BitQyck is a cryptocurrency-based e-commerce platform that makes use of its own proprietary digital currency known as Bitqy. While many of the platform's features are still listed as in development, the platform's affiliate membership program is up and running, promising income opportunities to anyone who recruits for the platform.
What Is BitQyck?
BitQyck has a troubled history in regards to its ownership and management. The company itself, which is based in Texas, is owned and operated by an individual known as Sam Mendez.
Mendez, who is listed as BitQyck's co-founder, is a MLM and affiliate marketing veteran responsible for more than a few failed and defunct companies. He was co-founder of a company known as My Shopping Genie in 2011; the site floundered and shuttered its doors in 2012 after several months of not being able to pay its affiliates.
Meanwhile, Mendez resurfaced with a short-lived dating app in 2014 and then once more in 2016 with a site called Calorchi – a company that looks suspiciously like BitQyck. This makes us believe that BitQyck is a relaunch and rebranding attempt on Mendez' part, as Calorchi collapsed under its own weight in late 2016.
While BitQyck promises an e-commerce platform, there's no implemented functionality on the website as yet. This means there's no products or services that are offered by BitQyck, either to members to resell or market or for the general public to enjoy.
In fact, the only activity right now that BitQyck members can engage in is marketing the membership itself to others.
Membership – or investment – is offered in three tiers. Investing $199 package provides new members with $200 worth of bitqy coins. Meanwhile, investing $349 or $499 provides a bonus of $400 or $600 worth of bitqy coins respectively, thus encouraging higher investment amounts up front.
BitQyck pays its affiliates to recruit others that invest in Bitqy, its proprietary cryptocurrency. 10% of the amount of Bitqy purchased by these new affiliates is paid out in commissions to the recruiter.
20% of that commission is paid to the recruiter in Bitqy. The remaining 80% is awarded in cash. BitQyck also pays a 10% matching bonus on direct referrals as an additional incentive.
There are other commission-based income opportunities associated with BitQyck, one of which is tied to the company's yet-to-be-implemented e-commerce system. This makes any discussion of the e-commerce sales commission scheme irrelevant – especially since it's likely this part of BitQyck is never going to get off the ground.
BitQyck, for lack of a better term, is a mess.
Never mind the fact that the company's co-founder has a string of questionable and failed MLM businesses behind him. On that note, don't even think about the fact that BitQyck looks like a slightly modified and rebranded version of Calorchi, Mendez' last failed MLM scheme with a cryptocurrency angle.
The plain truth is that BitQyck, in its current form, is simply a wreck.
First, the main draw of the site – the e-commerce platform – isn't up and running yet, with no indications that it ever will be. Secondly, affiliates are purchasing – and are partially paid out in – a cryptocurrency that is completely proprietary, can't be mined by members, isn't traded on open exchanges, and only has value within the BitQyck system itself.
This is a recipe for complete disaster when it comes to the management and manipulation of digital currencies. The value of a pre-mined currency like this, controlled by a central organization, is completely at the mercy of that organization.
This can lead to “pump and dump” schemes where the value of Bitqy is artificially raised through the roof to encourage investment, then only to drop the price like a stone, thus rendering those investments nearly worthless.
Meanwhhile, BitQyck has been selling its worthless cryptocoin for real live honest-to-goodness fiat currency. It doesn't matter to Mendez and his team if the bottom drops out of the Bitqy market – they've already gotten their money out of duped investors.
It's no skin off their nose if the price of a single Bitqy drops from $1 per coin to $0.05 per coin – they get to keep $0.95 of the original purchase price of any of their investors looking to cash out.
This is how nefarious cryptocurrency-based MLM companies typically work. They trick you into investing heavily – and encouraging others to do so by dangling money in front of your face – before pulling the rug out from under you sometime in the future.
We recommend staying far away from BitQyck and other crypto-based MLM opportunities that rely on proprietary, closed-system and pre-mined digital currencies; it's an unmitigated recipe for disaster.