bcoinshare-logoThere is no information on the BCoinShare website indicating who owns or runs the business.

The BCoinShare website domain (“bcoinshare.com”) was registered privately on October 18th, 2016.

The official BCoinShare Facebook group lists one admin, Mike Anderson.

The Mike Anderson profile appears to be fake, having only been created on the 29th of September. The profile began publishing promotion material for BCoinShare shortly after it was created.

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

The BCoinShare Product Line

BCoinShare has no retailable products or services, with affiliates only able to market BCoinShare affiliate membership itself.

The BCoinShare Compensation Plan

The BCoinShare compensation plan sees affiliate gift bitcoin to eachother via a 2×10 matrix.

A 2×10 matrix places an affiliate at the top of a matrix, with two positions directly under them:

binary-MLM-compensation-plan

These two positions form the first level of the matrix. The second level of the matrix is generated by splitting each of the two positions into another two positions each.

Subsequent levels of the matrix are generated in the same manner, with each new level housing twice as many positions as the previous level.

In total, a complete 2×10 matrix houses 2046 positions.

Each level of the matrix acts as an independent cash gifting tier, with a subscription payment required to “unlock” the level.

This payment in turn qualifies a BCoinShare affiliate to receive gifting payments from other affiliates placed in their matrix as follows:

  • level 1 – gift 0.04 BTC to the affiliate who recruited you and receive 0.04 BTC from two subsequently recruited affiliates
  • level 2 – gift 0.08 BTC and receive 0.08 BTC from four affiliates
  • level 3 – gift 0.1 BTC and receive 0.1 BTC from eight affiliates
  • level 4 – gift 0.2 BTC and receive 0.2 BTC from sixteen affiliates
  • level 5 – gift 0.3 BTC and receive 0.3 BTC from thirty-two affiliates
  • level 6 – gift 0.4 BTC and receive 0.4 BTC from sixty-four affiliates
  • level 7 – gift 0.5 BTC and receive 0.5 BTC from one hundred and twenty-eight affiliates
  • level 8 – gift 0.5 BTC and receive 0.5 BTC from two hundred and fifty-six affiliates
  • level 9 – gift 0.5 BTC and receive 0.5 BTC from five hundred and twelve affiliates
  • level 10 – gift 0.5 BTC and receive 0.5 BTC from one thousand and twenty-four affiliates

Note that the above payments are subscription based (both received and paid), however BCoinShare do not disclose how often payments must be made.

Joining BCoinShare

BCoinShare affiliate membership is tied to a periodic gifting payment of at least 0.04 BTC.

Full participation in the BCoinShare MLM opportunity costs 3.12 BTC. This payment is a recurring subscription payment made over an undisclosed period of time.

Conclusion

BCoinShare is another entry into the already flooded bitcoin cash gifting MLM niche.

Nothing is marketed to or sold to retail customers, with all payments within the system made by and paid to BCoinShare affiliates.

Payments between affiliates in MLM constitutes cash gifting.

As with all cash gifting schemes, once recruitment of new affiliates dies down so too will gifting payments within BCoinShare.

At that point the anonymous admin will shut the scheme down and do a runner, leaving the majority of BCoinShare affiliates out of pocket.

More than likely the anonymous BCoinShare admin has set up a number of preloaded positions, which will ensure they are paid the majority of funds deposited by BCoinShare affiliates.

The use of bitcoin meanwhile means victim fund recovery in the event of a collapse is slim to none.