Is Bitclub Network a scam? Can you make money with this cryptocurrency scheme? Is this simply about investing in cryptocurrencies, or is there more to Bitclub Network?
Let’s take a closer look and find out…
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Company Name: Bitclub Network
Founder: A Community of Entrepreneurs
Price To Join: $500 Minimum
My Rating: 1/10
~ The Bitclub Network Review ~
What Is Bitclub Network?
Opportunities involving Bitcoin and various other cryptocurrencies are pooping up like mushrooms these days. As digital currency continues to gain in popularity, so do the so-called opportunities to either invest in them, or make money with them via some scheme.
So what is Bitclub Network? Just an investment opportunity or something more?
The company is based in Iceland and it was started by a group of entrepreneurs who all share the same passion – Cryptocurrencies. These guys claim that merely investing in Bitcoin and sitting on it won’t make you anywhere near as much profit as joining their scheme will. In fact they boldly claim you’ll stand to make up to 8 times more profit in 3 years in their system than just sitting on your Bitcoin investment the usual way.
Big claims, but can Bitclub Network actually live up to that statement?
How It Works
Bitclub Network has software that enables the company to mine more Bitcoins, which is essentially just the process of unlocking more Bitcoin. This then allows those newly-unlocked Bitcoins to enter into circulation. Apparently they can even mine other digital currencies and convert them into Bitcoin.
Bitclub Network say that when you join you are essentially investing in their Bitcoin mining operation, and as more Bitcoins are mined, you’ll share in the profits.
Currently Bitclub Network has multiple thousands of investors from all across the globe. A company claiming to mine Bitcoin is nothing new, but often these schemes are nothing but a quick money making scheme for the creators. Perhaps that’s all Bitclub Network is.
If we take a look at their compensation structure we’ll get a better idea of what’s really going on here.
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The Bitclub Network Compensation Plan
When you invest money with the Bitclub Network, they claim they use those funds to purchase tech equipment, such as computers and the like, to help with their mining operations. I would assume they would already have all the tech gear they need to run their operation and mine Bitcoin, so that kind of just sounds like an excuse to get your money. Or more likely, a reason to give to the authorities for charging you an investment amount.
You see, what this is really about is recruiting new members into the “club”. When you add new recruits you can earn money off those recruits. This is really a revenue sharing scheme using Bitcoin investment and mining investment as some sort of token service to make the scheme sound more legal.
You buy mining shares when you join Bitclub, just like you might buy ad packs for other typical revenue sharing Ponzi schemes. This is really no different, except it’s “digital currency mining” and not traffic exchange.
The more shares you buy, the more money you can potentially make. Likewise, the more people you refer the more profit you stand to make from those referrals.
Here are the mining pools you can “invest” in:
- Pool 1 costs $500 for 3 credits
- Pool 2 costs $1000 for 6 credits
- Pool 3 costs $2000 for 12 credits
The credits are what you earn when you get someone new to join the mining pool as your recruit. The more recruits, the more credits you earn.
The MLM structure is a binary one, meaning you have a left and right downline leg. You need to earn a total of 15 credits in each leg to earn a profit of $200. So as you can see, this is totally about recruiting new investors or you can’t make any money.
Is Bitclub Network An Illegal Pyramid Scheme?
To me this does look like an illegal pyramid scheme. Yes they claim to have products in the sense that you are mining for and investing in Bitcoin, but that’s really no more of a tangible product than ad packs.
A naked pyramid scheme is the illegal one, and that’s classified as a scheme that has no tangible products of value, has no retail sales and relies solely on recruitment and new investors to financially survive.
To me the Bitclub Network fits this definition.
Some might argue that Bitcoin has value, and it does. But no one here is really buying, selling or investing in Bitcoin. You are simply putting your money into a multi level marketing scheme and then have to source new recruits, who then need to invest their money so you can be paid a profit out of their investment.
Pyramid scheme or Ponzi scheme. Call it what you like. That’s what the Bitclub Network appears to be. The Bitcoin side of it is nothing more than a gimmick, knowing that Bitcoin and the mere mention of it gets people salivating big time these days.
Only if they are truly mining Bitcoin and the members are receiving Bitcoin in profits, can this scheme avoid the tag of illegal pyramid scheme. But where’s the proof of all the actual Bitcoin mining?
Target Audience
These schemes always target people who think they are going to make some quick, easy cash. They don’t realise just how long and hard the recruitment process can be. This particular Ponzi scheme is trying to cash in on the Bitcoin craze by tossing the name “Bitcoin” into the mix.
What I Like
- Bitcoin is popular, as are cryptocurrencies in general
What I Don’t Like
- For all money this just looks like yet another Ponzi scheme
- The Bitcoin and the mining operation are no different than offering traffic exchange for other revenue sharing schemes
- This is just a revenue sharing system using the word Bitcoin to differentiate it from the others
- These schemes are always doomed to fail because they constantly require new recruits to stay viable
- Most people will simply lose their investment in a scheme like this and won’t make any profit
- You need to recruit like crazy and keep recruiting like crazy just to make a $200 profit
- It’s quite expensive to try it out
How Much Does Bitclub Network Cost?
At a bare minimum you need to invest $500 to have a go at this revenue sharing scheme. If you decide to go all in you’ll be out of pocket $3500. That’s a pretty big risk on something like the Bitclub Network.
Is Bitclub Network a Scam?
I’d say this one is sailing pretty close, however it is possible you could make some money with this scheme, so it’s not an outright money rort or something. I can’t say I recommend it, and it doesn’t really appear to be a genuine Bitcoin mining or investment opportunity.
Another thing to point out is this operation is not transparent in the slightest. It’s very hard to dig up any additional information on the owners of the scheme or its real operations. That’s always a major red flag to me. After all, what are they hiding? Why don’t we know who they are?
Would you really want to hand over your money to a group a people who won’t even reveal their identities? That’s even riskier than handing your cash to a stranger in the street to invest in some scheme. At least you can actually see that person. Playing the lottery is less of a risk.
Sounds dodgy as hell to me.
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Hey Darren
This was an awesome and helpful review of Bitclub Network.
I must admit that I am one of the folks that get all excited when I hear the word “Bitcoin.” And I guess like many folks out there, I am not really clued up as to how these cryptocurrencies work. For this very reason, one would be tempted into signing up with Bitcoin Network, thinking that all we got to do is invest and in time, we would be able to see a return on our investment.
Sadly, so it is about recruiting and its something that I do not like. It sounds like a risky investment to me. There is no telling when members will stop investing and that could mean that all the money one invest is lost.
I have a better understanding of this scheme and now know what to look out for, should I encounter similar platforms.
Bitcoin investment is a real thing, just like investing in stocks or gold, but schemes like the Bitclub Network are just revenue sharing schemes, where either regular money is used, or in this case, Bitcoin. The only reason they have gone with Bitcoin is because of its current popularity. It’s just a Ponzi scheme, but the Bitcoin currency itself is legitimate, just this scheme these guys here have created isn’t.