BitcoGate Review – Is This A Good Opportunity Or Big Scam?
BitcoGate has been getting a lot of attention on the web lately.
Because there is so much hype, a lot of network marketers are trying to sell this opportunity all over the place, including all over social media.
I want to let you all know that I am NOT in any way promoting or selling BitcoGate.
I have simply gathered for you all the facts in this BitcoGate Review in order for you to make a proper decision about it.
So, is it true? Is BitcoGate a scam?
Can it really help you build an online empire?
Let’s carry on with the review.
What Is BitcoGate?
BitcoGate is one of the most recent MLM opportunities to create for a lot of buzz and talk in the industry, and this is something that’s either a really good sign or a really bad one.
After initially glancing through the BitcoGate website, it would appear that this is a case of the latter of those two scenarios.
There isn’t any background information available on the BitcoGate website, meaning that we have no clue as to who the owner of the company is, where in the world it’s based out of, who’s managing things on a daily basis, etc.
All of this is relevant information for any legitimate company, MLM or not, so the lack of it here is a bit telling of other things to come.
The domain name for the BitcoGate website (bitcogate.com) was firs registered on October 26th of last year (2016), but because it was registered as a private domain, there’s no available info in regards to who the owner is or where the registration physically took place.
Despite these many roadblocks, I was able to associate a name with BitcoGate.
I found a marketing video on the BitcoGate website that was originally uploaded to a YouTube channel with the account name of “9jalatest Online TV”, and the channel belongs to someone with the name of Nehemiah Webking that resides in Lagos, Nigeria.
For those who aren’t familiar with Webking, this is someone that’s been quite active in the MLM world lately.
Webking initially got started with MLM by promoting MMM Global (a Ponzi scheme) on Facebook, and following this, he was seen doing a bit of promoting on his YouTube channel for ZarFund (a cash gifting scheme).
From what I’ve been able to tell, BitcoGate is the first opportunity that Webking has launched and run on his own rather than joining after the fact.
What Are The Products For BitcoGate?
As you might have already been able to guess, there’s nothing to talk about in regards to the product line that BitcoGate is offering.
This is due to the fact that BitcoGate didn’t include any sort of product line with their business model, meaning that there aren’t any goods or services being marketed and sold to retail customers.
Because of this, affiliates for the company are left with only the affiliate membership to try and sell off to other individuals, and this also means that there isn’t any retail sales activity either.
What Is The Compensation Plan For BitcoGate?
Switching over to the compensation plan, BitcoGate sees that affiliates gift money to one another, and all of this activity is tracked though a 2×5 matrix system.
All transactions are handled with bitcoin, and affiliates get started with the first level of the matrix by gifting 0.02 BTC to someone who’s already an existing affiliate for BitcoGate. Once this payment is sent out, that affiliate is then eligible to receive that same amount (0.02 BTC) from two other subsequently recruited affiliates on that same level (level 1).
The remaining four levels work out in a similar manner, and they are as follows –
- Level 2 – send a gift payment of 0.03 BTC to an existing member and then get 0.03 BTC from four affiliates
- Level 3 – send a gift payment of 0.05 BTC to an existing member and then get 0.05 BTC from eight affiliates
- Level 4 – send a gift payment of 0.2 BTC to an existing member and then get 0.2 BTC from sixteen affiliates
- Level 5 – send a gift payment of 1.6 BTC to an existing member and then get 1.6 BTC from thirty-two affiliates
What’s Does It Cost To Join BitcoGate?
If you like what you see here and are interested in becoming an affiliate for BitcoGate, you’ll need to gift at least 0.02 BTC to another affiliate that already exists in the BitcoGate system.
However, if you’d like to participate in all five levels of the BitcoGate matrix system, you’ll need to increase that gift payment to 1.88 BTC.
Is BitcoGate A Scam?
Have you heard from a friend that BitcoGate is a scam?
Based on this review, it might be hard to tell.
What exactly is the truth about BitcoGate – is it a scam or legit?
Good news – BitcoGate is not really a scam.
But, be sure to take a look at the conclusion, because there are some things you should be aware of.
This is how you will build a successful in your business.
Let me help you make more money.
BitcoGate Review Conclusion
After looking through everything that BitcoGate has to offer, it’s quite obvious what’s taking place here.
Nehemiah Webking appears to have gotten bored with being an affiliate for existing MLM underbelly scams, and has decided to try his hand out at launching and running his own with BitcoGate.
Affiliates join BitcoGate by gifting money to an existing member, and this in turn then allows them to receive a gift payment of their own from other affiliates.
In other words, this is cash gifting.
BitcoGate tries to sell the idea that the company is a “donation exchange platform where members voluntarily give donations and receive donations”, but that simply isn’t how donations work.
A donation is when you give money to someone without expecting anything in return, but when you’re gifting money to someone with the expectation you’re going to get something in return, that’s cash gifting.
As we see with all other cash gifting schemes, BitcoGate will only be around as long as people continue to join the company and gift bitcoin like they’re expected to. Once this activity dies down, BitcoGate will be looking at a rather inevitable collapse.
Once that collapse takes place, most people will end up losing out. The exclusive use of bitcoin for all gift payments and the no refund policy that BitcoGate has in place means that you don’t have any real chance of recovering your money once you send it off.
Webking will be the only one that will benefit from BitcoGate in the long haul, and if all goes according to his plan, there’s a good chance he’ll be back with yet another scam once this one falls down.
Keep your eyes peeled.
I sure hope that you have found my BitcoGate review helpful for you.
Some other reviews have been pretty scant on details, and I wanted my BitcoGate review to have all the information for you.
If you decide to carry forward with BitcoGate, make sure you make the most out of it and learn how to market yourself online.
Click to get my free training that shows you how.