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Beware Of Bitcoin Scams That Promise A Quick Buck

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bitcoin

A recent article from The Sunday News sparked my curiosity about scams concerning cryptocurrencies. The story in question states that a former maid in South Africa is now making $15 000 every month after joining Bitcoin Club Network(BCN).

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The story caught my eye not because a maid was making money but it reminded me of pyramid schemes that are used to convince unsuspecting people to part with their funds with the promise to get rich quick.

A closer look…

Ms Gagisa the beneficiary claims she was introduced to BCN by a friend and was unable to pass this opportunity by after being made aware of the benefits. She also went onto to explain how her lifestyle drastically changed since joining the club.

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Now I’m not saying the story is an outright lie but keep in mind that this is exactly how pyramid schemes work. There is always an enticing ‘rags to riches’ story designed to pull in those who have no knowledge about what they are getting into. The unsuspecting believers then fund the schemes payout and then everything collapses leaving members frustrated or even worse, bankrupt.

I think this tale by Ms Gagisa could be one such scheme because it fits a pattern. Firstly the person in the article claims she was formerly a maid. Once a reader sees this the first thought that may come into their mind is, ‘If a maid could get in the big bucks this easily why can’t I?’ The schemers understand that people are prideful and most people who are better employed than house workers will fall for the trap.

Secondly, Ms Gagisa doesn’t really state how she makes this $15 000 per month but she is quick to assure Bitcoin Club Network is real

We are fully aware that people have been robbed before by other companies but Bitcoin Club Network is a real company that is legitimate

The only explanation as to why she makes that much is that she is ‘inaugurating others into the bitcoin mining company, Bitcoin Club Network.

The vague nature of this story forced me to hunt for even more answers surrounding this BCN. I quickly googled Bitcoin Club Network and the results do not seem promising.

Google did not seem to acknowledge the existence of this ‘real company’ and the closest result I saw was another association called BitClub Network. Among the results of this search were a lot of warnings to steer clear of this BitClub Network as well…

The search results for Bitcoin Club Network
Warnings…. so many warnings

Tread lightly

If a deal looks too good to be true then nine times out of ten it is. If you are going to invest in such projects PLEASE just try to verify how authentic the groups you are dealing with are before you commit your hard earned funds.

What are your thoughts on groups such as the Bitcoin Network Club? Do you think they are running genuine operations? Let’s talk in the comments down below.


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13 thoughts on “Beware Of Bitcoin Scams That Promise A Quick Buck

  1. Yes i agree with you e,g last year i was involved in Bitconnect with came out with great returns by investing high value of money but then this year its coin dropped from about $450 to $5 and just imagine you were holiding $200 worth of BCC . that will be a great loss.
    Other like Bitminex , Laser.online which acted as they are going to last for long # I lost money on those plartforms , but the best thing i do before investing is going a great research seeing which side most people fall under . But be alert they will also be an existence of bots which gives high number of +ve retains .

  2. Online money like Bitcoin is the latest rage in the tech world and taking the stock market by storm. But an Inglewood man says he lost his life savings after investing all his money in the digital currency.

  3. Bitcoin is the pyramid…. You buy coins then entice others to buy so the price goes up artificiality due to demand…. The new buyer then entice others and do the pyramid goes.. There’s no actual intrinsic value

    1. to Worried:

      What is the actual value of the USD or any other FIAT currency , it is alll scam than, because we all trust the governments bu tthey are the biggest pyramid out there so wake up man 😉

    2. Anyone calling Bitcoin a pyramid scheme is misinformed and thinks Bitcoin and Bitclub Network are the same thing. In the USA Bitcoin futures are now traded on CFTC and CME. It’s unfortunate that bad actors like Bitclub Network and Bitconnect will dupe unsophisticated investors (usually poor people) into ponzi-like schemes in the name of Bitcoin.

  4. i lost some funds to a binary option scam, its pathetic how heartless these cryptocurrency pundits are. Thankfully i was able to recover my funds after stumbling upon a testimony of another victim of these pundits online. I am forever grateful to john@wealthrecovering.com for helping me out. I’m sure he could also be contacted for other forms of online scams.

  5. I am hundred percentage sure that people don’t understand Bitcoin and hence to those who know there is exploitation going on to those who doesn’t know
    Allow me to welcome all Zimbabwean and other people who want to understand Cryptocurrency and in particular the one just got reservations on Magisa story!
    I am a Zimbabwean Bitclubnetwork Member for almost a year now and I would want to share with all those who want to know the in depth of Bitclubnetwork and please those who are free to whatsAp me I will add you to groups and I will explain on details with all the evidence on the credibility of the company!
    Don’t relate this to any other scam Bitcoin Mining with Bitclubnetwork is a real investment business with real people with Offices
    WhatsAp me on +27839594066 am Stephen (Stavo)

  6. Let’s use an example of two investors that want to buy taxis, one buys his taxi from a friend of a friend and the other buys a brand new taxi from a registered dealer. If both vehicles stopped working after 2 months the person who bought their car from a dealership can claim his/her warranty but the other person who bought his car on false trust has lost out on a lot of money because there were no guarantees given. From this example the mode of payment whether it was ecocash ,US Dollars ,bonds or Bitcoins isn’t the problem. The person who sold that product and received payment is the scammer and his scam was the car they sold and the promise tied to it. Bitconnect and other exchanges promised a return of 1% a day from trading on the stock exchange with a computer bot which from my point of view you as a Trader cannot be promised even buy the best Traders out there. Achieving a return of 365% on your investment in a year is not guaranteed, if the best investors and Banks offer at best 10 to 15% return on investment per year . If you don’t research and check what’s possible and what’s not possible you will be scammed. I personally know of several companies that do have a solid return for your money with an adequate amount of work involved. If you are getting massive returns for no work done then that situation is too good to be true and you are probably being scammed, if you are working on the other hand and receiving adequate payment for the work that you do in the value of cash or Bitcoin then that process is most likely not a scam. As a disclaimer I am not an affiliate of bitclub network and have no association with it but I do understand Bitcoin and how curtain online companies are paying out in Bitcoin. If you want to know more you can send me a WhatsApp message asking exactly what you’d like to understand. 0718759299

  7. Anyone calling Bitcoin a pyramid scheme is misinformed and thinks Bitcoin and Bitclub Network are the same thing. In the USA Bitcoin futures are now traded on CFTC and CME. It’s unfortunate that bad actors like Bitclub Network and Bitconnect will dupe unsophisticated investors (usually poor people) into ponzi-like schemes in the name of Bitcoin.

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