Last year, I wrote and published a blog providing answers to frequently-asked-questions, but as there have been a number of changes and developments within Bitclub Network itself and the general crypto-currency space since then, and because new questions are always being asked, I thought it best to write a second article….answering more questions, and clarifying some of the existing ones..
So here goes – in no particular order:
Is Bitcoin for real?
Bitcoin is real to the extent that it is a virtual or internet currency. You can see or hold it, but it is real money and can used as a means of payment. It is also a potential store of value, and an asset.
Is Bitcoin the same as MMM?
Absolutely not. MMM was a Ponzi scheme that used Bitcoin as a means of payment. That is all. Bitcoin has absolutely nothing to do with MMM.
Is Bitclub Network a “pyramid” or “ponzi” scheme”?
No it is definitely not.. BitClub Network is a bitcoin mining operation with all its mining activities recorded on the Blockchain, which is a public ledger open to all. It is one of the top ten mining operations in the world.
What does Bitclub Network do?
It mines Bitcoin on behalf of its members around the world. It also has a Bitcoin trading platform coming out soon, plus a Bitcoin merchant platform called Coinpay.
How many members does it have?
Around 675 000, although the numbers are continuously climbing. Most of its membership is in South Korea, Malaysia and Japan, but there are also thousands of members in Africa and Europe.
How many members in Africa?
In excess of 11 000 in South Africa currently, whilst the numbers in Kenya, Nigeria, Ghana and Ethiopia are still to be confirmed. There are also members in other African countries such as Lesotho, Mocambique, Rwanda, Zimbabwe, Botswana, Namibia, Egypt, Zambia, Gabon, Somalia and Cameroon.
Where is BitClub Network located?
Everywhere and nowhere. BitClub operates globally. There are mining locations around the world with its primary mining facilities in Iceland and Montana.
Does BitClub Network have offices in South Africa?
Yes, its offices are in Rosebank, Johannesburg.
Are presentations held? And if so, where?
Yes, six days a week at the offices in Johannesburg. The offices are closed on Sundays.
How long has Bitclub Network been around?
Four years. It started operations in 2014.
Does one need to know anything about Bitcoin mining to join Bitclub Network?
No, because Bitclub Network mines Bitcoin on your behalf. It’s a good idea to have a working understanding of the Bitcoin mining process, though, but an-depth knowledge – no.
Can BitClub Network verify its mining?
Yes. It has a public mining pool where its hashing power can be tracked in real time. See : https://bitclubpool.com/index.php?p=stats
Can anyone join BitClub Network?
Yes. So long as you’re not a resident of the United States, and certain other jurisdictions. Please refer to the notification on www.bitclubnetwork.com in this regard.
What is the minimum cost to join BitClub Network?
USD$99 to upgrade from a free member to a paid member. And then US$500 to buy a share in Pool 1.
Could I just buy a $99 position to start?
Yes. But you wouldn’t earn from our mining activity. If you buy a position, you will have to buy a share in a mining pool as soon as you can.
How does one join BitClub Network?
You first have to register as a free member. This, you do on an existing member’s personal link. Once registered, you need to open a Bitcoin wallet and using your local currency, buy Bitcoin. You then upgrade to a paid member, paying in Bitcoin. Once done, you log in to your back office, using the log-in details you created when registering as a free member, and buy a share in a mining pool.
What am I buying when I buy a mining share?
Equipment to mine Bitcoin. Not Bitcoin itself.
How do I buy Bitcoin?
Should I upgrade, and then buy a share in a mining pool? Or do both at the same time?
Upgrade first. Then buy a share in a mining pool.
If I want to join BitClub Network, but need help doing so, is there anyone to help me?
As long as you’ve registered as a free member in our team and have opened a Bitcoin wallet, yes, we could help you. If you are in Gauteng, we can arrange to meet with you. If you are outside of Gauteng, we could set up a Zoom or Google Hangouts call to assist you over the internet.
What kind of returns can I expect from a Bitclub Network mining pool share?
