If your website won't load after updating to BuddyPress 12.1.1 it is likely a conflict with bbPress or another BuddyPress compatible plugin. Install the BP Classic plugin to fix this issue.

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How do I restrict access to BuddyPress content?

You can use the Paid Membership Pro plugin to create membership levels, charge for access (or make it free) and restrict specific content. 

You'll also need to use the BuddyPress Add On to control access to specific BuddyPress content.