Referers Earn Bitcoin Review – Legit Or Scam?

Referers Earn Bitcoin ReviewHave you been paying attention to all of the hype for Referers Earn Bitcoin?

If you told me someone had pitched the opportunity to you lately, this wouldn’t surprise me. It’s making all the rounds on social media lately.

Next, I want to tell you that I am neither an affiliate or distributor for Referers Earn Bitcoin – I want to give you an unbiased opinion.

Is it a scam? Can you trust Referers Earn Bitcoin?

Read all about it in my Referers Earn Bitcoin review so you can learn the full truth!

Does it deliver on the promises in the marketing materials?

Let me explain in my review of Referers Earn Bitcoin.

Let’s carry on.

 Name: Email: We respect your email privacyEmail Marketing by AWeber 

What Can You Tell Me About Referers Earn Bitcoin?

‘Referers Earn BitCoin’ is a BitCoin gifting scheme that launched at the beginning of this year. While the website itself (referersearnbtcoin.biz) doesn’t provide any information about who owns or runs the company, some clues can be found in the domain registration details, which point to Robert Mcatamney as being the owner based out of Queensland in Australia.

Mcatamney has a long history of involvement with shady MLM schemes, having been one of the admins of ‘One Time Infinity’ in 2015, and responsible for launching at least 5 companied in 2016 (‘Cash Money Bucket’, ‘3to600’, ‘VIP Promoters Club’, ‘Simple Simons System’, and ‘3 Phases Biz’).

None of these companies lasted very long- hardly surprising considering the offer from ‘3 Phases Biz’ promised an $3000 return on an $8.50 initial investment, so it seems as if ‘Referers Earn BitCoin’ is simply his first scam of 2017.

Referers Earn Bitcoin Scam

Does Referers Earn Bitcoin Offer Any Products?

Referers Earn BitCoin does not provide affiliates with any products or services for sale to customers. The opportunity being offered simply involves the recruitment of new members to the scheme.

What Kind Of Compensation Plan Does Referers Earn Bitcoin Have?

Referers Earn BitCoin is a BitCoin gifting scheme. Affiliates send a payment to whoever it was that recruited them as well as purchasing a position within a matrix, and earn commission based on their ability to sign up new members.

The matrix structure being used by Referers Earn BitCoin is a five-tiered 3×1 matrix cycler. This works by placing you, as a new affiliate, in a position at the top of the structure. A further three positions are created directly beneath you to form the first level, and this matrix becomes the first tier of the five-tiered structure.

You are then required to fill these positions by the direct recruitment of new members, or by selling the positions to existing affiliates. Once you have filled all of the positions you ‘cycle out’ into the second tier of the matrix, and the process begins again.

As you cycle through each tier, you are able to earn commissions. They are calculated as follows:

  • Tier 1 Matrix (requires the purchase of a position for 0.01 BitCoin – When all positions are filled you receive no commission, and cycle into a Tier 2 Matrix.
  • Tier 2 Matrix – When all positions are filled you receive a commission of 0.01 BitCoin, and cycle into a Tier 3 Matrix.
  • Tier 3 Matrix – When all positions are filled you receive a commission of 0.03 BitCoin, and cycle into a Tier 4 Matrix
  • Tier 4 Matrix – When all positions are filled you receive a commission of 0.08 BitCoin and cycle into a Tier 5 Matrix
  • Tier 5 Matrix – When all positions are filled you receive a commission of 1.65 BitCoin

When joining up as an affiliate you are also required to make a gift payment of 0.005 BitCoin to the person who recruited you. By doing this, you are then eligible to receive the same 0.005 BitCoin gift payment from each new affiliate that you recruit to the scheme.

What Is The Cost Of Membership With Referers Earn Bitcoin?

To become an affiliate member with Referers Earn BitCoin, you are required to make the initial gift payment of 0.005 BitCoin to the person who recruited you in the first place. To take part in the income opportunity requires the purchase of a position within a matrix for 0.01 BitCoin, so your total upfront investment needs to be 0.015 BitCoin (approx. $14 as of Jan 2017).

Should I Be Worried About A Referers Earn Bitcoin Scam?

Every business opportunity on the web has good reviews and bad reviews – so is Referers Earn Bitcoin really a scam?

Is there a Referers Earn Bitcoin scam or is this business legit?

If I am being honest, I’d say it’s not really a scam, but there are some important points to be aware of.

Learning the business weaknesses and having a strong marketing strategy is what will make you successful.

 Name: Email: We respect your email privacyEmail Marketing by AWeber 

Conclusion for Referers Earn Bitcoin

It may come as no surprise, given the company name, that the rewards here all revolve around a ‘Referers Earn BitCoin’ affiliates’ ability to recruit new people to the scheme. Add this to the fact that they state that,

“All payments are member 2 member 100%”

This means that the company is offering a combination of a cash-gifting scheme with pyramid recruitment thrown in for good measure. This model is completely unsustainable for reasons that I will go into, and is becoming an all-too-familiar problem in the world of MLM at the moment.

It comes down to this. By making an initial investment of 0.015 BitCoin, affiliates can potentially earn back 1.77 BitCoin from the commissions of the plan itself, as well as up to 0.075 BitCoin if they fill their entire five tier matrix with new affiliates. This means a return of up to 1.83 BitCoin, or 12,300%.

That’s simply a ridiculous return to expect, particularly as Referers Earn BitCoin has no other routes of revenue apart from through affiliate investments. Legitimate MLM offerings will offer products or services to be sold to retail customers- the sales of which supplement the company income to maintain the ability to pay the promised returns to their affiliates. Of course, none of these offer crazy returns of over 12,000% either, so perhaps this point is moot.

Regardless, without any means to generate revenue to the company, other than by payments from new affiliates, the scheme will be completely unsustainable. They simply require far too many members to join up to pay the promised returns to existing affiliates, and that process then requires even more to be signed up to pay back those new ones. This will quickly spiral out of control, result in a complete slowdown of payments being made to everyone involved, and eventually the collapse of the company. When this happens, anyone that hasn’t made their money back will have lost it- a position that, by definition, the vast majority of affiliates will find themselves in. Of course Robert Mcatamney, the owner of Referers Earn BitCoin, will have given himself the most lucrative positions within the matrices and taken a large proportion of the funds for himself.

Referers Earn BitCoin is the latest in the line of dishonest opportunities that have been setup purely to siphon money from unsuspecting investors. The returns promised are a complete fantasy, but wrapped up in a way where potential recruits could fail to realize this. There are plenty of serious investment choices available out there and, if you actually intend to see your money again, you’d be wise to investigate one of those rather than wasting your efforts with Referers Earn BitCoin.

I hope you are finding the information in my Referers Earn Bitcoin Review helpful?

Some of the other reviews I saw had very little details, so I am hoping I gave you everything you need here.

If you’re wanting to become a member of Referers Earn Bitcoin, make sure you take the time to develop a marketing strategy.

And, my FREE training below will help you do that and make money!

 Name: Email: We respect your email privacyEmail Marketing by AWeber 

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