This is always a difficult question to answer, simple because of the variables attached to Bitcoin mining. Some months you could expect a 1% return, other months more than this. In the past, our returns have been as high as 3% or 5% per month. Mining returns can never be guaranteed, however.
What happens to my mining share(s) on my passing?
Your mining shares 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) would simply need to advise Support. This can be done by opening a Support ticket once you log in to www.bitclubnetwork.com, using your log-in details.
What happens after the 1 000 days of my bitcoin mining contract?
Your share will expire after 1 000 days. By then, you would have accumulated partial shares which will continue to mine for you in to the future. So you don’t stop mining after the 1 000 day period has elapsed.
Can I buy more than one share in a mining pool?
Yes you can. There are no limits as to the number of shares you can own.
Can I withdraw some of my earnings during the 1 000 days of the mining contract?
It’s possible yes, although we would recommend that you do not withdraw within the first 12 months of your contract, so as to let your share grow. Thereafter it’s a simple process to withdraw.
What are the tax implications of earnings accruing from a mining share?
If you convert your bitcoin into rand and deposit rand into your South African bank account, you will be required to pay tax. Our advice is that you engage with a tax practitioner experienced cryptocurrencies and be properly advised in this regard..
I hear that I have to “recruit” people and build a team once I join BitClub Network?
Incorrect. Building a team is not mandatory. While there is a network marketing component to BitClub Network, it is up to you whether you’d like to introduce others or not. If you want to earn only through the mining of Bitcoin, there is nothing wrong with this.. Yes, you would make more money through building your team as other revenue streams would open up to you but “recruiting” would be your choice.
Building a team is where the big money is made, yes?
Yes it is. Whilst the mining side of the business can certainly create wealth over the medium and long-term, it’s in the teambuilding that the (potentially) big money is made. The more people you introduce and who join your team, the more money you’ll make.
Where can I view the Bitclub Network compensation plan?
The video explaining the compensation plan is sent out to new members of our team after they have registered as free members.
Will I be able to host my own presentations as a member?
Yes. But only after learning the business and gaining a good understanding Bitcoin, the cryptocurrency space and the Bitclub Network opportunity in particular.
Will I have access to marketing material, should I decide to build a team and host my own presentations?
Yes. All members of our team have access to marketing material and we supply on request. We have brochures and flyers already designed, as well as artwork for flyers,T-shirts, caps, car magnets and pull-up banners. Artwork is supplied at no cost although the printing of items are for the account of our members.
Is training provided to paid members?
Yes, but only in Johannesburg, and on Saturday mornings. This is basic training for all new members. More advanced training is provided for members of our team requiring it.
How many whatsapp or Telegram groups do you have?
We have a number of whatsapp groups in South Africa, as well as a Telegram group. We also have whatsapp groups in Botswana, Namibia, Zimbabwe, Uganda, Rwanda, Ghana, Nigeria and Kenya.
Only those who have registered as free members under our team members can be added to these groups.
Why is registering under someone with a good understanding of Bitclub Network 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.
Why? Because Bitclub Network is a complex business and not easily understood.. Our advice is to always register under someone who has undergone extensive training and can support if you have questions or ever have issues that need resolving.
The above are questions typically answered of us, although there will be others that have not been covered in this blog article. I aim to pose more questions and answer them in a forthcoming article. I hope this helps in the meantime..
Gerard Kavonic was one of the first people to join Bitclub Network South Africa in 2015. He has the rank of Master Builder. He has two websites: www.bitclub.co.za and www.bitclubblog.com and co-administers a fast-growing team around the world with his business partner and colleague, Derek Clements. Anyone wanting to join BitClub Network as a paid member must register as a free member first. If you’ve already been introduced to BitClub Network, you should register under that person, assuming that he or she has a good understanding of the business. (This is hugely important!). If you don’t have anyone to register under, you’re welcome to join under username BITCOINGERARD or username WILLARD, or on https://bitclubnetwork.com/bitcoingerard/signup.html or https://bitclubnetwork.com/willard/signup.html Gerard can be reached on +27 83 444 9888 and on firstname.lastname@example.org and email@example.com