My Bitcoin Matrix Review: Bitcoin gifting with pyramid recruitment
My Bitcoin Matrix provides no information on its website about who owns or runs the business.
The My Bitcoin Matrix website domain (“mybitcoinmatrix.com”) was privately registered on January 30th, 2017.
At the time of publication Alexa estimate that 96% of traffic to the My Bitcoin Matrix website originates out of Malaysia. This strongly suggests that whoever is running My Bitcoin Matrix is also based out Malaysia.
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.
My Bitcoin Matrix Products
My Bitcoin Matrix has no retailable products or services, with affiliates only able to market My Bitcoin Matrix affiliate membership itself.
Bundled with My Bitcoin Matrix affiliate membership is access to “digital products”.
The My Bitcoin Matrix Compensation Plan
My Bitcoin Matrix affiliates purchase a 3×15 matrix position and get paid to recruit others who do the same.
A 3×15 matrix places an affiliate at the top of a matrix, with three positions directly under them:
These three positions form the first level of the matrix. The second level of the matrix is generated by splitting these first three positions into another three positions each (9 positions).
Levels three to fifteen of the matrix are generated in the same manner, with each new matrix level housing three times as many positions as the previous level.
A My Bitcoin Matrix affiliate signs up and purchases a matrix position for 0.004 BTC.
Three subsequently recruited affiliates are placed in the first level of the affiliate’s matrix. These affiliates can be directly or indirectly recruited.
Each position filled on the first level of the matrix pays a 0.004 BTC commission.
Positions on levels two to fifteen of the matrix are filled via indirect recruitment, paying 0.0004 BTC per position filled.
Joining My Bitcoin Matrix
My Bitcoin Matrix affiliate membership costs 0.01 BTC plus a 0.004 for a matrix position.
My Bitcoin Matrix combines elements of a gifting and pyramid scheme.
The gifting element occurs on level 1 of a My Bitcoin Matrix affiliate’s matrix. After paying 0.004 for a matrix position, gifting payments of the same are received from three subsequently recruited affiliates.
Levels two to fifteen of the matrix drop the commission to 0.0004 BTC and pay out on indirect affiliate recruitment. An MLM company paying recruitment commissions is a pyramid scheme.
With almost fifteen million positions to fill, realistically only pre-loaded positions held by the anonymous My Bitcoin Matrix admin(s) are going to get even remotely filled. That’s on top of the 0.01 BTC fee collected per affiliate that signs up.
Everyone else gets what’s a trickle of what’s left, with the majority of My Bitcoin Matrix affiliates taking a loss when it inevitably collapses.