Is Bitlocity a Scam? [ Before You Invest $25, Read This Review]
Welcome to my Bitlocity review. I missed the pre-sign-up to Bitlocity. I heard that you could be part of their founder's club. So, if you have missed the pre-sign up too, then you are probably wondering if signing-up to Bitlocity is still worth your while or is Bitlocity a scam?
You might have heard folks raving that Bitlocity is the next best thing since sliced bread. Since this venture has recently been launched and revolves around Bitcoin, you may feel that you are missing out on this make-money- online opportunity.
In this comprehensive Bitlocity review, you will have all the info that you need in order to make an informed decision. And stick till the end, where I will reveal my final verdict.
WHAT IS BITLOCITY ALL ABOUT?
According to the official website, Bitlocity is marketed as "the world's first all-in-one decentralized technology, educational and rewards program."
But that statement is not exactly true.
They are not the only crypto-MLM trading platform. I reviewed another crypto-MLM trading platform called PGI Global. It also offers educational packages as part of its business operations as well as offering an MLM-like compensation to help its members earn money.
In other words, Bitlocity is not the first company, as they claim to jump on the crypto-MLM bandwagon.
Bitlocity is a fairly new company. It was recently launched in December 2020.
Unfortunately, the official website does not offer much information as to what the company is all about. There is a short 2-minute video that attempts to summarize the company's mission but I think that they used so much unnecessary jargon, and fail to it keep it simple.
Take a look at the video for yourself.
So, I will explain in simple terms what Bitlocity is all about. The companies main mission is to educate and inform about blockchain technology.
Then they have a structured MLM-business model, that offers members the opportunity to build their own online business.
And lastly, the company claims that it's a platform to serve as a crowdfunding base.
What exactly is crowdfunding?
According to Wikipedia, crowdfunding "is the practice of funding a project or venture by raising small amounts of money from a large number of people"
That would give the impression that your investment into the company would be towards a project of some kind. Is there such as project or venture? I will reveal later on...
In nutshell, the three components of Bitlocity are education, business, and crowdfunding.
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WHO IS THE FOUNDER OF BITLOCITY?
There is no info available as to who is behind the Bitlocity project. As far as their social media presence is concerned, they have an Instagram account with 5 posts and 4.373 people following, but there is no mention of any owner or a team behind the company.
The only other info that I could gather is that the site was registered on 28-10-2020.
It's a red flag no doubt. Why invest in a company with no owner transparency?
Nevertheless, let's go on and see how much it will cost to get started should you decide to join the company.
HOW MUCH DOES IT COST TO JOIN BITLOCITY?
Does it really only cost $25 per calendar year to join Bitlocity?
That's the only price that you will you see on the main website. But it's not really true.
The truth is that $25 is the price of their first package. They have 13 other packages which go all the way up to $100 000 smackeroos.
Here is the breakdown of the various Bitlocity packages :
- 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
- Crowd Ambassador : $100 000
What exactly are these packages all about? Do they show you more about them or how it can be of benefit to you?
No, they don't.
They only say that these educational packages that will teach you more about Bitcoin and blockchain technology. According to the website, it's exclusive info that cannot be sourced elsewhere on the web.
If this were true, the least they could do was give visitors a trial or some snippet of what it's all about. If you going to invest $5 grand, wouldn't you want to know what you are buying first? - Another red flag in my opinion.
These Bitlocity educational packages form the core basis upon which you can make money with the platform.
I am going to show you how their comp. plan works next.
A true business training platform like my Nr.1 recommendation offers a free starter membership package. In this way, you can do the course, learn quality training without having to take out your credit card.
THE BITLOCITY HYPER-VELOCITY COMPENSATION PLAN
The Bitlocity compensation plan is based on the 14 different packages that I mentioned earlier.
The first two packages, namely the bronze($25) and silver($50) follow the INFINITY LINE.
It means that you stand to earn $25 whenever someone else from anywhere in the world joins the infinity line. This apparently allows you to earn without having to recruit anyone.
For instance, if you are person A. You can earn $25 from person B and person C.
**In theory it sounds workable. But my logical mind kept on asking, how does person B receive a payment, if person C's payment already went to person A? Person B should in theory receive from person C and D, right?
