Welcome to My Bitlocity Review!
In my previous posts, I’ve talked about a few cash gifting schemes that market themselves as multi-level marketing (MLM). I also discussed how these two are different from the latter one as a legit business model.However, despite the red flags and known cash gifting platforms exposed as scams, many people still fall for this kind of program.
Bitlocity Review Summary
Founders: James D Goodenough
Product Type: Multi-Level Marketing
Price: $25 to $100,000 BTC For The Investment
Quick Summary: Bitlocity is more of a gifting scheme that utilizes Bitcoins instead of cash. It combines crypto crowdfunding with an MLM business model that is geared towards recruitment. Because of its structure, people are quick to call it a pyramid scheme but what’s the truth behind that?Is there really an opportunity to make money here or is it just a scam?
Overall Rating: 1/10
In this post, we will expose Bitlocity, a similar platform. It sounds promising but what’s the truth about this program?
Read this entire Bitlocity review to find out.
What Is Bitlocity About?
Bitlocity is crowdfunding that offers multiple levels of commissions that you can earn by joining and by building a team or downlines.
As mentioned, it acts as a cash gifting scheme but rather than giving money, what they utilize here is the famous cryptocurrency called Bitcoin (from the name “Bitlocity'' itself).
Bitlocity presents itself as an educational platform for cryptocurrency that is designed to educate people about the wonders of joining the trade. However, you have to invest money here and gain your Bitcoin reward.
The platform offers nothing else other than their educational system and of course with much emphasis on their referral Reward Program. They entice users with more Bitcoin rewards as their referral number increases.
They may claim that they are the “first” in the world to offer a decentralized program that offers education and other things about Bitcoin. Well, we don’t know which is true because most crypto platforms would often boast that they were the first.
As regards the owner, there is no information about that on their company website but third-party research would reveal the name of James D Goodenough as the CEO, which may suggest he is also the founder.
Goodenough is a Market Specialist and an Influencer.
Apparently, the domain name “Bitlocity.io” was registered on October 28, 2020, and was registered privately. So we can conclude that it began its operations on that date. It’s still pretty new in the scene.
Bitlocity Product Line
There are no tangible products or proof of any sort of product or service provided by the platform, though it may claim that it provides an educational platform.
Looking closely it seems that what it markets and sells is the affiliate membership itself.
Is Bitlocity A Scam?
Most information points out that Bitlocity is a scam. There’s no actual product and the main agenda is more on recruiting people into the program.
The program itself is geared on recruitment.
Imagine, paying a fee of as high as $100,000 for the membership, they may give you educational materials or train with regards to cryptos and MLMs but that’s just basic information you could even find over the world wide web.
They don’t really provide a legitimate way for crypto investors to make money. All their gimmicks are clearly a way to deceive people because apparently the money invested by the members is the sole source of income here.
There’s no trading, just scamming people’s pockets indeed. It’s definitely a Ponzi and Pyramid Scheme because indeed something fraudulent is going on.
Is Bitlocity A Pyramid Scheme/Ponzi Scheme?
As mentioned, Bitlocity is a scam. There’s no proof of products or substantial services but rather the program is just focused on the campaign of its affiliate members.
It clearly shows that it's a pyramid scheme and a Ponzi scheme. Recruitment is the main agenda and the income comes from the pool of fees the recruits are paying for.
To learn more about Bitlocity, you can watch the video below:
Bitlocity Compensation Plan
As they claim, they are only an educational platform for cryptos, and apparently there is no trading here.
It clearly suggests that the only way you’ll ever hope to earn anything on the platform is through their referral program as there isn’t any real proof of the platform offering anything substantial product or service.
Affiliate members or what they term as Bitlocity Independent Associate Member are paid for the referrals depending on the amount their referrals pay to join the membership.
More simply, this is how it works:
Global Infinity Line - Commissions are passed up through every 3rd and 10th member referred by you personally or by your level 1, which means that every 3rd and 10th member that you recruit gets passed up to the one above you as well and the list keeps going.
Note that the commission is only paid to members who are at least in the Gold tier. Each tier must be purchased separately from the tier below.
A Matrix-Structured Payout - For people in the 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 every matrix in every tier, you’ll need to buy every single tier which accumulates to $189,700 worth of bitcoin.
The compensation plan is geared towards recruiting and recruiting and this ends up putting the affiliates in an endless loop where they constantly want to refer more to earn more. At the end of the day, it’s all about recruiting.
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How Much To Join Bitlocity?
They claim that Bitlocity membership starts at an annual one-time fee of $25. However, the membership program fee could go as high as $100,000. These are the following tiers for Bitlocity’s membership program:
- 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
Honestly, there’s nothing really to like about Bitlocity and what it offers. It may say that joining is as low as $25 but to earn money from its compensation plan, it will still cost you as high as $100,000.
Figuring out that it’s more of a Ponzi and a pyramid scheme, would you still continue with such an opportunity?
They're not totally transparent, you won’t see any founder information and company whereabouts and this matter can already be a major red flag!
Yes, you’ll see the name of the owner in third-party research but their company executives are even involved in other Ponzi and pyramid Schemes, such as Qtrex and Forsage.
That’s why it’s not surprising to be accused as a scam. And also, I’ve seen intriguing information, the income disclaimer statement on their website states a date of January 2020 but how is that possible when upon checking the domain, the website is just created in October of 2020.
Such disparity is surely something to worry about and they are misleading you with wrong information as they are surely deceiving you.
Expensive For Nothing
Well, 25 dollars is okay but paying as high as $100,000? That’s gambling your luck for nothing.
As I mentioned, the resources you can get here in Bitlocity can be learned and seen online. You could just surf the internet and learn about this stuff even on your own.
Endless Loop Of Recruiting
It may present itself as an educational platform but the program itself is really geared toward recruitment, even you could see that in their compensation plan. Even joining on their website would require the name of the one who referred you.
With no products or substantial services offered, the educational platform is just a facade of a pyramid and Ponzi scheme that it is. Don’t be lured into this endless loop of recruitment or you’ll lose all your money for nothing!
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Basically, you’ll have access to log in to their website and have a user interface to access all your educational materials about cryptos and stuff.
There is a Telegram option for support, which is apparently an email field for sending information about problems with the Telegram feature.
On the other hand, the Vimeo channel is used to provide weekly training sessions for affiliates. The Live Zoom calls supposedly connect members with Bitlocity employees for whatever reason they need to be connected.
The site also has a language button at the top right.
It’s not to debunk crypto MLM but it would be really hard finding a legit opportunity in such niches. Bitlocity may present itself as an educational platform for crypto stuff but apparently it’s just a facade of a Ponzi and pyramid scheme that it is.
With all the red flags and fraudulent schemes said, it is definitely a scam! It may come as an enticing opportunity to earn money but the truth of the matter is that it’s a business that only survives through recruitment as the funds paid by affiliates will be the sole source of income.
So, don’t be lured into this trap! Avoid such scams! It’s definitely a NO for me. Find better online income opportunities!
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I hope this review has enlightened you. If you have questions or comments, please feel free to share them below. Thank you for reading my Bitlocity review!