Everyone in the cryptocurrency business claims themselves to be a decentralized system, even Bitlocity joined the fray recently claiming to be an all-in-one decentralized platform. They also claim that they can easily boost you on your way to success but how much of this is really true?
Is Bitlocity the next-gen crypto opportunity? Or it’s nothing more than a typical scam?
Seems skeptical that every platform claims to be able to make you so much money that you can just quit your day job and sit around.
What Is Bitlocity?
- Name: Bitlocity
- CEO: James D Goodenough
- Website: Bitlocity.io
- Cost: From $25
- Price Rating: 1/10
Bitlocity is an educational platform for cryptocurrency that is designed to educate people all over the world about the wonders of joining the trade. They also claim to be the first in their industry to provide a Reward Program for users that combines a bunch of jargon into one package.
If they sound pretentious, I can assure you that they are as their executives have already been involved in a few other Ponzi schemes in the past. Names like Qtrex and Forsage will sound familiar to some of you as they once again remind you of a crpyto MLM company trying hard to sell.
What Does Bitlocity Offer?
The platform offers nothing else other than their educational system but also has a strange emphasis on their referral Reward Program. They promise users more bitcoin rewards that increase as the number of referrals increase.
There is absolutely no proof of any sort of product or service provided by the platform, with the only thing that members can market being the affiliate membership itself. The membership program starts at $25 and the tiers for the program itself goes as such:
- Bronze – $25
- Silver – $50
- Gold – $75
- Platinum – $100
- Pearl – $200
- Amber – $500
- Ruby – $750
- Sapphire – $1000
- Emerald – $2000
- Diamond – $5000
- Double Diamond – $10,000
- Blue Diamond – $20,000
- Ambassador – $50,000
- Crown Ambassador – $100,000
These members are then paid commissions depending on their referrals, regardless of whether it’s direct or indirect. If that isn’t the definition of a Ponzi scheme, I don’t know what else is.
Top recruiters are also incentivized to do more as they reward their best scammers with a chunk of the top recruiter’s pool. It’s hard to believe but that is literally all that they have to “offer”.
How Do You Make Money With Bitlocity?
The website says that they are experts who want to share their crypto knowledge with the world through the courses they offer on their mobile app. In reality, the only way you make any money here is by referring more people to join the platform.
I’m not even joking when I say that their referral program is the only way you’ll ever hope to earn anything on the platform as there isn’t any real proof of the platform offering anything substantial otherwise.
As previously mentioned, affiliate members are paid for the referrals depending on the amount their referrals pay to join the membership. The payout works in a very convoluted way which I’ll try to explain in the simplest way possible.
Global Infinity Line
Essentially, commissions are passed up through every 3rd and 10th member referred by you personally or by your level 1. This means that every 3rd and 10th member that you recruit gets passed up to the guy above you as well, and the list keeps going.
The catch is, the commission is only paid to members who are at least in Gold tier. Each tier must be purchased separately from the tier below and you can see just how much the money racks up from here.
A Matrix-Structured Payout
For people in Gold tier and above, a 3 by 1 matrix is formed for each tier. For each person you sponsor who is higher than you, the money is passed to the next qualified person whose matrix slots are filled.
It will not pass to the member whose matrix isn’t filled which creates a false urgency for them to quickly find more recruits.
This runs together with the infinity line and each tier will have its own matrix which is bought with their tier.
For you to enjoy the “benefit” of each and every matrix in each and every tier, you’ll need to buy every single tier which accumulates to a whopping $189,700 USD worth in bitcoin.
This ends up putting the users in an endless loop where they constantly want to refer more to earn more so that they can buy the next tier. With the false urgency, we previously mentioned, it just puts them in a trance that seems as if their methods are working.
At the end of the day, it’s all about recruiting aggressively and nothing else.
What I Like About Bitlocity?
Nothing. It is nothing but a scam that was developed by unknown creators who just want to pocket your money and make you earn more for them. Even now, the owners of the company are unknown as the executives already have sketchy backgrounds.
There is nothing redeemable about this platform at all.
What I Dislike About Bitlocity?
1. No Retailable Product
Bitlocity offers you nothing for your money, nothing at all. They claim to be an educational platform but really they’re selling you nothing but a worthless membership so that you can make them more money.
2. Not Transparent
The origins of this platform are a complete mystery as it just popped up in late 2020. Not only that, but it is unknown who the owners even are and how the entire compare operates at all. The known thing is that the executives have a shady background in other schemes.
The risks of investing your money into a platform that doesn’t tell you much are just too high to even consider.
The only thing you pay for when joining Bitlocity is their worthless membership that offers no product or service. You essentially pay to work for them and that alone already sounds like the most ridiculous thing.
Verdict: A Classic Ponzi Scheme To Avoid.
Avoid Bitlocity at all costs. It is evident from their history and their current operations that they are nothing but a Ponzi scheme. Old members are paid off with money generated from new members and the cycle just keeps going.
When the well runs dry, who’s going to be refilling it?
If you wanted to make money online, there are other legit ways to go about without getting scammed. Education is key to creating sustainable online income.
Today, I’m making consistent online income from the websites I’ve built. I stopped chasing those too-good-to-be-too programs, which often turned up to be Ponzis.
Here’s where I’ve got my head start in building my online income streams.
Hey, it’s Kenny here. I’m a single dad, freelance writer, an affiliate marketer. I have been making a living online since 2016, after quitting a 10-years engineering profession. When I’m not on the laptop, I’ll be in the kitchen experimenting with new cuisines.