Nearly by accident, the acceptance of the platform drove Ether’s coin (Ethereum) to develop into the SECOND largest cryptocurrency in this whole world. The fact is both crypto and tokens are volatile. But the good news is this volatility depends on several aspects. So, here are a few main differences between these two network:

Concept Of The Two Coins

The concept of Bitcoin is that it permits peer-to-peer dealings. It performs as an extra for the fiat currencies however, it does not have the issues related to the fiat currencies. One does not have to make payment of high deal fees, and also does not have a central authority that controls how bitcoins function.

On the other hand, Ethereum too allows peer-to-peer transactions, however, it similarly offers a platform for making and building distributed applications as well as smart contracts. A smart contract permits operators to exchange almost anything of value like money, digital market shares, real estate, financial stocks, and so many more.

Bitcoin vs. Speed Security

In 2 important metrics, Bitcoin is way slower as compared to Ethereum. These metrics are:

Bitcoin Takes 42x Lengthier Blocks Release Time

Ether block periods are presently at about 10 to 14 seconds, while Bitcoin’s block time is 10 minutes. The time difference is huge!

Bitcoin Is 8x Slower Than Ether

A bitcoin contract will highlight in around 40 minutes, even though Ether takes only around 5 minutes to finish a transaction. So, we can accept the fact that ether is quicker than Bitcoin in every aspect.

Now, let us explain why Bitcoin is so unhurried. Fine, Bitcoin’s first priority is security, and it’s secure because of the coding language it uses. It customs C++ programming as well as is limited to only 70 precise commands.

This restriction makes it further hard to hack its blockchain inside these sets of commands. While Ether is a developing platform that’s still building its identity.

Platform vs. Currency

Bitcoin recognized itself as a trustworthy substitute to outdated fiat currencies. So, it’s a pure cryptocurrency that emphasizes mainly on a stock of value as well as the medium of exchange. Alternatively, Ether is made as a podium to run programmatic applications and contracts via its personal finance currency. So, Ether is one blockchain platform, which works like the Android app store or Apple store. While Bitcoins are a product like a store of value or gold.

Limited Supply vs. Unlimited Supply

Bitcoin provides a limited stock of 21,000. As soon as the stock is exhausted, that is it! That is the reason investors consider bitcoins as an asset against inflation and store of value. Opposing to Bitcoin, Ether provides an infinite number of Ethereum but caps the volume released every year.

Which One Is A Better Investment?

Once it comes to choosing one among Bitcoin & Ethereum as an investment then the risk acceptance of the

investors comes to the front line. Bitcoin fascinates the most consideration from official investors, as well as with decent motive: an increasing number of industries have started to accept Bitcoin as their method of payment.

On the other hand, Ether is a further utility-based cryptocurrency or tokens. Since it’s one of the early cryptocurrency networks to provision smart contracts, this will see further development. Even though the positive feeling among experts in the business appears to have only increased over time, Bitcoins are the further stable and mainstream among the two.

Consequently, it is only rational to expand your funds and continue to look after new trends that come your way. Within months, in case, not days, the worth of the cryptocurrency can change dramatically. Since the world is becoming increasingly digital as well as the adoption of cryptocurrency is growing day by day, both are to be found to reach a sound position over time.

Conclusion

The response to the query on which crypto is better to invest in the fight between Ethereum & Bitcoin depends completely on your needs. While, Bitcoin functions better as a peer-to-peer transaction arrangement, and Ethereum functions well once you have to generate and build smart contracts as well as distributed applications. The choice is completely up to the investors to pick a winner between Ethereum & Bitcoin.