Frequently asked questions
Is this website only for South Africans or can anyone join BitClub Network?
Anyone can join. BitClub Network is already big in a number of countries around the world but is new to South Africa. So the intention is to grow in South Africa and then take Bitclub into Africa. That being the case, you could join here and then interest your friends, family members or business colleagues elsewhere in the opportunity.
Is this some kind of “pyramid scheme”?
(We pose this question only because it’s one that has been asked previously). Bitcoin is a legitimate crypto-currency, already used by many people around the world, whilst BitClub Network is simply a platform in which people can come together to share in the profits generated by the mining of bitcoin. As opposed to “cloud mining” in which bitcoin mines exist in name only, we have our own mines (the largest being in Iceland) and we’re on the blockchain – through which our mining activity can be verified at all times. See www.blockchain.info
What does it cost to join BitClub Network?
USD$99 to buy a position and US$500 to buy a share in Pool 1. So a minimum of US$599 (payable in bitcoin). Of course, you could join and buy a share in Pool 2, or Pool 3. Or become a Founder. Whichever option you prefer.
Could I just buy a position to start?
You could, yes. But you wouldn’t earn from our mining activity.
If you buy a position, you must try to purchase a share in a mining pool as soon as you can.
How do I join BitClub Network?
To join BitClub Network, you need to get bitcoin to pay with. We do not accept anything other than bitcoin so you’ll need to purchase bitcoin online. There are a number of online portals through which you can buy the crypto-currency.
How do I buy bitcoin?
There are many different options available. It’s like deciding which bank you want to use. Most offer the same services and they are free to use so you just need to pick one that you like and feel comfortable with. We’d suggest one of the following: www.altcointrader.co.za, www.bitx.co.za, www.localbitcoins.com, (Two are in South Africa whilst the third is international, but well-known and trusted). At Bitclub Network, we price everything in US dollars, so that we have a standard price for our products. (We don’t accept USD or any other fiat currency, however). To join, you will need to pay a one-time US$99 membership fee that will give you a lifetime access to our platform and allow you to participate in our mining pool shares and any other opportunities we provide in the future. You’ll need to pay this US$99 (in bitcoin) to activate your account before purchasing any other products. On any of the three portals mentioned, you’ll purchase bitcoin at the market price being offered and we’d suggest that you load your account all at once so that you minimise your fees. So if you want to pay your membership fee and purchase a mining share at one time, you’ll need US$599 worth of bitcoin ie $99 for joining and $500 for a share in Pool 1.
If I want to join BitClub Network, but need help doing so, is there anyone to help me?
So long as you’ve already bought your bitcoin, or have the money to buy bitcoin, yes, we could arrange to meet with you to help you buy a position and a share in a mining pool. Obviously this would depend on where you are. If you are in Johannesburg or Pretoria, we could certainly arrange to meet.
Do I have to “recruit” people to earn through BitClub Network?
You do not. Whilst there is a network marketing component to BitClub Network, it is up to you whether you’d like to introduce others. You could simply purchase a mining share in one of our mining pools and earn from your daily mining activity and the increase in the bitcoin price as it rises. Sure, you’d earn more by bringing your friends and colleagues into Bitclub Network, so you can profit from their mining activity (and through something called “cycling”), but that would be your choice. No-one will force you to recruit – although you’d probably want to tell others after seeing how easy it is to make money.
Would I need to mine bitcoin myself?
No. We do the mining on your behalf. You are not required to know anything about the mining process, although it would be a good idea for you to have a basic understanding in time.
Can I withdraw my bitcoin if need be?
Absolutely. Whenever you like. (In fact, there is a bitcoin ATM in the Midrand area already, from which you can exchange your bitcoin for rand if you like).
Where could I spend my bitcoin?
Anywhere and everywhere. (OK that’s not strictly true as bitcoin is very new in South Africa.). In time, you’ll be able to purchase practically anything using bitcoin. From a coffee at Starbucks to an airline ticket to Cape Town. You could apply for a Visa Xapo card from http://www.xapo.com/ load your bitcoin onto the card and use the card for purchases from Woolworths, Pick n Pay, Edgars, wherever you want. There are cheaper cards available but Xapo is probably the most widely-known and trusted at this point.
Can BitClub Network verify mining?
We can indeed. We have a public mining pool where you can track our hashing power in real time. See www.bitclubpool.com As our membership grows, so does our mining pool and you will see more hashing power being added to our pool website, which you can track in real time. Having more hashing power allows us to hit more blocks on a daily and weekly basis.
Who owns BitClub Network?
BitClub Network is run by a group of programmers, bitcoin mining experts and investors who have come together with network marketing leaders to offer a simple referral-based mining pool. In a sense, we have a decentralised corporate structure in which everyone knows their role. Fact is, we have an incredible and expert team assembled. That said, we prefer to let the technology and our business model do the talking.
Where is BitClub Network located?
Everywhere and nowhere. BitClub Network operates from all over the world, and this structure is intentional so there is no single point of failure or compliance issue that will hold us back or get us shut down. We have multiple mining locations across Europe and a brand new facility in Iceland. Our hosting servers and mining pool servers are located in the Netherlands with redundancies in Hong Kong and Switzerland. Our programmers work remotely, our support staff works from their homes and we have no need for a physical location. BitClub Network is operated virtually, due to blockchain technology and other decentralised and distributed networks. With no overheads from a physical “Head Office”, profits are maximised and passed onto our members.
Does BitClub Network guarantee a Return on Investment (ROI)?
We don’t. And give no guarantees. In fact, it’s important to understand that we do not guarantee a mining share will have a set return. That said, you will never hear us make any claims about how much you will earn from having a share in one of our mining pools. Why? Because bitcoin mining is extremely complex and with the difficulty level constantly increasing every 10 days and new hashing power being introduced, it is impossible for anyone to accurately predict an ROI. (Especially with our business model requiring re-purchases or more simply, daily maintenance fees). On this note: if you find any company offering you a set return (especially if they claim to be cloud-mining and offer returns of 50% or 60% or more), there is a high probability they’re a ponzi scheme. The sad reality is you will never know if a cloud mining company is actually mining, so we recommend you steer clear unless they are totally transparent. At Bitclub Network, we are not a cloud-mining company and everything we have, or mine, can be verified.
If BitClub Network is already successfully mining bitcoin, why share our profits?
Because of how mining works, it is getting harder for smaller mines to make profits. When bitcoin came into being, anyone could mine with their home computer and hit a block. Now, even if you have millions of dollars worth of equipment, you still might be too small to solo mine and be profitable, so the entire industry has turned to mining in pools and sharing profits. In order to be profitable today, one needs to have massive purchasing power.With our business model,
instead of raising capital through the markets, we allow members to pool their money so as to allow large purchases. This pooling results in larger discounts on hardware, less electricity costs and a much more efficient mining operation. By taking a percentage of all the bitcoin mined and putting it toward a re-purchase, we’ve basically created an automatic “autoship” so that members never have to pay out of their own pocket. With such a structure, we all win and is the reason why BitClub Network can – and likely will – become one of the largest bitcoin mining pools in the world.