Is BitClub Network a Scam? My Take On It
If you are looking to jump on the Bitcoin bandwagon and make some money investing in Bitcoin, you might have come across BitClub Network. But of course you are suspicious of their claims and need to know is BitClub Network a scam or not? This is good that you are suspicious of this place. There are a lot of Bitcoin investment scams popping up all over the web from this new Bitcoin craze. Many of them claim to be legitimate investment companies but actually turn out to be pyramid schemes where the majority of investors lose money.
I have been getting a lot of questions on the legitimacy of BitClub Network so I finally decided to take a look into it and write this review. I am in no way affiliated with this company so this review is going to be as unbiased as possible. This is nothing more than a third party review from someone who has seen and reviewed dozens of Bitcoin scams in the recent past.
BitClub Network Review
Ok, so to start off this review the first thing I need to go over is what exactly this place is for those who do not know.
As I’ve mentioned, BitClub Network (aka BCN) is a Bitcoin investment site. You see, the cost of Bitcoin is on the rise and you can make money off of it just by buying it and holding onto it as the price rises. This is pretty well known and has even been featured all of the the news.
But BitClub Network claims to be better than just your normal Bitcoin investment. They claim that if you invest in them you can expect to have anywhere from 3-8 times more money from investing in Bitcoin in 3 years time then if you were to simply buy and hold onto Bitcoin alone.
How can this be possible that they can bring you such high returns?? Well they claim that this extra money comes from Bitcoin mining, which is the process of unlocking more Bitcoins. I don’t want to get into the whole mining thing too much but all you need to know is that it is the process of unlocking Bitcoins into circulation and this is a real way to obtain Bitcoins.
So basically what BCN claims to do when you invest in them is use some of your investment in their effort to mine Bitcoins, which requires a lot of money for computers, and all sorts of tech stuff. And you, because you invested in them, get a certain amount of these newly mined Bitcoins.
The problem here is that I have heard this same claim about 1000 times before. Just about every Bitcoin investment scam out there claims that they are going to make you tons of money from their Bitcoin mining operation but this turns out to be untrue and often leads to you losing money.
Bitcoin mining is a legitimate way to make money, there is no doubt about it. But the problem is determining if what they are telling you is actually true…. are they really mining Bitcoin?
The problem here is that there is no real proof of BitClub Network’s mining pool operation, which is claimed to be in Iceland. BCN has thousands upon thousands of investors all across the globe but very little information given on them. Why can’t they be more transparent with what is going on?
They claim to use new investments for purchasing computer hardware and equipment for the mining operation but there is absolutely no information on what they purchase, where they purchase….. anything at all!
There are a lot of unknowns when it comes to BCN and there is a good chance that this place is not what they claim it it is.
The Shady Side Of It
In addition to investors being able to make money from BCN’s alleged mining operation, they can also make money by recruiting new investors into this.
When you join BCN you have to buy “mining shares”, and the more you buy the more money you will earn from the Bitcoins that are mined. You can buy into 3 different “mining pools” as listed below…
- Mining Pool 1 – $500 – 3 credits
- Mining Pool 2 – $1,000 – 6 credits
- Mining Pool 3 – $2,000 – 12 credits
As you can see above, the cost to join these pools ranges from $500 to $2,000. And the credits that I listed by each of them are the amount of credits you will earn when you recruit someone into BCN and they buy into one of the pools.
For example: you will earn 3 credits if you recruit John in and he buys into pool 1.
And it doesn’t matter if you recruit the person directly, or if that person recruits the new person, and so on… you will earn those credits no matter where this person was recruited in your downline.
The compensation structure here is binary. This means that there is a left and right side and there are 2 positions open beneath each person. These positions can be filled by you or by people above you.
Once each side of your binary tree brings in 15 credits from the new Mining Pool packages being purchased, you will then earn $200.
In addition to this binary bonus that you get, there are also other bonuses such as the “level up bonus”, but I’m not going to get into this.
What you need to take away from this section is that its all about recruitment of new members and getting them to invest. That is how you make money from this compensation plan.
Pyramid Scheme Maybe?
There are plenty of pyramid schemes out there that are darn near identical to this. They claim to be mining bitcoin and investing your money in the operation with you receiving revenue from it, but really they are just paying off older investors with the money coming in from new investors.
There is no real good way to tell if BCN is a pyramid scheme or not because they don’t give you much information.
If you take them at their word and believe that they really are mining Bitcoin then they are not a pyramid scheme. But should you trust them? That is up to you.
Final Thoughts & My Recommendation
BCN makes a lot of claims but unfortunately I was unable to find proof of many of them. Their entire operation is lacking transparency and for that reason I cannot trust them and I would advise you to tread carefully. If you want to invest in them it is your choice, but I will not be.
The fact of the matter is that you don’t really know if they are a pyramid scheme or not. And if they are this is not good for you. Statistically speaking, the majority of people that get involved in pyramid schemes end up losing money.
So is it a scam? I’m not entirely sure, but I am still very suspicious that it might be. There are just too many similar scams out there that I have reviewed. Some popular ones being Gladia Coin and Raging Bitcoin. Because of this I can’t recommend BitClub Network to you.
As an alternative to making money online, one thing that I will recommend to you is to take a look at how I make money online.
I make a living working for myself online, which I think is a pretty awesome job. You can learn more about it by clicking the link below that will take you to a post I wrote. In this post I explain what it is that I do, how it all works, and how others can do the same.
Comments, questions, concerns??? Leave them below in the comment section and I’ll get back to you soon 🙂