Overall Ranking: Bad
Price: $25 to over $2000
[no longer exists]
What is Bitcoin Economy?
Welcome to my Bitcoin Economy review. So, as you probably know by now, Bitcoin is a new digital currency. The idea behind Bitcoin Economy is to try to earn money from Bitcoins. How does this work? Well, I’m not entirely sure. Does Bitcoin itself earn people money, or is the idea here to just earn money from getting other people to join Bitcoin Economy? It’s possible, seeing as they offer 3 different paid courses:
- The Basic Bitcoin Course – Costs $25 per month or $250 per year. You get taught the basics of the bitcoin currency and how to do transactions using bitcoin.
- The Advanced Bitcoin Course – Costs $95 per month or $975 for the year. You get taught advanced techniques, including how to mine bitcoins.
- The Expert Bitcoin Course – For a one-time fee of $475 you can learn how to earn a lot of bitcoins and do internet marketing.
So it looks like it is possible to earn money using Bitcoin. However, I wonder if many people will just make their money by referring other people to Bitcoin Economy. But there is an option to find out more for free, so I’m going to enter my details and see what happens…
Okay, this is where it gets scary…
After filling in my details, I was taken to a new sales page which really gave me the hard sell. It’s all about bitcoin mining, and buying shares in mining pools. You can pay $500, $1000 or $2000 and receive a share of the profits from the mining pool for 3 years! There is also a software program called Robot Recruiter.
This all sounds very risky to me. I think of all the people who are desperate to make money online, who might risk as much as $2000 and not know for sure if they are going to make that money back!
It also is starting to look a lot like a pyramid scheme, as this image shows:
What Factors Would Indicate that it is Genuine?
Before we look at what might indicate that it could be a scam, let’s first see if there are any positive signs that might mean it is not a scam:
- Does it sound realistic? – Sort of. I’m sure it’s possible to earn money from bitcoins and to earn money by getting other people to sign up to this. I’m just wondering whether the claims they make are rather exaggerated.
- Do they admit it requires work? – No. They make it seem like it is all going to happen so easily using the Robot Recruiter software.
- Can you take a look inside? – No. It would be really nice to be able to see a video showing exactly what you will be getting after you sign up, but there was nothing like that here.
- Is there a free trial? – No. Again, no. If you want to try this out you will have to pay up. It’s as simple as that. Too risky for me, unfortunately.
What Factors Would Indicate that it is a Scam?
When you are looking to see if something is genuine or a scam, there are several key things to look out for that can show a red flag:
- Are they trying to rush you? – Sort of. While there is no count-down timer like you often see with typical scams, they do encourage you to hurry up because Bitcoins are about to go mainstream.
- Does it sound too good to be true? – Yes. I think this sounds like a dream come true for many people who are looking to earn a lot of money online, and that is exactly why you should be cautious.
- Do they say you’ll get rich quickly? – Sort of. While they don’t promise you will get rich, they do suggest it. Many people will probably have their hopes raised by that.
- Are they secretive about how the money is made? – No. They are up front that it is from bitcoin mining and from referring other people to join. There is nothing secretive about that.
- Do they claim it’s never been seen before? – Sort of. While they acknowledge that bitcoin mining has been around for a few years now, they claim that their Robot Recruiter software is unique.
- Does it have fake looking testimonials? – Yes. One way you can check whether testimonials are real or fake is to do a reverse image search for the images of the people. I did this and one of them showed up on Trip Advisor as a completely different person.
- Do they claim it doesn’t require work? – Yes. They make it seem like all you need to do is invest in bitcoin mines and run the Robot Recruiter software and then you will earn a lot of money. I’m sorry, but I am skeptical.
What are Other People Saying About Bitcoin Economy?
Unfortunately, I was unable to find many existing reviews of Bitcoin Economy, but I did find one very interesting one:
As you will see if you read their review in full, they have uncovered quite a lot of bad details about Bitcoin Economy. It seems that the company is registered in the Seychelles and yet uses Hong Kong-based banking channels. Apparently they are also trading in their own virtual currency on top of bitcoin. They only chose bitcoin because it’s a recent thing that many people have heard of, but really this is just another MLM scam.
So, from everything I can tell, this is not worth investing in. Any company that asks you to pay as much as $2000 upfront without any evidence or guarantee that you can earn the money back, never mind even start to earn a profit, is a scam. Although it is quite possible that you could earn money from this, the risk is high so my advice is to stay well away.
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Thank you for reading my Bitcoin Economy review. I hope you found it helpful. If you have any comments or questions, please leave them below. I always answer all genuine comments.
Wishing you great success,