The adverts promise daily earnings from Bitcoin along with quite a few different altcoins. I was thrilled when I learned about a meeting that was likely to be held in Lusaka. I made my way to the venue of the assembly in Avondale where I arrived one hour late but fortunately, the starting time was pushed by an hour so that more latecomers like me did not miss the event.
I must say, the event had been well attended. Speaking from personal experience of organizing similar occasions. I stumbled approximately 80 people in attendance. I was amazed.
The speakera'master builder' (according to the status arrangement of BCN), from South Africa, took us through a well-prepared demonstration. I consented pretty much with a lot of what he had to say concerning Bitcoin. I could tell that he was well researched about the subject. On the other hand, the issues came in after he started explaining the company opportunity posed by BCN in the context of Bitcoin. The company model and some bits of information regarding the company did not sit well with me personally.
As soon as I started out writing this article I meant to talk more about why I believe that BitClub Network is a scam but as I ended writing I understood that I should probably speak more about why it doesn't make sound business decision to purchase it. But I'll touch a bit on why I feel it is a scam.
1. Ownership of the company cannot be established. Unlike real mining sites like Genesis Mining (please differentiate between miners and pool miners), the BCN site doesn't say who the owners or people behind the surgeries are. In Actuality, the Web Site states vaguely that"BitClub is not owned by any person or entity, we are a team of specialists, entrepreneurs, professionals, community entrepreneurs, along with programming geeks who have come to together to establish a very simple company around a Really complex business"
But recently a person by the name of Russ Midler was identified as the person behind BitClub Network. This individual is of questionable character and really comes with a criminal background in the united states.
2. Location of the company is unfamiliar . Again at which other websites will say clearly what their place is. The actual address of the BCN offices and/or mining farms is currently lost on their website. They claim they are situated in Reykjavik, Iceland, however this is just another vague claim since we are aware there are scores and scores of mining farms in Reykjavik. It is similar to claiming to have a casino in Las Vegas. In an effort to hoodwink people into believing the lies, on their website they show images of a mining plantation branded with a more used banner ad and yet, ONE!
3. BCN claims they are the sole company that makes it possible for the ordinary general public to buy mining contracts. NOT Correct.
Now, if I'm accused of only being outside to call on the BitClub Network a scam, then let's look at the investment side of things. Say BCN wasn't a scam. Say each of the aforementioned red flags did not exist. Can it make business sense to buy into it?
1. $100 enrollment fee. Why should one pay a registration fee of $100 to combine a mining pool if they could join others for free and really use the $100 as part of initial investment? Apparently this gives you access to a backend in which a user can see the transactions on their portfolio. Seems like something I would get for free everywhere. The speaker in the meeting that I attended said that you simply pay a registration fee since"There is so much money to be made." What!?!?
2. So as soon as you spend $100 for enrollment you need to await a couple of days before it's possible to begin earning. Some individuals have had to wait as much as 30 times while the lucky ones only 10 days. The business question is, what happens to my earnings to this period? Can they get added back to the earnings once they begin coming in? Or the days added back into the 1000 days contract period? From my research the response is, not one of THE ABOVE. The investor loses out to the earnings for this period. Meanwhile, even when you buy a contract someplace, you start earning over 24 hours.
3. Nobody from within the BCN seems to know when the ROI will take place. Maybe they don't even know what ROI is. I should probably use another term, BREAKEVEN POINT. When will the investor get their original investment back? According to my research, an expense of $500 will ROI between 850 to 860 days. That is almost two years and 7 days. Might I add that at this time you are remaining with 140 times to your 1000 days. But wait, you already dropped about 10 to 30 days knock that out also. And bear in mind, we're not considering the $100 registration fee. In short, if you're going to buy just 1 contract then you're basically putting cash into a black hole. It appears the only real way to make money is by recruiting more and more victims into the bottomless pit.
Conclusion
Why did I write this article? My answer is two-fold. Primarily, going by the hype around BCN, I had been amazed to see the amount of people getting into it. This might be viewed by the amount of individuals posting on it on interpersonal networking, facebook especially. I was so shocked that the company model presented was so uninspiring. I realized that people were far fascinated about the opportunities posed by crypto currencies, so much they couldn't see past the present selling price of Bitcoin.
Secondly, as a Blockchain Technology and Cryptocurrency enthusiast, I am worried that the understanding has been created across Bitcoin and crypto monies as far BCN is worried would do more harm to the adoption of crypto, than great. Let's imagine that at the conclusion of the 1,000 days that the investor is unable to withdraw or really BCN is altogether shutdown such as bitconnect was. I fear this would perpetuate the notion that everything around cryptocurrency is ridden with scam. Such was the departure of untrue media marketing and MLM concepts. The legitimate business that do honest MLM are all bundled up with all the hundreds and tens of thousands of scams which guise behind network advertising.
I hope this guide will serve as a warning for would be investors to take an extremely close look at the company version of BCN before making a decision to get in. Do not be wowed by the promises of earning thousands of kwacha. Do not allow the promise of making ZMW800,000 in 1 year if you recruit one member a month for twelve months. Be very careful.
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