Company Name: 10XBitCoin
Costs: From $5/month
Do I Recommend 10XBitCoin?
10XBitCoin hides behind the cryptocurrency idea but it’s basically a scheme where you spend money for the chance at income. Could you make money with 10XBitCoin? Sure, in theory. Is it realistic? Not in the slightest. My personal advice is to skip the idea entirely. Go with something like affiliate marketing instead. That way you’re at least promoting products that have merit in their own right.
What Products Does 10XBitCoin Sell?
To put it simply, 10XBitCoin takes advantage of all the news and hype that surrounds Bitcoins and cryptocurrency. Their marketing suggests that you can earn considerable profits, just by following their plan.
So, what are you buying? Apparently, there are four services on offer:
- Traffic. This seems to refer to an ad network, where you get the chance to drive traffic to websites or pages that you’re interested own or manage. However, there is barely any information available. This type of traffic is normally useless anyway. Most companies like 10XBitCoin simply use low-quality banner ads and target their own customers. As such, any traffic you did get wouldn’t be good and wouldn’t help you. Besides, you need something to promote for this to even be relevant.
- Marketing & Tools. These are defined as Social Media and Valuable Digital Products. That’s pretty useless and the company doesn’t offer much more information. It’s not even clear whether you get tools and there’s no indication of
- Education & Training. This seems to focus on cryptocurrency itself and also on online businesses. But again, there’s little information about what you’re getting. It seems unlikely that the training would be high quality.
- ICO Participation. This basically gives you the ability to invest in new cryptocurrencies as they launch. I’m not convinced that’s a good thing, especially as many of the cryptocurrencies don’t ever go anywhere.
The end result is that you get very little. You’re basically learning a little about cryptocurrency and getting some tools and support for online business. That’s it. With no further details or specifics on offer, it’s likely that all of the services are very limited indeed.
The idea is probably that these services make it easier to promote and sell 10XBitCoin. That’s appealing, if they’re any good. There aren’t enough details on the site to know but the information that is provided isn’t exactly encouraging.
Then again, 10XBitCoin isn’t really selling these services anyway. The services are mostly present so the company can say it has a product. Instead, the main focus is that you’re buying the chance to make money.
Despite the focus on Bitcoins and the company’s name – the money you make doesn’t come from Bitcoins directly. Instead, you’re trying to make money by selling a membership. That membership gives people access to the services above (I assume) and provides the chance to make money.
That’s all there is. So, there aren’t any marketable products at all. The relationship to Bitcoins isn’t clear either. You’re not earning from them directly, so why even include Bitcoins in the marketing at all? The simple answer is probably just to take advantage of current trends, which never bodes well for your odds of earning money.
As for the affiliate program itself – the cost varies depending on where you want to start. Each successive tier offers more income potential, along with increased costs.
- Bronze Matrix: $5/month
- Silver Matrix: $20/month
- Gold Matrix: $50/month
- Platinum Matrix: $250/month
- Double Diamond Matrix: $500/month
- Titanium Matrix: $1,000/month
I’ll come back to the matrices shortly. But, this overall style means you’re paying more for the chance to increase your income. The amount you pay increases quickly too. This is never a good pattern.
These aren’t just tiers either. You would need to be active in all of these matrices to earn the most money. That’s around $1,925 per month. That’s an absurd investment. You’d have to be getting at least that much in commissions to make the system worthwhile. And honestly, that seems very unlikely.
Designs like this often manipulate people into spending more money. Your ability to earn shouldn’t directly depend on how much money you spend each month – that’s a horrible idea.
Is 10XBitCoin A Good Business Opportunity?
10XBitCoin promotes itself as having a 2×15 expandable matrix for making money, which basically looks like this.
This design means that people are placed into teams under you – their positioning isn’t related to who recruited each person. The term matrix is where those tiers from earlier come from too.
With 10XBitCoin, the amount you earn depends entirely on which matrix you’re using. Each progressive one offers more income but costs more as well. The first one is the Bronze Matrix. The initial earnings look like this:
It’s not entirely clear what this means. I would assume you get $1.50 commission for the first three people you get to join at the $5/month membership level, along with a $0.75 bonus.
But, that seems to be it for direct commissions. After that, you’re earning from your matrix. For the first eight levels tiers, you make 5% of their sales and purchases. The figures change further down. But, you need 512 people in your matrix to hit the ninth tier and more after that, so most people won’t get to those levels.
Each matrix level increases the amount you earn. For example, Silver offers $6 per sale and a $3 bonus, while Platinum offers $30 per sale and a $15 bonus. In each case, the percentage you earn from your team is the same. But, because the matrix membership is more expensive the income potential is higher too.
It also seems likely that you have to be in the Silver Matrix to earn money from Silver sales and so on. If that’s the case, making a Silver sale while in the Bronze Matrix could earn you nothing at all. But, the company doesn’t offer specifics, so we don’t know.
