Have you seen this new make money from home program splashed all over Facebook or other social media? Maybe you are wondering what the hype is all about, just exactly what is Coinomia. Are you wondering if you can make money if you join?
Look no further, you will have all your answers right here!
Product name: Coinomia
Website url: www.coinomia.com
Cost: No Joining Fee but min deposit of $100
My Rating: 3.5 out of 5
My Recommendation: Coinomia is a good opportunity for those already with knowledge in network marketing. If this isn’t you and you want a more straightforward way to build a full time income, have a look at my top choice.
What is Coinomia?
Coinomia is all about what is known as Crypto currency. Through the Coinomia website you can ‘mine’ many sorts of Crypto currencies, called cloud mining.
It’s an MLM program which requires you to both ‘min bitcoin’ and to recruit people into your team in order to join Coinomia
Coinomia is due to launch in November 2016, so if you are looking into this business before this point you will see pre-launch activity promotion.
So if you know nothing about this industry, then it might sound really confusing. Take a look at these points which should help clarify a few things:
- What is Bitcoin? – Bitcoin is a digital currency. They can be used to legitimately pay for products or services, provided the seller accepts them, so you earn them and you spend them. You are able to send these coins through the internet. You can buy and sell bitcoins for dollars, Euros and many other currencies. They key benefit is that you can minimise transaction fees that you would pay with other standard currencies. At the time of writing 1 bitcoin is worth about $610
- What is bitcoin mining? – Bitcoin Mining is about creating Bitcoins and explains how they get into circulation. They is ‘mined‘. You need specialised hardware to actually do this and this costs money. You also need know how to know how to mine the bitcoin. In order to do this you need to solve what is known as computer maths problems and to keep it simple, those that do, get the bitcoin value first. Like a wage for solving a problem. Then they put this bitcoin into circulation.
- What is Cloud mining: This is mining using a shared dataprocessor to solve the problems. This can be accessed anywhere across the globe and this is what Coinomia offers. It allows people to essentially rent access to this hardware to take part in the mining process. So individuals like you and me don’t have to fork out for your own expensive hardware. Note that you can use Coinomia for other Crypto currencies other than Bitcoin.
Phew, got that!?
It’s quite a concept.
How much does it cost and how do you make money?
Ok so this is where it all comes into it’s own.
I will try to keep this as simple as possible:
There are two ways to make money:
- Through mining coins
- Through Recruiting people to join Coinomia (the MLM part)
All sounding a bit complicated?
Earning through mining
In order to start earning you need to have ‘bought into’ Coinomia.
You need to have what they call a contract: Depending on the level you come in at, this will determine what power level of mining you have and how much you can make through the referral side (in this case the MLM side)
If you look at the earning potential under each of these contracts, the numbers they give you are pretty average.
We are talking, on the highest level contract, the Rack Contract, they are saying you could earn 23 bitcoins a year. Sounds pitiful, but actually at today’s rate, one bitcoin is worth $610, that’s over $14,000. Ok so you are not going to be a millionaire and its not a full time wage.
Earning through referrals
Where Coinomia comes into it’s own is through the referral system:
You can see the referral rates in the pricing table above.
- As a free member – 5%
- Pool Contract – 8%
- Machine Contract -10%
- Rack Contract – 12%
These referral rates are based on a binary structure. What this means is that under you, you will have two ‘legs’
In order to qualify for these payouts you will need to have both the left and right leg filled with referrals. BUT you will get paid on the value of your weakest leg, so it’s about balancing who goes on the right and the left.
This is something you can do in the backend of the software.
You will need to pay $100 in order to qualify for payments BUT you don’t need to pay this until you earn that much. So you can start mining for free.
The commission you earn is a percentage of the price of the contract that your referral goes for.
I hope this Coinomia review has helped you to see what Coinomia is about. – There seems to be a lot of hype about it for sure.
You have maybe already read some reviews where people are really excited about it and are going to be making a fortune but please always take that with a pinch of salt. They are most likely trying to recruit you into their team. Let’s break it down and see if it’s really for you:
- The money you make from just mining isn’t very much. Mining itself takes time and can be hard work. So you can earn money this way, but it’s not going to change your life. Perhaps as part of a portfolio of other businesses such as rev share and other MLM programs. You need to know what you are doing here.
- So you will gave to make money by making referrals. Do you know how to make referrals, do you know how to share your referral link and how to drive people to buy in? DO you have a network of people you can contact already about this great opportunity? These are issues for someone who is looking to earn some money from home. Getting referrals is by no means a simple task. At all. This is NOT a program for beginners. There are much better programs out there if you are just starting out.
For me, I don’t think I will be investing in Coinomia.
I am sure I could use this website to make money through referrals, but I think it’s a hard slog for little return. Bitcoin and Cryptocurrencies are a big industry but you need to know what you are doing. You need to have a network and a way to drive affiliates.
If you have this network already, I would say go ahead. Add it to your portfolio. But you if you are a beginner and looking to start a business from home and you want something that stands up on it’s own that you can work at to build into your own profitable business Coinomia wouldn’t be my top choice.
Personally I would recommend affiliate marketing where you can choose a niche in which you are interested and build your own business and have full control. Check out my top recommendation platform where you can learn everything there is to know about affiliate marketing with full support and training.
I would love to hear any thoughts about this business, so please leave any comments below.