In terms of peer-to-peer payment platforms that have a number of active users, Cash App is up there with the likes of Venmo despite the fact that it is relatively new. It currently boasts more than 26 million active users.
While there are a number of positives associated with Cash App growing too fast and having such a high number of active users, it has brought its shares of negatives. One such negative that also happens to be the big one is scams.
Taking note of the high number of users and the number of transactions made through Cash App daily, many fraudsters have come up with a number of scams, many of which promise free cash, targeting unsuspecting Cash App users.
The Cash App money wheel game promises Cash App users money that totals up to $800. Given the aspect of free money, many Cash App users have questioned its legitimacy with many viewing it as a scam but are they right. Well, yes. The Cash App Money Wheel game is not legit, it’s a scam, avoid it by all means.
Cash App & The Cash App Money Wheel Game
Cash App as many know by now is basically a P2P online digital platform that allows users to easily send or receive money using their mobile devices. The Cash App Money Wheel Game on the other hand is basically a “game” that promises Cash App users money.
How the Cash App Money Wheel game work is very simple. For a Cash App user to participate, they’ll have to CashApp the person in the middle of the wheel $100. Upon doing so they’ll be the top beneficiary of that particular wheel. A wheel typically has 8 people with each contributing $100. The beneficiary of any given wheel takes home an extra $700. Once a beneficiary has been awarded the $700, the wheel is broken up and it starts all over again.
It looks simple, doesn’t it? Worth noting with the Cash App Money Wheel game is that the brains behind it claim it is not a pyramid scheme. Furthermore, they claim that every Cash App user that participates will get their money back and then some.
Cash App Money Wheel Game Is A Scam
Anyone who understands how pyramid schemes work can quickly tell that this, the Cash App Money Wheel game, is a pyramid scheme.
Pyramid schemes are basically fraudulent systems designed by fraudsters to benefit a few at the expense of others. These schemes are usually not designed to last long but there are some that actually go all the way depending on the number of participants. Pyramid schemes heavily rely on the process of recruiting other people in order to have a pool of people who are willing and ready to contribute money as indicated.
The first batch of people that recruit members or investors to any given pyramid scheme is usually initial promoters. They recruited investors or members go on to recruit other investors or members and this keeps going on and on. The more the number of investors or members, the easier it is for initial promoters to support the scheme by providing a great number of profits to its early investors thus the reason why they encourage investors to recruit.
From this brief, you can easily tell that the Cash App Money Wheel game is definitely a pyramid. Fraudsters have taken to social media, more-so Twitter and YouTube, to promote this particular scheme using tags like #CashAppFridays. Worth noting as well with this particular scheme is that the promoters have gone through great lengths to make it seem legit. Regardless, the concept is very simple, use money paid by other members to reward earlier members or investors.
The problem with pyramid schemes as well as the Cash App Money Wheel game is that it tends to get too big. Hence, promoters fail to raise enough money to pay earlier investors, and as such people end up losing money.