Is Bee Network a Scam? To Bee, or Not to Bee: Cryptocurrency 101

A few weeks ago I wrote about the Pi Network (olenakagui.) The Pi Network was developed by Stanford’s PHD graduates. You can read about it in Stanford Daily. Despite all the skeptics, the Pi Network appears to be a legit cryptocurrency. Whether or not it will make you rich is another question. But we’re not here to talk about the Pi Network – today’s post is all about the Bee Network. A lot of people are wondering, ‘is Bee Network a scam?’

My reference codes:

You need a referral code to join most of these networks. When you use someone’s code, they get a better mining rate. Make sure to chose someone who is always active, like I am, as this will improve your own mining rate:

Bee Network reference code: olenaroosa
Pi Network reference code: olenakagui
Midoin Network reference code: olenakahujova3102
TimeStope witness code: olenakagui

Feel free to comment with your own reference codes in the comment section below. And if you know of any other cryptocurrency networks, please let me know. I’d love to join using your code and write about them in future blog posts! Or, save money and buy these inexpensive handmade crypto earrings instead!

Is Bee Network a Scam?

Bee Network seems to be a clone of Pi Network. You need a referral code to join (mine is ‘olenaroosa’ in case you want to give it a try.) If I’m being completely honest, I do not know if the Bee Network is a scam, but I am currently mining the currency although I am taking precautions to make sure that I’m staying safe. I have discovered recently that it is a Chinese app.

The concern with Bee Network is that it is anonymously managed, whereas the Pi Network is transparent about who started it. You can contact them with questions and you can find a bunch of Pi Network employees on LinkedIn. Bee Network doesn’t have any information about who started it and there is only one employee on LinkedIn – it’s not even clear if that person does actually work at Bee Network at all.

Anonymity & Cryptocurrency

Anonymity isn’t a new thing when it comes to cryptocurrency…

“Cryptocurrency is a digital currency that is not issued by any centralized authority. There are no physical bills, and the money is secured by cryptography. The virtual currency is based on blockchain technology, which ensures the integrity of transactions.

Cryptocurrency offers more privacy than traditional currencies. Bitcoin, for instance, uses encrypted addresses to hide the identities of the users. Each user is assigned public and private keys, which are hashed using cryptography. A public key is used to receive payment while a private key is used as the user’s signature.  The private key verifies that a transaction was authorized by a particular user.”

CBI Secure

Bee Network – Red Flags

There are some obvious red flags that come up with Bee Network. Apparently, when installed on an Android phone, it automatically tracks a lot of user data that is suspicious. While it doesn’t ask anything of iPhone users (iPhones are known for their security features,) Android users who install Bee Network may have their location, contacts, calls, and apps you used tracked. My husband denied access to these when installing the app which should be enough to secure it.

Many apps collect user data to either sell or use for purposes of improving their app. It can be harmless but it can also be a serious security threat. Other than the issue of collecting data, apps could potentially install malware on your phone. This can have also be only a mild concern or cause some serious issues and breaches.

The Bee Network has a lot of ads, which the Pi Network recently started having too. A lot of games, apps, etc. rely on short ads to make some extra money. However, you could also end up accidentally installing malware by clicking on the ads. Which is easy to do when the skip and hide buttons are so tiny.

What is Cryptocurrency?

A cryptocurrency is a digital asset and is more similar to gold than it is modern currencies. Plus, cryptoccurencies are literally mined. There is a finite amount and it can

“Cryptocurrencies are digital or virtual currencies that are secured by cryptography. This makes it impossible for them to be counterfeited or double-spent. Many are decentralized networks based on blockchain technology, which is a distributed ledger enforced by a disparate network of computers. They are also not issued by any central authority, making them immune to government manipulation or interference.”

Youth Time Magazine

So there are pros and cons of having a lot of money in cryptocurrencies. Until recently, many cryptocurrencies haven’t been that useful because you couldn’t exchange them for money. But this is slowly changing. It is even predicted that you’ll be able to withdraw them from ATMs in the near future! There are already some for Bitcoin, you can find one near you here.

Summary: Is Bee Network a Scam?

When Bitcoin first started out, a lot of people thought it was a scam too. So it is hard for me to say whether or not Bee Network is in fact a scam. This article by AI Multiple is strongly anti-Bee Network. Then there’s this article that reassures that it is safe. Plus, all the app reviews are glowing in both iPhone’s App Store and Android’s Play Store.

So personally, as an iPhone user especially, I will keep Bee Network installed. I’ll keep reading about it to see if anyone has a valid argument against using it. However, I don’t currently see how it could be a threat to me. Although if you choose to join (my referral code is olenaroosa) I suggest that you do your own research and don’t take any chances.

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