I have been inMy frank and simple bitclub network inspection! Is it legit or another crypto Ponzi scheme?

I have been interested to find out more about BitClub Network (BCN) ever since I started seeing the endless posts on Facebook. The adverts guarantee daily earnings in Bitcoin and quite a few other altcoins. I was excited when I learned about a meeting that was going to be held in Lusaka. I made my own way into the venue of the meeting in Avondale where I arrived an hour late but fortunately, the beginning time had been driven by an hour so that much more latecomers like me didn't miss the event.

I must say, the event was well attended. Speaking from personal experience of coordinating similar events. I counted roughly 80 people in attendance. I was amazed.

I agreed pretty much with a lot of everything he had to say about Bitcoin. I could tell that he had been well researched on the subject. However, the issues came in after he began explaining the company opportunity presented by BCN over the context of Bitcoin. The company model and a number of pieces of information regarding the company did not sit well with me personally.

When I started out writing this particular article I intended to speak more about why I feel that BitClub Network is a scam but as I continued writing I understood that I should probably speak about why it does not make sound business decision to invest in it. Nevertheless, I will touch a bit on why I believe that it is a scam.

1. Ownership of this corporation can't be established. Unlike actual mining websites like Genesis Mining (please distinguish between miners and pool miners), the BCN website doesn't state who the owners or individuals behind the operations are. In fact, the Web Site says that"BitClub Isn't owned by any single person or entity, We're a group of experts, entrepreneurs, professionals, network marketers, along with programming geeks who've all come to together to launch a very simple business around a very complex industry"

However, lately a person by the name of Russ Midler has been identified as the individual behind BitClub Network. This individual is of questionable character and actually has a criminal background in the us.

2. Location of the company is unfamiliar . Again where other websites will say clearly what their location is. The real address of their BCN mining or offices farms is currently lost on their site. They assert they are located in Reykjavik, Iceland, however this is just another vague claim since we know there are scores and scores of mining farms in Reykjavik. It is like claiming to have a casino in vegas. In an attempt to hoodwink people into believing the lies, in their website they show pictures of a mining plantation branded using an over used banner ad and yet, ONE!

3. BCN asserts they are the sole company that allows the ordinary general public to buy mining contracts. NOT TRUE.

Currently, if I'm accused of being outside to call on the BitClub Network a scam, then let's look at the investment aspect of things. Say BCN wasn't a scam. Say all the aforementioned red flags didn't exist. Can it make business sense to purchase it?

1. $100 enrollment fee. Why must one pay a registration fee of $100 to join a mining pool if they could combine many others at no cost and actually use the $100 as part of first investment? Apparently this provides you with accessibility to a backend where an individual can view the transactions on their portfolio. Seems like something I'd get for free elsewhere. The speaker in the meeting which I attended said that you just pay a registration fee since"There is so much money to be made." What!?!?

2. So as soon as you pay $100 for enrollment you need to await a few days before it's possible to begin earning. Some people have had to wait as much as 30 times while the blessed ones just 10 days. Do they get added back into the earnings once they begin coming in? Or the times added back into the 1000 times contract period? From my research the answer is, NONE OF THE ABOVE. The investor loses out to the earnings for that period. Meanwhile, even when you purchase a contract someplace, you begin earning over 24 hours.

3. No one from within the BCN seems to understand when the ROI will take place. Maybe they do not even understand what ROI is. I need to probably use another word, BREAKEVEN POINT. When will the buyer get their original investment back? According to my research, an expense of $500 will ROI involving 850 to 860 days. That is nearly 2 decades and 7 months. Might I add that at this point you're remaining with 140 days for your 1000 days. But waityou already dropped about 10 to 30 days so knock that out too. And keep in mind, we're not considering the $100 registration fee. In short, if you're going to purchase only one contract then you're basically putting money into a dark hole. It appears the only way to make money is by recruiting a growing number of victims to the bottomless pit.

Conclusion

Why did I write this article? My response is two-fold. Primarily, visiting the hype around BCN, I was amazed to see the number of folks getting into it. This could be found from the number of folks posting about it on social networking, facebook especially. I was shocked that the business model presented was so uninspiring. I wondered why people were getting into it in such rate. I understood that people were fascinated about the opportunities presented by crypto monies, so much that they couldn't see beyond the present selling price of Bitcoin.

Secondly, like a Blockchain Technology and Cryptocurrency enthusiast, I'm concerned that the understanding has been created around Bitcoin and crypto monies as far BCN is worried would do more damage to the adoption of crypto, than good. Let us imagine that at the end of the 1,000 times that the investor is unable to draw or really BCN is completely shutdown such as bitconnect was. I fear that this could perpetuate the notion that everything around cryptocurrency is ridden with scam. This was the passing of fictitious network marketing and MLM concepts. The legitimate company that do honest MLM are all bundled up together with the countless tens of thousands of scams which guise behind network marketing.

I genuinely hope that this guide will serve as a warning for would be investors to have an extremely close look in the business version of BCN prior to making a decision to get in. Do not be wowed by the claims of earning thousands of kwacha. Don't let the promise of making ZMW800,000 in one year if you recruit a single member a month for twelve months.

For more in depth info about bitclub head over to bitclub network scam