Global Currency Coin Review: GCCoin cryptocurrency
Global Currency Coin launched in September of 2015 and are based out of Poznań, Poland.
The company operates in the MLM cryptocurrency niche and is headed up by CEO and Founder, Jan Pasboel.
As per Pasboel’s Global Currency Coin corporate bio,
he has 24 years of experience in various industries, including general management of Business operations, Product Development, Strategy implementation, Production, Investment and Corporate development.
After being a World business traveller and entrepreneur for several years he moved abroad 15 years ago. He has created multiple successful companies and projects in several countries worldwide during these years.
One of his first foreign companies was established in 1991 and operates to this day just 24 km away from the Eiffel Tower.
Another company of circa the same age is located in Hamburg and currently it is being prepared to be part of our GCC Group concept.
Details on the companies Pasboel (right) has purportedly been involved in are not provided.
Among various companies conducted by him there is also a production company manufacturing materials for hospitals and the hygiene sector, started from scratch in Poland back in 2002.
Another adventure was 6 years in Japan creating a marketing company and educating a segment introducing new technology, while learning another culture.
While managing multiple companies spread all over the globe, Jan has made couple of thousands flights together with over 2 million km driven in cars worldwide.
I was unable to put together an MLM history on Paboel, suggesting that Global Currency Coin is likely his first MLM venture.
Read on for a full review of the Global Currency Coin MLM business opportunity.
The Global Currency Coin Product Line
Global Currency Coin have no retailable products or services, with the company instead marketing their “GCCoin” cryptocurrency.
TheGCCcoin will become the world’s most powerful, admired and daily used cryptocurrency committed to a better and cleaner Earth.
We believe that soon TheGCCcoin will be as commonly used as EUR, USD, GBP or JPY for everyday activities such as shopping or buying a cup of coffee.
The verification time of the GCC transactions has been shortened to 60 sec and, by comparison, the average verification time for some other cryptocurrencies’ transactions may vary between 10 and 40 minutes.
It is our belief, that the value of 1 GCC coin should be around 1-5 EUR, to be treated as a regular currency used for buying common every day commodities like a cup of coffee, so that people would consider it a real currency, rather than just a virtual concept.
GCC is created through an algorithm, with a series of de-encryption hashes.
This hashing of the network also provides payment verification, when transferred directly from one person to another.
For now GCCoin isn’t usable outside of the opportunity itself, with the Global Currency Coin website mentioning plans for an “Ecosystem 24”:
Ecosystem 24 is expected to become the largest network of websites created to allow people to buy products and services using our cryptocurrency – The GCC coin.
All of the 24 websites are integrated with each other in order to make the purchasing and navigation easier. Don’t waste your time on logging on different portals. All you need is one account to use all of them.
We want GCC crypto currency to be used for your daily shopping, such as buying a cup of coffee or take-away food.
In addition to signing up as a Global Currency Coin affiliate to obtain GCCoins, they can be purchased directly from the company:
- Silk Package – €38 EUR
- Velvet Package – €588 EUR
- Cashmere Package – €1788 EUR
These packages provide the EUR equivalent of GCCoins at the time, as well as access to Global Currency Coin’s exchange.
The Global Currency Coin Compensation Plan
The Global Currency Coin compensation plan is tied to the generation of sales volume through spending of GCCoin and recruitment of new affiliates.
Global Currency Coin Affiliate Ranks
There are eight affiliate ranks within the Global Currency Coin compensation plan.
Along with their respective qualification criteria, they are as follows:
- Pearl – generate an accumulated 25,000 PV in the lesser binary side
- Opal – generate an accumulated 50,000 PV in the lesser binary side
- Emerald – generate an accumulated 100,000 PV in the lesser binary side
- Sapphire – generate an accumulated 250,000 PV in the lesser binary side
- Ruby – generate an accumulated 600,000 PV in the lesser binary side
- Diamond – generate an accumulated 1,500,000 PV in the lesser binary side
- Double Diamond – generate an accumulated 6,000,000 PV in the lesser binary side
- Triple Diamond – generate an accumulated 12,000,000 PV in the lesser binary side
VIP qualification is also available, which removes caps on various commissions and bonuses paid out.
To qualify as a VIP, Global Currency Coin affiliates must have and maintain at least 6000 Gold or higher affiliates in their less binary leg, with at least six of these affiliates ranked Diamond or higher.
Personal Volume (PV)
Every purchase made through the Global Currency Coin Ecosystem 24 generates a PV value of 0.024%.
This equates to 0.00024 PV per €1 EUR spent through the platform.
PV is also generated when newly recruited affiliates sign up:
- Bronze (€188 EUR) – 188 PV
- Silver (€488 EUR) – 488 PV
- Gold (€1888 EUR) – 1888 PV
- Platinum 3D (€2888 EUR) – 2088 PV
- Platinum Coin Only (€2888 EUR) – 2888 PV
As per the Global Currency Coin compensation plan documentation, GCCoin affiliates are directly paid to recruit new affiliates:
Every time you invite someone to the system by giving him/her your sponsor link, you get 10% Sponsor Bonus based on the value of the packages the affiliate you have sponsored has purchased.
This equates to following commissions paid out based on how much a newly recruited affiliate spends on their membership:
- Bronze – €18.80 EUR
- Silver – €48.80 EUR
- Gold – €188.80 EUR
- Platinum 3D and Coin Only – €288.80 EUR
Residual commissions in Global Currency Coin are paid out via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
PV is tracked through both sides of the binary, with a 10% commission paid weekly on PV generated in the weaker side.
A matching bonus is available on binary earnings earned by an affiliates downline, payable down seven levels of recruitment.
