Unless you’ve been living under a rock for the past seven or eight years, you’ve probably heard of Bitcoin. It’s a digital currency that only exists online. There are no actual “coins” with Bitcoin; it’s virtual currency that’s created through the process of “mining,” which involves many computers working on complex mathematical equations.
Bitcoin4u says you can become a Bitcoin millionaire in a short time using their system, and it only costs a relatively small amount of money (about $25 as I write this). I’ve had a passing interest in alt-currencies for a while, so I thought I’d take a closer look and see what Bitcoin4u is all about. Is Bitcoin4u a scam?
Read on for the full Bitcoin4u review.
Most programs that involve making money with Bitcoin involve mining. You’ll either have to invest in computer equipment or join a pool of people who jointly invest in computing power to make money by mining Bitcoins. When a new coin is created by the mining system, everyone who participated in the mining gets a portion of the currency added to their Bitcoin wallet, which is a special piece of software designed to keep track of your holdings.
That’s not the case with Bitcoin4u. In fact, Bitcoin4u has nothing to do with mining Bitcoin at all. The only thing that Bitcoin4u has to do with actual Bitcoins is the fact that all transactions on the site use the virtual currency. You can’t join with a credit card or PayPal. You must pay using Bitcoin. In turn, you will only be paid using Bitcoin.
That means that you’ll first have to get a wallet, which is a piece of software that both stores your coins and which uniquely identifies you. You can get one for free at the official Bitcoin site.
After that, you can join Bitcoin4u for free, though you won’t be able to earn any money until you pay. Oh, and you have to pay ten different people before you’ll qualify to earn any money.
The Bitcoin4u system sort of works like this:
- You sign up.
- You get a list of ten names.
- You send each person on the list a payment of 0.002 BTC, which is about $2.50 right now.
- Once you have paid all ten people, you are eligible to receive payments and you will be given your own Bitcoin4u Website.
The Website you get isn’t really a site; it’s a page on the Bitcoin4u Website that has your name on it. You’ll send traffic to that page using social media or whatever methods you like to persuade people to join. When they join, they’ll see a list of ten names, but your name is now #8 on the list.
The first two payments you make go to the creators of the Bitcoin4u site. This is supposedly so they can maintain the site, but it also ensures that they get a steady stream of income from the program, because they get paid every time anyone joins.
Everyone else works their way up the system. After you pay, you’ll be #8 on the list. When people who sign up underneath you pay, you’ll be #7 on the list on their site. At each successive level of new members, you’ll move up the list, and every time you do, your earnings should increase by a factor of ten.
According to the chart provided on the Bitcoin4u Website, you could potentially earn as much as 200,000 Bitcoin, which as of today, is about two hundred fifty million dollars.
That sounds pretty exciting, until you do the math and realize that in order to earn that much money, you will have to persuade some one hundred million people to join.
The bottom line on Bitcoin4u is that it’s not really doing anything with Bitcoin. That’s just a ploy to give you the impression that you’re somehow working in the world of that exotic digital currency. What you’re really doing is participating in a gifting program. You join, and you give money to the people who signed you up. Then you persuade other people to join, and they pay you. Then they persuade others to join, and they pay them (and you.) And so on.
There’s no product, and there’s nothing of value on the site. Bitcoin4u is really just a site where a bunch of people give money to one another and they call it “making money from Bitcoin.”
The problem with programs like this one is that they’re illegal in many places, including most of the states within the U.S. That’s because you’re effectively participating in a pyramid scheme, and in these programs, the people who sign up first tend to make a lot of money but the people who sign up later usually don’t, because the longer the program runs, the harder it becomes to persuade new members to join.
The Bitcoin4u site says that you just need to get ten people to sign up to make money. But those ten people also need to get ten people to join. Those ten people need to find ten other people to join.
Programs like Bitcoin4u rarely last long, and usually the only people who make any money from them are the people who signed up first. This site has been online for a while now, so that ship has already sailed. At this point, you’d be paying money and likely seeing nothing in return.
Pros and Cons of Bitcoin4u
- Fairly inexpensive to join
- Potential is huge
- The site only deals in Bitcoin
- You’ll have to find a lot of people to sign up (and pay!) to make any money.
Bitcoin4u is a program that is really just a thinly disguised pyramid scheme or gifting program. It may be illegal where you live, and unless you know a bunch of people who want to just give money to strangers in hopes that other strangers will give money to them, you’re wasting your time.
There are better ways to make money online than Bitcoin4u and I suggest you try one of those instead.
Bitcoin4u is not recommended.