In fact, I was not the only one to find that the comp.plan did not make any sense. Take a look at this YouTube comment.
Then from the Gold membership($75) all the way up to the Crown Ambassador($100 000), you enter the DUAL-SIDED MAXIMUM LEVERAGE plan.
In these cases, your core focus is building a team or a downline. Anyone who joins from the gold membership upwards will activate this uni-level pay plan.
Your referral purchases would be directly deposited into your bitcoin wallet. All of the payments from your frontline would be sent to you, except the payments from your 3rd and 10th personal referral which would roll--up to your personal sponsor.
Then, they have a 1 by 3 matrix (the 2nd part of the dual-sided maximum leverage plan). You are at the top and there are 3 open positions below you. The first two referrals payments is deposited to your Bitcoin wallet and the third payment is sent to your sponsor opening up a new matrix for yourself and your sponsor.
Every time you upgrade to a new membership package, you open up a new speed matrix at that level. This allows you to operate different matrices at the same time.
To summarize the Dual-Sided maximum leverage plan is made up of (INFINITY LINE) and (1 by 3 Matrix).
You can only qualify for this if you and your referrals are at the gold level or higher.
When the packages are bought, the company takes out $10 as their profit and promotion fee. The balance of the monies is spilt in equal parts between the Infinity line and 1 by 3 matrix.
The final part of the compensation plan is the recruiter pool. Apparently, $5 from every profit and promotion fee is sent to the recruiter pool.
At the end of the month, if you are one of the company's top 10 recruiter's then you can earn a percentage of this monthly pool.
Ultimately the companies main aim is to create more bitcoin millionaires fast!
Sounds legit? Not sure?
But one thing is certain. The product package prices are crazy.
Let's take a look at the pros and cons before I give you my verdict.
WHAT I LIKE ABOUT BITLOCITY
Not much expect that you can get in for as little as $25
WHAT I DO NOT LIKE ABOUT BITLOCITY
No income disclosure
No testimonials or payment proof.
No real owners.
No real educational package.
Need to recruit to earn higher commissions.
IS BITLOCITY A SCAM? MY PERSONAL OPINION
Thus far the company has not got into any 'hot water' as yet.
Only time will tell if the SEC or other relevant authorities will start investigating and finding flaws.
Is Bitlocity a scam? Let's see if it fulfills the 3 criteria of good business practice.
CRITERIA ONE : Good customer relations
Any successful business with a solid foundation prides itself on having owner transparency or a good team. A 'face' to represent the firm.
When an owner stands by his product, he offers customers reassurance. By showing he or she is a REAL persons it establishes TRUST.
Bitlocity has no such owner or team.
CRITERIA TWO : Clear Vision
If you were to join a health-MLM, you would be introduced to the various products within the companies portfolio. They would show you the other side, on how to go about recruiting and making money as an associate.
Bitlocity is not upfront about what you are really going to invest in when you join.
They are not disclosing what their products packages are about. You are only part-informed on the companies mission.
CRITERIA THREE : Long-term future success
Does this company show promise to last for many years to come?
There are positive testimonials on a 3rd party review site such as Trustpilot.
They scored a pretty decent rating of 4.1 out of 5 stars. Do happy customers mean it's a good investment?
In this case, not quite.
The main game-plan of Bitlocity is to get members to buy into the company.
The crowdfunding part and the solid education are just empty promises. I believe that sooner or later people will start to catch on and it might leave some unhappy customers
The future success of the company is uncertain.
Are you really prepared to take that chance?
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I think that people might initially make money with BitLocity.
The doubling payout on your investment may work, but I think that it might be short-lived. I could be wrong but I think that over time the cycle will slow down and the plan would fizzle out.
Having said that, I believe that if you want to get into the multi-level marketing game, you are safer if you invest in one that is focused on the health and wellness niche.
Other legit ways of investing would be trading cryptocurrency yourself, or mutual funds, or S$P 500 fund and real estate.
But one of the best ways to earn a passive income online is to start your own online affiliate marketing business. I created a passive income using this business model.
I was a newbie to the internet world when I first started 5 years a go.
Thanks so much for joining me on this Bitlocity review.
I hope that you got all the answers that you need to make an informed decision.
Talk to you later.