BitcoGate Review: 2×5 matrix bitcoin cash gifting
There is no information on the BitcoGate website indicating who owns or runs the business.
The BitcoGate website domain (“bitcogate.com”) was privately registered on October 26th, 2016.
A marketing video on the BitcoGate website is hosted on a YouTube channel bearing the name “9jalatest Online TV”:
The channel appears to be owned by Nehemiah Webking, who is based out Lagos, Nigeria.
Read on for a full review of the BitcoGate MLM opportunity.
The BitcoGate Product Line
BitcoGate has no retailable products or services, with affiliates only able to market BitcoGate affiliate membership itself.
The BitcoGate Compensation Plan
The BitcoGate compensation plan sees affiliates gift bitcoin to each other via a 2×5 matrix.
A 2×5 matrix places an affiliate at the top of a matrix, with two positions directly under them:
These two positions form the first level of the matrix. The second level of the matrix is generated by splitting each of these two positions into another two positions each (4 positions).
The third to fifth levels of the matrix are generated in the same manner, with each new level housing twice as many positions as the previous level.
Each BitcoGate matrix level operates as a separate cash gifting tier. A BitcoGate affiliate begins by signing up and gifting 0.02 BTC to an existing affiliate.
This payment qualifies the affiliate to receive 0.02 BTC from two subsequently recruited affiliates placed in the first level of their matrix.
Gifting payments across the other four matrix levels operate in the same manner, the only difference being the amount gifted at each level:
- level 1 – gift 0.02 BTC to an existing BitcoGate affiliate and receive 0.02 BTC from two subsequently recruited affiliates
- level 2 – gift 0.03 BTC and receive 0.03 BTC from four affiliates
- level 3 – gift 0.05 BTC and receive 0.05 BTC from eight affiliates
- level 4 – gift 0.2 BTC and receive 0.2 BTC from sixteen affiliates
- level 5 – gift 1.6 BTC and receive 1.6 BTC from thirty-two affiliates
BitcoGate affiliate membership is tied to a 0.02 BTC gifting payment to an existing affiliate.
Full participation in the BitcoGate MLM opportunity costs 1.88 BTC.
Having gotten a taste of scamming people in MMM Global and ZarFund, BitcoGate appears to be an attempt by Nehemiah Webking to run his own cash gifting scam.
As per the BitcoGate website;
BitcoGate is a donation exchange platform where members voluntarily give donations and receive donations.
Donations are made without the expectation of receiving a payment later down the track. This differentiates BitcoGate payments from legitimate donations.
BitcoGate uses a company-wide referral link, meaning it operates on a first come first served basis. Affiliates you recruit may fill your first two matrix spots, or they may pay someone else.
At the top of the BitcoGate company-wide matrix are pre-loaded positions held by Webking. These positions fill first and through fund pass-ups at the higher matrix levels, ensure Webking receives the majority of funds deposited into the scheme.
In the unlikely event Webking fills his pre-loaded matrix positions, affiliates who immediately joined after him will receive a share of what’s left.
Are there any refunds?
As with all gifting schemes, once recruitment dies down BitcoGate will collapse and leave the majority of participants out of pocket.