Having been a member of Bitclub Network in South Africa for nearly two years now, I’ve been asked many questions in many forums, presentations and one-on-one meetings with people looking to join as members.
In the hope that they help answer YOUR questions, here are some of those asked most-frequently:
Is BitClub Network some form of “Ponzi scheme” or “pyramid scheme”?
Absolutely not. Bitcoin is a widely-known crypto-currency, whilst BitClub Network is simply a platform in which people share in the profits generated by the mining of Bitcoin and other leading altcoins ie Ethereum, Ethereum Classic, Monero and ZCash. Bitclub Network has its own mining facilities in Iceland and Montana in the US and is on the Blockchain – through which our mining activity can be verified at all times.
Where is BitClub Network located?
Everywhere and nowhere. BitClub Network operates from all over the world, with multiple mining locations. Our hosting servers and mining pool servers are located in the Netherlands with redundancies in Hong Kong and Switzerland. Our programmers work remotely whilst our support staff work from an office in Germany. BitClub Network is operated virtually, due to Blockchain technology and other decentralised and distributed networks. With no overheads from a physical “Head Office”, profits are maximised and passed onto our members.
Are there offices in South Africa?
Yes. We have an office in Randburg, Johannesburg.
How long has Bitclub Network been in existence?
For 4 years. Since 2014.
How many members does it have?
More than 300 000. Most of whom reside in South East Asia (primarily in South Korea, Malaysia and Japan). There are also many members elsewhere – in Africa, for instance.
How many members in Africa?
There are more than 10 000 members in South Africa currently, whilst the number of members in other African countries eg Botswana, Namibia, Zimbabwe, Zambia, Lesotho, Kenya, Nigeria, Ghana, Ruanda, Uganda and Ethiopia is still to be confirmed. This said many people in Africa are awakening to the Bitclub Network opportunity and the numbers of new people joining grows daily.
What does it cost to join BitClub Network?
US$99 to upgrade plus US$500 to buy a share in mining pool 1. So a minimum of US$599 (payable in Bitcoin). Of course, you could buy a share in Pool 2, or Pool 3. Or a share in the Founder’s pool, which will give you one share in each of the three pools. Whichever option you prefer. Ultimately, you should aim to be a Founder if you can afford the $3500 necessary as there is more value to be had in the Founder’s pool than, say Pool 1, which is the entry-level pool.
Could I just buy a $99 position to start?
Yes. But you wouldn’t earn from our mining activity. All a $99 upgrade fee will get you is a position on the binary.
After upgrading, you should aim to buy a share in a mining pool as soon as you can.
How do I join BitClub Network?
To join, you need to register as a free member first. Then, you need to buy Bitcoin to pay with. We do not accept anything other than Bitcoin so you’ll need to buy Bitcoin online.
Why is registering under someone knowledgeable so important?
If you register under someone who has only recently joined Bitclub Network, and who has only a limited understanding of how the business works, you could encounter problems down the line. This is a complex business and knowledge is hugely important. Our advice is to register under someone who has undergone extensive training and can support if you ever encounter issues or have questions.
Should one upgrade first, and then buy a share in a mining pool? Or can I do both at the same time?
Upgrade first. Then buy a share in a mining pool.
Where can I buy Bitcoin?
If you live in South Africa, we recommend www.luno.com Other options are www.altcointrader.co.zaand www.localbitcoins.com
If you live outside of South Africa, we could send you a list of websites to choose from.
How do I set up a Bitcoin wallet?
It’s simple to open a Bitcoin wallet on www.luno.com Just follow the steps on the website. But if you need help in this regard, email Derek on email@example.com
If I want to join BitClub Network and am struggling to do so, is there anyone to help me?
Yes, we could arrange to meet with you if you are in the Johannesburg area. If you are not, we could take you through the process telephonically, or via Skype, Google Hang Out or Whatsapp.
Does BitClub Network guarantee a Return on Investment (ROI)?
No, we do not and will never guarantee that a mining share will have a set return. You will never hear us make any claims about how much you will earn from having a share in one of our mining pools. Why? Because Bitcoin mining is complex and with the difficulty level constantly increasing and new hashing power being introduced, it’s impossible for anyone to accurately predict an ROI. (Especially with our business model requiring re-purchases or more simply, daily maintenance fees). On this note: if you hear of any Bitcoin mining operation guaranteeing a set return, there’s every likelihood they’re a Ponzi scheme. Stay away from them!!
What kind of returns can be expected?
Based on past and current performance, a Bitclub Network mining pool share (Bitcoin or GPU) should provide a growth in investment of between 3 – 5% per month. Again, there are no guarantees.
Can BitClub Network verify its mining activity?
Yes, we can and it’s possible to track our hashing power in real time. See //www.bitclubpool.com/ As our membership grows, so do our mining pools and you will see more hashing power being added. Having more hashing power allows us to hit more blocks on a daily and weekly basis.
What am I buying when I buy a share in a Bitcoin mining pool?
You are buying equipment (hardware) to mine Bitcoin. You are not buying Bitcoin itself.