How many levels the bonus is earned on is determined by how many recruited affiliates bought in at the Gold or higher package (€1888 EUR):
- recruit 2 affiliates = 3% on level 1, 2% on level 2, 3% on level 3 and 2% on level 4
- recruit 5 affiliates = 3% on level 1 2% on level 2, 5% on level 3, 3% on level 4 and 2% on level 5
- recruit 8 affiliates = 3% on level 1, 2% on level 2, 5% on levels 3 and 4, 3% on level 5 and 2% on level 6
- recruit 12 affiliates = 3% on level 1, 2% on level 2, % on levels 3 to 5, 3% on level 6 and 2% on level 7
Note that in order to earn a match down 8 or 12 levels of recruitment, either 8 or 12 Gold affiliates must be recruited within an affiliate’s first 90 days with the company.
Additionally the matching bonus is capped weekly as per an affiliate’s rank:
- Pearl – €1000 EUR
- Opal – €2000 EUR
- Emerald – €4000 EUR
- Sapphire – €10,000 EUR
- Ruby – €12,000 EUR
- Diamond – €15,000 EUR
- Double Diamond – €18,000 EUR
- Triple Diamond – €25,000 EUR
VIP qualified affiliates at the Diamond or lower rank are not subject to the above caps.
There do appear to be weekly caps in place for Double and Triple Diamond ranked VIP affiliates, however the exact amounts are currently not disclosed in the Global Currency Coin compensation plan material.
For the Gold or higher affiliate packages (€1888 EUR+), “access to profit sharing” on transaction fees and GCC Better Bet” is mentioned.
Platinum 3D affiliates also get access to profit sharing for “GCC 3D print”.
The specifics of what this profit sharing entails however are not disclosed.
Rank Achievement Bonus
When a Global Currency Coin affiliate qualifies at certain ranks, the following bonuses are awarded:
- Sapphire – “exotic travels”
- Ruby – “cash bonus”
- Diamond and Double Diamond – “car programme”
- Triple Diamond – “exotic car programme”
No further details are provided.
The Monthly Award is a cash bonus paid to Global Currency Coin affiliates who qualify at the Pearl or higher rank.
The current Global Currency Coin documentation does not specify what the monthly payable EUR bonus amounts are.
Joining Global Currency Coin
Affiliate membership with Global Currency Coin is available via purchase of an affiliate package:
- Bronze – €188 EUR
- Silver – €488 EUR
- Gold – 1888 EUR
- Platinum 3D – €2888 EUR
- Platinum Coin Only – €2888 EUR
The Platinum 3D option comes with a 3D printer and less GCCoins than that “coin only” option.
Additionally, a €28 EUR a month fee also applies if an affiliate wishes to participate in the GCCoin mining pool.
The biggest problem with the MLM cryptocurrency niche today is a lack of use for the various coins on offer outside of their respective opportunities.
The landscape is that of an unregistered securities nightmare, with affiliates dropping thousands on tokens solely on the promise of ever-increasing value.
Global Currency Coin’s EcoSystem 24 directly addresses that, serving as a gateway to third-party merchants their coin can be spent on.
That said, the current status of EcoSystem 24 is unclear, specifically what is and isn’t currently available through it.
If the platform offering what’s represented on the Global Currency Coin website, then that’s a huge step forward for the MLM cryptocurrency niche.
Ditto the offering of “coin only” packages, which permit non-affiliates to purchase GCCoin outside of the income opportunity.
Unfortunately however Global Currency Coin’s compensation plan lets the rest of the business down.
For starters, other than the 3D printing stuff included with that particular affiliate membership, the rest of the packages are direct investment into GCCoin.
These investments are made on the promise of future ROIs (the increased value of the GCCoin), which constitutes a securities offering.
I don’t know what the regulatory landscape is like in Poland, but I didn’t see anything on the Global Currency Coin website suggesting they were registered to offer securities in the US.
Chain-recruitment is also entirely possible as a primary focus of the business, with affiliates directly paid to recruit new affiliates.
Recruitment commissions are also paid residually through, which when combined with direct recruitment commissions means everything else can be ignored.
Only serving to encourage this is the recruitment of affiliates who buy in at the Gold or higher level, which is required for VIP qualification and the matching bonus.
Particularly ominous are the unspecified monthly EUR cash bonuses, which can be achieved through affiliate recruitment.
This in effect could reduce Global Currency Coin’s offering to “recruit x affiliates to get $xxx a month”. And that’s dangerous territory for an MLM business opportunity.
Pay to play is also a problem, with “profit share” offered only to Gold and higher affiliates.
While the specifics of this profit sharing aren’t disclosed, that thousands of EUR must be spent to unlock the commission is problematic.
Components of a compensation plan, if locked at all, should be accessible through an affiliates sales performance – not how much money they spent when they signed up.
All in all Global Currency Coin, through its EcoSystem 24 platform, does improve on the current stable of MLM cryptocurrency offerings – but it’s still not enough.
There’s no indication that “coin only” packages purchaseable by the public generate PV within the compensation plan. Furthermore there’s also the question of whether anyone outside of the opportunity will use GCCoin.
For all the improvements Global Currency Coin have implemented, the GCCoin cryptocurrency itself is still under the control of a central exchange – owned by Global Currency Coin.
This differentiates the coin from other public offerings such as BitCoin, which operate in a decentralized manner.
Basically the doorway for coin value manipulation the plagues other MLM cryptocurrencies is left intact – paving the way for potential fraud if things go south (manipulation of the coin value to solicit continued investment via deception).
I maintain that until we see a actual public MLM cryptocurrency offering, the niche is still probably best avoided altogether.