On 28th September 2015, I invested my first $599 into Bitclub Network. I was extremely sceptical, but a couple of trusted friends had convinced me – over many, many months – that it was not the scam that many were declaring it to be.
Firstly, claims that Bitclub Network is some sort of ponzi scheme appear very far-fetched; there is no guaranteed payout and everyone gets a share of whatever is mined each day. If it’s a bad day for mining, it’s a low payout.
Secondly, a colleague travelled to Iceland to see the mining operation first hand and he was blown away by it!
I watched for a month as my mining share got to work and, a month later, I invested further. By the end of the year I had spent a total of $14,896 and set the mining shares to various levels of reinvestment; from 30% all the way up to the maximum 100%.
A little more than a year later, I’m in a good position to judge what has happened to my money based on actual figures – and the results have been quite spectacular! Some of that is down to the strength of the Bitcoin price, but the mining shares themselves have provided a sound return. And then there’s Clubcoin too.
Firstly, here are the top line figures:
- Total Invested: $14,896
- Total Withdrawn: $12,666
- Balance left in BitClub Network: $121
- ClubCoin Balance: $13,942
- Total Profit: $11,833 (£9,341 according to xe.com)
are based on a value of $0.52 as at 6th December 2016
I have withdrawn a total of 16.88735 Bitcoin into my own wallet and now that is completely under my control. I can let it rise and fall with the Bitcoin price, I can use it to pay for goods and services or I can convert it into any currency I like. Of course, should the Bitcoin price collapse then it’s not good news! However, it’s extremely unlikely that it could drop too far considering there’s a lot of demand for it and popularity is growing.
Major companies who now accept Bitcoin payments include: eBay, Amazon, Target, CVS, Subway, Victoria’s Secret, PayPal, Expedia, Home Depot, Sears, the Apple App Store, Grooveshark and Dell.
If the worst case scenario were to happen – as is possible with all investments – and Bitclub Network were to implode tomorrow, I’d lose $2,230 but I would still have my Clubcoin balance and there’s no reason to suspect that it would go the same way. It could, of course, but I’d still only be $2,230 short and that figure reduces daily by around $15. At the going rate, it will be covered by April 2017.
My mining shares at Bitclub Network are growing daily, even though I have set reinvestment to the lowest level. From this point, my aim is to maximise returns and withdraw as much Bitcoin as possible.
As previously posted, I am mining Clubcoin on a VPS (completely passively) and I’m happy to let that run for the time being. After all, it’s pretty much free money.
Since August 2016 it has mined an average of $144.20 monthly (at $0.52) which is more than enough to cover the cost of the VPS and grow the balance at a good rate. November was a bumper month, with $232.89 mined. If the price hits $1 I will probably sell half and let the other half keep going.
Is it too late to get involved?
That’s a tough question, I mean no-one knows what the future holds for Bitcoin, Bitclub Network or Clubcoin. There are huge plans being unveiled monthly – including Bitcoin ATMs – which would provide additional revenue streams for members. Whether they are successful or not only time will tell, but the Bitcoin revolution shows no sign of slowing down just yet.
By all means, take a look for yourself. After months of saying “this isn’t for me” I’m glad I finally got involved!