If there is one thing that’s been on the rise over the last few months as most of us grasp the impact of the pandemic are pyramid schemes and for good reason. With lots of jobs being lost, many people are looking for different ways that they can be able to make and raise money and that’s exactly what pyramid schemes offer.
Despite being very beneficial, pyramid schemes or gifting circles as some choose to call them can be very negative. Simply put, they can make you lose your hard-earned money. This is especially so when pyramid schemes are run by fraudsters whose main purpose is to con people out of their money.
With an increase in the number of Cash App users combined with current tough times, there have been a number of Cash App-based pyramid schemes popping up. It is with this that many Cash App users wonder whether or not they should join any of these Cash App-based pyramid schemes.
Cash App Pyramid Schemes
If you are an avid Cash App user, chances are you’ve come across or know of at least one Cash App-based pyramid scheme more-so if you’ve been looking for ways that you can be able to generate or make money during these hard times or simply want to make some extra cash.
Cash App-based pyramid schemes just like any other scheme require users to make a contribution with the promise of receiving or getting more money at a future date. There are also some incentives for bringing in new members to join.
For instance, you’ll be required to put or make a contribution of let’s say $500 with the promise of making in upwards of $4,000 at a later date. There is even the possibility of this money growing even further if you were to bring in new people or in this case, new users on board. If you are looking for money, this is without a doubt a very good option and thus the reason why many Cash App users jump on board or think about jumping on board. But is it really worth it?
Why You Should Avoid Cash App Pyramid Schemes
Unfortunately, a number of Cash App-based pyramid schemes are usually scams. Yes, you are likely going to lose your money as opposed to making some when you join a number of these so-called Cash App-based pyramid schemes. Simply put, a number of these schemes are normally scams. If you come to think about it, this is why a number of them make certain promises that are simply way too good to be true. Take for instance the possibility of being able to make $4,000 after making a deposit of $500; where else can you get such a deal?
Worth noting, when you join and start making payments or contributions to Cash App-based pyramid schemes is that once the money moves out of your account you cannot get it back. If you are in a pyramid scheme that is not legit, which chances are high, you’ll probably not end up getting your money back. This is due to the fact that Cash App doesn’t have any money back policy. Also, the person or account you’ve sent the money to will also not send it back to you.
As mentioned already, you should not join any Cash App-based pyramid scheme. One of the main reasons why this is so is the fact that a number of Cash App-based pyramid schemes are usually a lie or a scam created by corn artists looking to con Cash App users. Unfortunately, a number of users usually realize this when it’s too late in most cases after they have been conned of their money.