Befargo is a newly-launched cryptocurrency “mining pool” dedicated to mining a digital currency called Fargocoin. Here’s our Befargo review.
What Is Befargo Fargocoin?
Befargo bills itself as a mining pool – a collective group of individuals working together to “mine” cryptocurrency.
How Befargo Fargocoin Works
Typically, members literally pool their resources to mine digital currencies more efficiently and then share in the resultant digital currency under normal mining pool behavior. However, this is not how Befargo describes its operation.
Instead of devoting computing power to resolving large, complex mathematical equations to “mine” a blockchain database – the standard way digital currency miners create new units of digital currency – Befargo seems to be handing out pre-mined Fargocoins to individuals who invest real money into the system in exchange for some of these coins.
The more coins one invests in, the more “tokens” Befargo awards investors. These tokens can then be exchanged for additional Fargocoins on an internal exchange, thus increasing the amount of Fargocoins an investor has.
Additionally, becoming an investor in Befargo provides the opportunity to recruit new investors and have them join the “mining pool” as affiliates under you, providing you with recruitment and residual commission bonuses to further increase your Fargocoin total.
Befargo Fargocoin Creators
Nobody knows for sure who is behind Befargo. The website’s registration is private, and the registered address listed on the website is for a cow pasture in the middle of Lancashire, in the UK.
Meanwhile, the Companies House listing for Befargo lists the business address in Dublin, Ireland, linked to a nameless, featureless office building that looks as if it’s rented out as temporary or virtual office space.
The name associated with Befargo’s corporate registration is listed as David McGregor, who is named the director of the company.
We were unable to verify a David McGregor living in Dublin who was involved in Befargo, Fargocoin, or any other digital currency.
Investing in Befargo provides you with set amounts of Fargocoin. The more you invest – and the more you recruit – the more Fargocoin you get.
A single Fargocoin is currently listed as having a value of around $6.50 USD on cryptocurrency exchanges. Buying into Befargo requires a minimum investment of 10 Fargocoin, or $65.
Befargo Fargocoin Summary
Cryptocurrency is all the rage right now, thanks to the wild success of Bitcoin. This has resulted in everyone and their mother trying to jump on the bandwagon by creating a brand-new digital currency in order to ride Bitcon’s crypto coattails.
However, not every new cryptocurrency is created by honest programmers.
There’s a serious problem in the digital currency domain where rogue companies will develop a new cryptocoin, hype it to ridiculous levels, and then “pump and dump” by selling a huge quantity of pre-mined coins to an eager, duped populace, only to take the money and run when the valuation of the new digital currency inevitably tanks.
A cryptocurrency that’s not worth anything is, of course, worthless, no matter how much you paid to buy it. If you buy 10 Fargocoin at $6.50 a coin and then the price of a Fargocoin drops to $0.10, congratulations – your $65 investment is now worth exactly $1.
Don’t bother with Fargocoin or Befargo.
The company is obviously run by some nefarious pump-and-dumper looking to make a quick buck at the hands of clueless individuals betting that Fargocoin will be the next Bitcoin – and trust us, it’s not going to be.