BitConnect Coin is a digital currency that describes itself as “the cryptocurrency revolution”. Find out everything you need to know about this fast-growing token today.
What Is BitConnect Coin?
BitConnect Coin (BCC) is an open-source, peer-to-peer, community-driven decentralized cryptocurrency. Using the currency, anyone can store and invest their wealth in a non-government controlled currency.
One of the unique things about BitConnect Coin is that you actually earn interest on your balance when storing BitConnect Coins in your wallet. That interest is given to users in return for helping maintain the security of the network.
At the time of writing, BitConnect Coin had a market cap of $319,841,414. In June 2017, the coin reached an all-time high price of $59.24. In three months, the value of the currency went from $1.76 to $59.24, a growth rate of 3265%. At the time of writing on June 27, 2017, BitConnect Coin was trading at around $5 per token.
BitConnect is more than just a coin, however: prior to the fast growth of the digital token, BitConnect was best-known for its bitcoin lending platform.
The official BitConnect Coin website claims that users can earn 120% interest per year by holding onto the token. The website also claims that you can achieve financial freedom and enjoy incredible wealth. Typically, these terms (and guaranteed ROI promises) are associated with scams and pyramid schemes.
Obviously, there’s a lot going on with BitConnect Coin. Let’s take a closer look at the core features of the currency.
BitConnect Coin Features
BitConnect Coin offers all of the following features:
Valuable: From the moment you acquire BCC, it becomes an interest-bearing asset.
Blockchain Security: The BitConnect Coin network is secured against attacks. The POW/POS system offers “the perfect way to secure the BitConnect Coin and keep it decentralized.”
Fast Transactions: BitConnect Coin allows you to send and receive payment anywhere in the world quickly. Users enjoy quick block execution time with unparalleled speeds to conventional remittance and payment systems.
Decentralized: BitConnect Coin uses decentralized blockchain transaction technology, which means users don’t have to trust any centralized third party. Transactions are performed directly between users on a peer to peer basis, similar to most other blockchain technologies in the world today.
How Does BitConnect Coin Mining Work?
BitConnect Coin uses a unique mining system called “POW/POS” (proof of work / proof of stake). This special algorithm helps to secure the BitConnect Coin network. To start mining the token on your own, you’ll first need to connect a BitConnect Coin wallet. Wait for the blockchain to download, then get started.
BitConnect Coin can be mined with CPU/GPU and does not require an ASIC miner like bitcoin. BitConnect claims this leads to a more energy efficient cryptocurrency compared to others.
If you want to mint POS BitConnect Coin, then you’ll also need a BitConnect Coin wallet. All you need to do to earn coins with this method is to hold coins in your BitConnect-QT wallet. Your earnings are based on the number of coins you hold – or your stake – in the wallet software. The more you invest, the more you are likely to earn.
What Is BitConnect?
Today, we know BitConnect best because of the BitConnect Coin. However, BitConnect has services outside of its cryptocurrency. Bitconnect is “an open source, all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with cryptocurrency education.
Obviously, that’s a bit vague.
Basically, BitConnect offers mobile apps for iOS and Android. The mobile apps include a BCC wallet. Creating a wallet is free. After creating the wallet, you can send and receive BCC instantly with anyone in the world. The wallet is secure and user-friendly. It also offers conversion rates in 10+ currencies.
BitConnect’s website makes vague mentions about a lending service, although we couldn’t find much more information available online.
How To Buy BitConnect Coins
You can buy BitConnect Coins online through the official BitConnectCoin.co website. Or, you can buy them through BCC Exchange, Livecoin, Novaexchange, and CoinExchange (in descending order of 24 hour trading volume).
Is BitConnect A Scam?
Obviously, there are some weird things about BitConnect, and some users believe it’s a scam. The first shady part about BitConnect is that there’s limited information about the company online.
The information we do see online is provided by people who have already joined the company. These members earn 7% referrals when you join the company through their affiliate link, so their information is completely biased and misleading.
The other suspicious thing about BitConnect is that the company mentions that you can earn 120% returns per year.
The official BitConnect website makes numerous mentions about how you can “empower yourself”, achieve “financial freedom” and “boost your finances” – all of which are terms we typically associate with Ponzi schemes, MLM scams, and pyramid schemes.
When a company offers you massive returns in exchange for something simple (like just buying their currency), then that’s a bit suspicious.
Ultimately, we’d like to see more information about BitConnect appear online before we officially label it a scam or a legitimate business opportunity.
Who’s Behind BitConnect Coin?
One of the strange things about BitConnect Coin is that there’s surprisingly little information about the company available online. The company doesn’t disclose its address, for example, and we only have one contact method available: you can email the company at email@example.com.
The website has pictures of a group of people celebrating under a BitConect Coin banner, although no further information is available about the company and its team.
What we do know is that BitConnect Coin is particularly popular in Asia. The company has specific websites available for Vietnam, South Korea, India, Indonesia, Japan, Thailand, Cambodia, and the Philippines.
One contact page on the official website mentions an address in England and a company number of 10278342, but other than that, we could find little information about who’s behind the company.
BitConnect Coin Conclusion
BitConnect Coin is a unique cryptocurrency that’s made headlines since the start of 2017 for its rapid growth. The coin skyrocketed from $1 to $60 in value by the start of June 2017, although its value has come down a little bit since that point.
The unique thing about BitConnect Coins that it uses a POW/POS algorithm. Furthermore, users can earn interest from their tokens simply by holding their coins in the BitConnect-QT wallet. You don’t need to do any active mining work to earn interest: you simply receive interest in exchange for maintaining the security of the network.
There’s some controversy about the legitimacy of BCC.
The company has shared limited information about itself online, and it makes awkward promises about “financial freedom” and guaranteed ROIs of 120% per year – all of which are red flags for pyramid schemes. Users also report that the company locks your funds for 200+ days, and that’s how you earn interest.
There’s also the problem that BitConnect doesn’t seem to have any major service or product outside of a wallet. The company plans to launch merchant payment platforms and partnerships before Q4 2017, but it’s unclear how much progress has been made on that front.
Overall, you may want to wait for more information about BitConnect Coin to appear online before you “invest”. As with anything on the internet, if it’s too good to be true, then it probably is.