BicycleFi Token Review: Legit or Scam Coin?

Bicycle fi token was brought to my notice by a friend from the Netherlands, Roellie. So, this is me giving him a shout-out. Clearly, one of the hottest crypto project right now is BicycleFi token. As I write this, BicycleFi has taken to Twitter to announce that it has done 47X since its IDO.

I know a lot of people will be looking to invest in this token, and that is why I have decided to write this review.

This bicycle review is an attempt to demystify the token, especially for new investors. In this review, we will be checking whether Bicyclefi token is a project you’ll want to put your money into or whether it is another dressed-up scam that’s going to burst soon.

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So, if you are curious about BicycleFi, or you are a potential investor just getting to know about the token, or maybe you are already holding Bicyclefi token (this demography is usually very sensitive. Try to read the review with an open mind). I desire to make new investors (even old investors) understand what they are getting into, so I try to explain crypto in an uncomplicated manner by breaking down crypto terms or whatever the developers are trying to say in basic English. Before we get into the main review, however, we first need to establish an understanding.

“I’m not a banker or a financial expert, I don’t even consider myself a crypto “expert” (whatever that means). I will not be held responsible for your financial decision. Crypto investments, especially meme coin investments are high-risk, high-reward ventures. This article is just a guide, consider it alternative entertainment.”

With that said, let’s go!

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What is BycircleFi?

According to coinmarketcap.com, “BICYCLE FI is built by the daily movement of people. Bicycles are used in delivery activities, sports to improve health, racing, and touring. We are following to effectively bring to life a functioning move&earn concept, the first project to apply blockchain technology in Bicycle app. Users equip themselves with NFTs in the form of Bicycles. By Cycling, moving, delivering, or Cycling outdoors, users will earn CYC tokens, which can either be used in-game or cashed out for profit. The first phase in Game-Fi, BICYCLEFI aims to nudge millions toward a healthier lifestyle, combat climate change and connect the public to Web 3.0”.

The above description as seen on coinmarketcap.com is littered with grammatical errors. I understand that the developers are Vietnamese, however, I think a serious project would have outsourced the writing to a professional communication agency. That said, move-to-earn projects are the trending project on Defi. So, the idea of BicycleFi is attractive and innovative.  Let’s go on to check out the bicycle fi’s website. 

BicycleFi’s Website

Bicycle fi’s website is perhaps the most beautiful and unique in the crypto space right now. You can tell easily that it was put together by a professional. The description begins with the below description.

“BICYCLE IS A WEB 3 LIFESTYLE APP WITH SOCIAL-FI, METAVERSE AND GAME-FI ELEMENTS PLAYERS CAN MAKE HANDSOME EARNINGS BY CYCLING, RACING, TOURING OUTDOORS”

The website is a beauty to behold, but, it is lacking enough relevant info about the token. The developers of Bicycle fi listed a host of partners, however, there’s no verifiable proof that the organizations it listed are connected or have any business with the token. This is a red flag.

Bicycle Fi’s White paper

The Bicycle Fi project has white paper and a lite paper. Because I do not want this review to be unnecessarily too long, I will only be focusing on the things I consider important. One of these is tokenomics. 

Bicycle Fi Tokenomics

Bicycle Fi project adopts a rather complex tokenomics.  The project has two tokens, BCF and CYC. We are led to understand that BCF is the governance token, it has a limited supply of about 5 billion.  While CYC is the game token, it has an unlimited supply. The token distribution is unfavorable to public investors. Just 4.0% of the total was made available for them. The entire token is in the hands of a small group of people. This is a red flag. As prices can all of sudden dump for no apparent reason.

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BycircleFi Token on Tokensniffer.com

According to token sniffer, Bicycle Fi is unsafe. The contract checker rates it 75%, at the time of writing this review. This means that the token has few downsides. In tokensniffer’s own words, Bicycle ownership has not been renounced or the source contains an owner contract. This means that the developers could decide to modify the contract behavior of this token, either for positive or negative reasons. Aside the above, the token is seem to be good. You, however, have to bear in mind that tokensniffer can be wrong sometimes. I have seen tokens initially score 100% and still pull a rug on investors. However, that occasionally.

Developers of Bicycle Fi

The developers of this token aren’t doxed, as far as I’m concerned. Yes, there are pictures and first names on their website. But, we cannot verify whether they are genuine people.  Also, for a project like this to have a chance to be successful, there has to be enough experience and skill. We do not know the folks, so there’s no way to measure how skilled they are.  This is a red flag. 

Conclusion

In conclusion, the good things about this project is the website, tokensniffer’s assessment of the token is okay and maybe the idea behind. Aside from those, the token is full of red flags. The developers are unknown. The token project documentation is littered with basic language mistakes .  Investing in this token is tantamount is risky. If for some reason you decide to invest in this token, please, invest what you can afford to lose.