Does Bitclub Network trade cryptocurrencies?
We don’t. We mine cryptocurrencies.
Would I need to mine bitcoin myself?
No. Bitclub Network does the mining on your behalf through our Bitcoin mining facility in Reykjavik, Iceland. You do not need to know anything about the mining process,
although it would be good for you to gain a basic understanding over time.
What happens to my mining share(s) when I die?
So long as a family member, or a next of kin, has your log-in details, they could take over your mining share. The family member taking over of your account(s) should just advise Support.
What happens after the 1 000 days of my bitcoin mining contract?
Once your 1 000 days of mining have elapsed, your one share will in all likelihood have grown to two or even three shares. Your original mining share will expire and your second and third shares will carry on mining for a further 1 000 days.
So, I buy a mining share and it keeps mining for me?
Is there a limit to the number of mining shares I can hold?
There is no limit.
What are the tax implications of monies earned from a bitcoin mining share?
If you convert your bitcoin into South African rand and deposit rands into your South African bank account, you will need to pay tax on it as it will be regarded as income.
This said it’s best to be advised by your accountant or tax practitioner.
What happens to my mining share(s) on my passing?
Your mining share(s) can be taken over by your next-of-kin. So long as he or she is in possession of your username and password. The person taking over of your account(s) should advise Support, however.
This can be done by opening a Support ticket once you log in to www.bitclubnetwork.com, using your log-in details.
Can I withdraw my bitcoin during the 1 000 days?
Yes, you can. If you have bitcoin in your bitcoin wallet, you can withdraw whenever it suits you – although our recommendation is that you don’t withdraw within the first 12 months.
Typically it takes up to 24 hours for your withdrawal to take effect but it could be sooner than 24 hours.
Where can I spend my bitcoin?
In South Africa, there are a number of places where you can spend Bitcoin. These include Takealot.com and BidorBuy. In the US and Japan, a great many outlets accept Bitcoin. In time, you’ll be able to purchase practically anything using Bitcoin. From a coffee at Starbucks to an airline ticket to Cape Town.
Where is the big money made in Bitclub Network?
Undoubtedly, in the building of teams. Whilst the mining side of the business can certainly create wealth, it’s in the teambuilding that the (potentially) big money is made. The bigger the team, the bigger the earnings.
Where can I view the compensation plan?
The video explaining the compensation plan is sent out to new members when they register as free members. (You have to register as a free member before upgrading to a paid member).
If you’re intending to join as a paid member, and have not registered as a free member, register on this link: www.bitclub.io/michael1978
As soon as you’ve registered, we’ll receive a notification and add you to one of our Whatsapp groups ie the Whatsapp group of your country of residence. You will then be sent the compensation plan.
How many Whatsapp groups do you have?
We have three Whatsapp groups in South Africa, plus groups in Botswana, Namibia, Zimbabwe, Zambia, Uganda, Rwanda, Ghana, Nigeria and Kenya.
Only those who have registered as free members under our team members can be added to these groups.
Do I have to “recruit” people to earn through BitClub Network?
You do not. Whilst there is a network marketing component to BitClub Network, it is up to you whether you’d like to introduce others. You could simply purchase a mining share in one of our mining pools and earn from your daily mining activity and the increase in the Bitcoin price as it rises. Sure, you’d earn more by bringing your friends and colleagues into Bitclub Network, so you can profit from their mining activity (and through something called “cycling”), but this would really be your choice. No-one will force you to recruit – although you’d probably want to tell others after watching the compensation plan video.
Are there any presentations we can attend?
Presentations are held in Johannesburg three times a week. (Tuesdays, Thursdays and Saturdays, each commencing at 11h00).
There are other presentations around the country, but these are organised by individual members, and posted on our Whatsapp groups once we’re made aware of them.
Will I be able to host my own presentations as a member?
Yes, absolutely. But only after attending training and once you’re equipped with sufficient knowledge of Bitcoin, cryptocurrencies and the Bitclub Network opportunity in particular.
Can you supply marketing material, should I decide to build a team and host my own presentations?
Yes, absolutely. We already have a flyer and brochure available for our team members and can easily supply you with artwork for T-shirts, caps, car magnets and pull-up banners should you require them. Note however that the costs to print these items would be for your account.
Is training provided to paid members?
Yes, but only in Johannesburg, and on Saturday mornings. This is basic training for all new members.
We provide more advanced training for members of our team.
If I live outside of South Africa, how do I get trained?
We could organise training on Whatsapp, Zoom or Google Hangout (whichever is easiest and most convenient for you)
Any further questions? Email firstname.lastname@example.org and you’ll get a response within hours.
Derek Clements has been involved in cryptocurrencies since 2015 and has been a member of Bitclub Network for more than two years. He has a website www.bitclubsouthafrica.co.za and can be reached on +27 83 503 3620 and email@example.com If you’re interested in joining Bitclub Network as a paid member, you need to register as a free member first. Here is a link to register: www.bitclub.io/michael1978
Once registered, Derek will position you on the binary and assist you to upgrade and buy a share in a mining pool, should you be ready to do so.