At 1AM, very early on Friday morning (Oct. 13 my local time) I attended a pre-launch webinar for Bitty Cash, a program designed to bring Bitcoin to the masses.
I’ve been involved with Bitcoin since 2014, so I’m familiar with how to buy, sell and trade it. But for most people, Bitcoin is something they only hear about on the news when another high price is reached or it crashes in value.
Bitcoin is a decentralised virtual currency. While you may see pictures of Bitcoin coins or might have seen one first-hand, these physical coins do not have any value. They are simply physical representations of a virtual currency.
All currencies in the world are Fiat currencies – paper money backed by nothing but the trust of the people using them. There was a time when currencies were backed by physical gold or silver reserves held in the vaults of central banks and if new currency needed to be minted, then either the currency had to be devalued against gold or silver, or a country had to acquire more gold or silver against which to back the additional currency.
That’s no longer the case and Nixon took the Dollar off the gold standard in 1971. For the last 46 years, no currency in the world has been backed by any physical commodity. It’s this very situation that allows governments to print as much money as they want, in a process known as Quantitative Easing. The downside is that printing extra currency on demand devalues the currency already in existence.
Banks manage money and they’re the vehicles we use to transfer money from one party to another, whether that’s sending some money back home to Mom, doing large inter-bank money transfers or buying stuff with your debit or credit card.
All those transactions incur a fee. And they’re not insubstantial fees. It’s why banks and governments don’t like cash transactions – they can’t earn any fees from them.
I won’t go into the technicalities of Bitcoin but what it allows you to do is to transfer currency (Bitcoin) between you and someone else for a miniscule fee (we’re talking cents instead of dollars). You can transfer Bitcoin to anyone anywhere in the world without worrying about foreign transaction fees, without paying exorbitant transfer fees (Western Union charge 9-10% on money transfers for example) and the transactions are virtually anonymous, so financial institutions aren’t building a profile of you and your spending habits and selling it on to third parties without your permission.
There is no central authority where Bitcoin is concerned. It’s a peer-to-peer, distributed network. Transactions are recorded on what is called the Blockchain, essentially a ledger containing all Bitcoin transactions.
Everyone who has a Bitcoin wallet has a copy of the Blockchain (ledger). That means the books can’t be cooked, so to speak, so it ensures honesty in transactions.
Buying Bitcoin is a lot easier now than it used to be. A number of cryptocurrency exchanges which trade in multiple virtual currencies (not just Bitcoin) have sprung up.
Many require that funds be wired from your bank to your account on the exchange before you can then buy Bitcoin and keep it there or transfer it out to your Bitcoin wallet (on your PC or mobile device). So unless you have some dollars or euro in your exchange account, you can’t buy Bitcoin immediately. Most exchanges don’t offer the option of buying Bitcoin with a debit or credit card either.
So you still need some knowledge about exchanges and how to use them.
And it’s here that most people fall down. They know about Bitcoin but haven’t a clue how to buy it.
Where Bitty Cash Comes In
Bitty Cash will educate members on all of this so that they can get aboard the Bitcoin train.
And joining is completely free.
And getting others to sign up under you will earn you $1 per confirmed sign up.
So you can earn from this program without spending a penny.
What Are Confirmed Signups?
I had to ask the Bitty Cash support team about this to get clarification. When you sign up, there are three confirmation stages to go through:
- You must confirm your email address
- You must confirm your mobile phone number
- You must confirm your Facebook account
If you don’t do this, then the person who referred you doesn’t earn the $1 for you signing up under them.
On the other hand, if you don’t fully confirm your account, you cannot be paid any commissions you would earn from people signing up under you.
So, for this program to work for everyone, everyone needs to become a fully confirmed member.
What If You Don’t Have A Mobile Phone or Facebook Account?
Nearly 2 billion people on Planet Earth have a Facebook account and many more have a mobile phone.
But what if you don’t have one or both of those and you really have no intention of getting one?
Then, the sad reality is that you can not become a fully confirmed member.
Why Is This Account Confirmation Needed?
The people behind Bitty Cash are paying for signups out of their own pockets (they make their money other ways). So they don’t want to be paying signup fees for shysters and tire-kickers. Would you?
Confirming your email account, mobile phone number and Facebook account establishes you as a real, identifiable person and shows you have some commitment to the program by running through the confirmation process.
It’s a sound business decision that protects the owners from being hustled by unscrupulous members.
While you can earn good commissions as a Free member, the real earning potential lies in the Tycoon Level membership.
Free members can only earn from people they directly refer to Bitty Cash (known as Level 1).
Tycoon Level members can earn on 5 levels of sign-ups.
Bitty Cash opens its doors to the public at large on November 1st at which time Tycoon membership will cost $97 per month. Tycoon level members will earn $10 per month per signup who upgrades to Tycoon level, 5 levels deep. Now you should be able to see the earning potential here.
Until October 19th, however, you can upgrade to Tycoon level for a single $197 fee. Between Oct. 19 and Oct. 31, the price will rise to a single $297 payment.
It makes sense to upgrade as soon as possible because you’ll save the most money that way in the long term.
Come Nov.1st, new Tycoon members will have to directly refer 10 new fully confirmed Free members to unlock the earning potential of Level 2. And sign up another 10 to unlock Level 3. Same for Levels 4 and 5.
This will incentivize members to keep actively recruiting Free members.
As another bonus for upgrading to Tycoon level before Nov. 1st, all such members will have all 5 levels unlocked immediately so won’t have to meet the quotas required of those joining after Nov. 1st.
Is It Worth Upgrading?
I can’t tell you what to do here, only what I’ve done myself. I jumped on the Tycoon membership as soon as I understood what it offered. There are no limits to the number of people you can directly sign up (your Level 1). That goes for every member, Free and Upgraded. If your direct referrals are very good at recruiting members, then you stand to make substantial commissions. No guarantees of course, but I felt the gamble was worth $197.
The Bottom Line
You’ve nothing to lose by signing up as a Free member but there’s no point in doing so if you’re not going to promote your referral link. But there’s plenty of places you could put that link for free – your email signature, on your website, in forum profiles, on your twitter profile, in your Facebook profile, etc.
If you’re serious about promoting offers like this to your own lists and contacts, then the Tycoon Level would certainly give a big boost to your earning potential.
But if you don’t have a budget, you can still sign up as a Free member and still do well as that.
(You can see my 14 sign-up bonuses at this link)
Filed under: Cryptocurrency