I particularly loathe matrix style compensation plans because they are excessively complicated. There are many more factors to consider and to understand than with most other MLM compensation plans. This makes it harder to optimize your income as well.
In fact, I can’t even tell you whether this plan is better or worse than other MLMs.
If nothing else, it’s not clear whether you keep earning from sales as you go. The phrasing of the compensation plan suggests that you just make money from the first three sales that you make. If that’s the case, then the style isn’t great. There’s far too much focus on recruitment and not nearly enough on sales.
The claims are also unrealistic. For example, the Bronze compensation plan states that just 20% of the total potential is $2,800 monthly. But, filling out the matrix all the way requires a total of 32,768 members.
Come on. How realistic is that? Most of us would struggle to find even a handful of people who wanted to get involved. Trying to find hundreds or thousands of people? Not going to happen.
10XBitCoin does have some association with Bitcoins. Any payments you make to or receive from the company are in the form of Bitcoins.
This complicates the relationship between what you spend and what you earn. After all, the value of Bitcoins isn’t fixed, that’s kind of the point. So, anything you earn could easily decrease in value over time. The reverse could happen too. But, either way, there’s an element of risk involved.
This is the only real way that 10XBitCoins is associated with cryptocurrency. In other words, they’re simply using cryptocurrency as, well, currency. That’s all fine but it means there’s really nothing special about the company at all. Instead, it’s yet another one that forces people into a complicated recruitment program, which just isn’t very powerful.
Earning With 10XBitCoin
MLMs heavily rely on teams and 10XBitCoin is no exception. To make a decent income, you’d need to build a substantial team and ensure that both yourself and your team members were effective at making recruitment and sales. That process takes time and energy. In many cases, it can take a year or more to get significant income.
This isn’t a problem in itself. Building a good business takes time, regardless of the industry that you choose. But, the MLM model forces you to rely on a single company and also on your team. Both of these things have to be reliable for you to earn long-term income.
Reliability is a serious problem for 10XBitCoin because honestly, it’s not reliable. For one thing, the company is new, so there’s no way to know whether they’ll stick around or not. The site is also missing key pieces of information, which is never encouraging. For example, this is what their FAQ page shows:
Most of the time, companies without viable products or services don’t stick around anyway. An approach like this is on the borderline of being an illegal pyramid scheme. I believe technically it is still considered an MLM but only barely. That’s not encouraging for sustainability.
Overall, this means you could invest your time and money in the company, just to see it suddenly fold. And remember, all of the company’s marketing relies on the current hype around Bitcoins. That hype will probably fade at some point.
While we’re on the topic, the underlying group here is called Deep Profit Stream. This was associated with the program Traffic Monsoon. Traffic Monsoon eventually got sued as a Ponzi scheme and was shut down. Now, the people behind it seem to be working on 10XBitCoin. That’s not a very encouraging situation.
You do need a reliable team too. It’s hard to imagine how you could get this with 10XBitCoin. People might get excited initially. But, they’re unlikely to stick around unless they’re making a decent income. From looking at the compensation plan, it seems that most wouldn’t.
Cryptocurrency And Income
Now, don’t get me wrong. Cryptocurrency itself is a legitimate field. Some people do make money trading cryptocurrency or buying and then reselling the coins.
But, as you can probably imagine, it’s a risky endeavor. Much like any type of trading, there is a large amount of chance involved. Even if you truly understand the markets and play close attention to trends and the news, you might still lose more often than you win. For a complete beginner, the odds of success are much lower.
If you’re simply wanting to play around, then it may be something to consider. But, for most people, cryptocurrency is just a hobby, not a reliable source of income.
All of that aside, 10XBitCoin isn’t really a cryptocurrency company at all. As you’ve seen, Bitcoins are just used as currency, nothing more. Instead, the idea is that you’re just paying for the chance to earn money. That’s something entirely different.
Myself, I’d steer away from all of this. Even if you find a program that works, making money from intangible items and concepts never tends to last in the long term. I much prefer affiliate programs as a way to make money. This way you’re promoting products that make sense, ones that people are likely to be interested in. You can still promote digital items and even digital services, if you want to. But, the goal is to find ones that actually offer value.
Doing so means that customers actually get something for the money they pay. That’s much better than selling someone a dream. Sure, dreams are easy to promote, to the right audience. But, when that dream doesn’t become a reality? Things can get ugly fast.
No thanks. I’d much rather stick to something reliable, where customers already know what to expect.
There is simply nothing appealing about 10XBitCoin. The main way to make money would be to manipulate and trick people into joining, which is honestly a horrible idea. Just give this one a miss.
For the vast majority of people looking put their dollars to work as passive income, traditional investments like a low-cost index fund is going to be the smarter choices. Even trading stocks is going to be less risky than investing in cryptocurrencies.
If you do want to get involved in the crypto world, and especially altcoins, be sure to do your homework. Know the developer, read the white paper, and invest only what you can lose. Above all, my recommendation is to avoid coins where the main value is derived from recruiting new members.
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