Today’s post is based on Bitconnect coin review.
Bitconnect Coin Review.
Scams and cryptocurrency have a very old relationship. Moreover, when a product of cryptocurrency is launched in the market the first question which everyone asks that “Is it Scam?”
Actually, it is not bad to ask questions but the people who are raising these questions at the same time they are also investing in it. In this way, companies are launching new products, wallets, ICO’s and in addition to that they are also increasing the competition level.
The latest example that we have is “Bitconnect”. Yes, Bitconnect is another way of trading unlike ICO’s. If you are investing in ICO’s you need to follow your country’s rules and regulation. Many of my friends are asking me continuously about Bitconnect Coin Review.
So in this post, I will do Bitconnect Coin Review.
What is Bitconnect ?
Talking about Bitconnect there is no information on the website that who owns it and runs the business. The Bitconnect website domain “bitconnect.com” was privately registered on 9th February 2016.
Bitconnect is the Bitcoin investment platform. Basically, Bitconnect promotes Bitcoin investment. It is typically a special investment software that will help you to generate profitable returns. Bitconnect is a place where you can store and invest your valuables in Non-fiat currency. In addition to that if you hold their token (BCC) you will be rewarded as interest on your valuables. Moreover, it helps to increase the security of the coins.
The first Block was mined on 24th of December in 2016. Recently, Bitconnect reached a Billion-Dollar market cap. The token maximum supply is 28 million and the mining algorithm is a script.
On November 3rd, 2017 BCC’s market cap has dropped badly. This happens due to a revised circulating supply calculation. Surprisingly it did not affect the Bitconnect’s coin price. It is very shocking as such a change in coin circulation should have affected the price of the coin.
How Bitconnect works/ Bitconnect Coin Review ?
Bitconnect is trying to make a clone of Bitcoin. The main aim of the platform for a user is to make money. Bitconnect has developed its own cryptocurrency to help users transact quickly through the inbuilt exchange.
The basic working criteria of Bitconnect is everyone lends their funds to Bitconnect investment pool, further to this the software manages those funds with a guarantee of generating return using volatility predictions. According to that Lenders receive daily interest on their investment.
The daily interest rate of Bitconnect lies between 0.25% to 5.0% with the software return guarantee of average 1% per day. In order to that if the user reinvests the interest this can add up to significant returns due to daily compounding.
Bitconnect site only promises a return of 120% annually, not 3700%. If this is true than Bitconnect would be the best place where you can invest your money. However, the promise of large returns is the sign of a pyramid scheme. You know that investing in such risky and volatile plan may lead you to the loss of your money not always the gain. I would like to inform you that no one knows about Bitconnect’s price volatility software function.
Even we don’t know that the software exists also or not. Bitconnect said that the price software is a creative property of the company and therefore they don’t want to disclose it. Now the question is if the software is such gain returning than why is the company don’t want to unfold the software.
What is the Bitconnect compensation plan ?
BitConnect convert invested bitcoin into pre-mined BitConnect Coins. This is done by an internal exchange software.
An investor then opt to transfer their BitConnect Coins to BitConnect, on the promise of advertised daily ROIs
- invest $100 to $1000 and receive up to 40% a month for 299 days
- After that $1010 to $5000 and receive up to 40% a month for 239 days plus bonus 23.9% ROI
- Third step is $5010 to $10,000 and receive up to 40% a month for 179 days plus bonus 35.9% ROI
- last stage is $10,010 to $100,000 and receive up to 40% a month for 120 days plus bonus 30% ROI
Referral commissions are paid on invested funds through level-based compensation pyramid.
The levels are:
- level 1 (personally recruited affiliates) – 7%
- level 2 – 3%
- levels 3 and 4 – 1%
- Next level5 – 0.5%
- After that 6 – 0.3%
- Next to that 7 – 0.2%
- reaching towards lowest 8 – 0.1%
- level 9 – 0.05%
- second last is 10 – 0.03%
- level 11 onward – 0.01%
How to invest in Bitconnect coin ?
Send your purchased Bitcoin to your Deposit address of Bitconnect. Convert the Bitcoin to Bitconnect tokens by using the BCC exchange.
Like another cryptocurrency, you can also mine Bitconnect tokens. Mining is done by GPU and CPU.
Proceed to lend your Bitconnect tokens and start earning your daily interest.
Who runs the Bitconnect ?
There is no information regarding the founder of Bitconnect. Also, the team behind the Bitconnect is unknown. We also don’t know the method they use. Investors are not aware of the software program which they use for the higher returns.
This all feels like we are fools according to the Bitconnect to invest in it.
This is some famous criticism by some popular faces.
What is actually going on with your investment on Bitconnect?
It is very easy to understand.
In the first step, you Bitconnect tokens by exchanging it from Bitcoins. So now they will own the majority of tokens.
In the second step, you loan your tokens back to them. So doing that they keep the control on everything. In addition to that, the tokens run a ‘proof of Stake’ protocol. Which means they make an interest on your tokens.
After that will slowly pay you some interest in making a withdrawal but remember initial Bitcoin investment is still on the Bitconnect platform’s only. No one can stop them if they decided to lock your money. With some small withdrawals profit, they will make a huge amount of money than you all know what is going to happen with your investment.
Why is it considered as a Scam ?
- Some nonsense you tube videos
- Pyramid scam scheme
- Bad writing skills such as spellings and grammar
- Guaranteed returns ( first of all in the investment market no one can take guarantee for returns.
- MLM style Referral service
- No information about the company and the working Algorithm.
See personally I will not invest my hard earned money in like these platforms. Because it has so much of criticism and an nontransparent working system as well as the company. You can think according to your sense. It is my personal opinion. Till now we have seen Bitconnect as a profit giving platform. In addition to that, what they say is true then it will become the most valuable platforms to invest your money in it.
That’s all for Bitconnect Coin Review. Please let me know in the comment section if you have any doubts regarding my Bitconnect Coin Review. Share this post with your friends and family.
- How to invest in bitcoin ?
- How to mine bitcoin ?
- Best Bitcoin Exchange in india?
- How To Buy Bitcoins using paypal account ?
- 1 What is Bitconnect ?
- 2 How Bitconnect works/ Bitconnect Coin Review ?
- 3 What is the Bitconnect compensation plan ?
- 4 How to invest in Bitconnect coin ?
- 5 Who runs the Bitconnect ?
- 6 What is actually going on with your investment on Bitconnect?
- 7 Why is it considered as a Scam ?
- 8 Conclusion