Reviews for Bitconnect.co
Review Summary for Bitconnect.co
The Bitconnect cloud mining platform allows users to invest in their cloud mining facilities and reap small gains over time from the mining. Bitconnect.co is also an affiliate new website that provides up to date information on cryptocurrency happenings and changes.
Part of the problem with the Bitconnect.co Affiliate Program is that it is an investment opportunity unlike anything seen before; in fact, it is based on totally new financial concepts that many people are either not familiar with or automatically wary of. In addition to this, it’s no secret that most world governments, including the US, oppose the use of any new currency that falls outside the control of the existing formal currency systems.
In other words, bitcoins and any system like Bitconnect.co that is using this currency, are facing opposition not necessarily because they are illegitimate, unworkable or a “scam” but because this new currency is seen as intrusive, uncontrollable (by the banking system) and too experimental.
Having said this, here is a short review of Bitconnect.co and, by association, the currency (BCC) that it deals with.
WHY SOME PEOPLE ASK “IS BITCONNECT.CO A SCAM?”
Bitconnect.com as an investment company enjoys something that is simply unheard of in the financial world. Simply put, the company has its own virtual currency as part of its investment uniqueness and singularity. Paradoxically, this aspect makes Bitconnect.co seem both interesting/attractive but, at the same time, suspicious and dangerously experimental.
Because it is comparatively brand new to the financial markets and because many people are unfamiliar with this platform, Bitconnect.co has had to employ aggressively creative marketing campaigns that have made some people wonder if the whole thing is a scam. Then again, as long as investment ventures define clearly their modes of operation, stick to them faithfully, and, to boot, appear to pay participants in accordance with agreed-upon terms, why should they be classified as “scams?”
Bitconnect participates in a new currency called bitcoins by putting out/supporting a virtual currency known as “Bitconnect Coins” or BBC, something that has been described as a “decentralized cryptocurrency” that goes outside the sphere of banking systems’ official currencies. Bitconnect.co isn’t subject to the government bureaucratic controls, actions and economic forces under which all world currencies and financial institutions operate.
Those who own BBC don’t, for example, have to pay the taxes that generally have to be paid on money earned and then put in a regular bank. Loss of revenue, in other words, is yet another reason governments oppose bitcoins and other forms of cryptocurrency.
How does Bitconnect.co produce its currency/coins? By a process called “mining.” Part of this process includes an arbitrary limitation of only 28 million coins, the maximum quantity of this currency that can exist ultimately.
Currently, a mere 5 million coins have been made available to the public; the remaining 23 million are supposed to be “provided” by transactions performed by participating supporters. Because there are more BCCs to “mine,” opportunities for earning dividends/interest by investing in Bitconnect.co have been created.
Putting out more BCC means that there will be fewer and fewer coins available in the future, thus raising the demand, which creates earning opportunities. As time goes by, the price per bitcoin increases, as does demand, provided that more investors can be found. As happens in the world of antiques and collectibles, things increase in price as the number of items for sale drops (after being bought out by collectors); this, in turn, keeps up demand as wannabe collectors/investors aspire to get in on the action.
What one BCC is worth at any time is posted on Bitconnect’s website. Knowing, for example, that a BCC is worth, say, $90 is useful only to the extent that it will most likely be worth more shortly after, as more and more people invest into the system. The price for a BCC, in other words, like stocks in the Stock Market, can change at any time.
The 3 conditions/forces that can affect a Bitconnect Coin’s price are:
Demand for the Coin: The price of a BCC goes up when/if it is bought with the use of another cryptocurrency;
The Supply of Coins: The higher the supply of BCC, the higher prices go up. In order to mine additional coins, companies and individuals invest resources in order to up the demand and, therefore, create opportunities for profits.
The Distribution of Coins: Another thing that can drive up the price of BCCs is the sending of BCC through the network by participants/holders.
In fact, investors/participants can add “value” to their coins by a) BCC Trading, b) BCC Staking, and c) BCC Lending. “Staking” refers to the practice of holding on to Bitconnect Coins. This can be accomplished when you download the BCC wallet and then purchase these virtual coins from persons selling them or exchange with Bitcoins. The higher the number of coins one holds, the more interest is to be gained by that investor.
“Trading,” on the other hand, refers to the ability to trade with other users based on arbitrary terms. You have the right to sell at any time, if you think you can make a profit from the transaction. Finally, “Lending” allows you the privilege of letting Bitconnect.com have your coins for a while so that you can make daily interest from them. In theory, you start earning interest immediately after depositing it into the lending platform.
Then again, investing in Bitconnect lending requires that you purchase Bitconnect Coins to begin with. Bitconnect Coins can be purchased from the BCC Exchange using Bitcoins.
Security: No one can perform a withdrawal unless he/she completes the Login Shield Verification process. This verification, as a matter of fact, is conducted whenever anyone logs in using an unrecognized device. This is one of several measures used to keep hackers out of the system. As a matter of fact, your email address has to be in good working order because it is used for a verification link sent thereto.
Instant Withdrawals & Funding: Accounts are funded by an equal amount of BCC after performing a BTC exchange. This also goes for withdrawals. All withdrawals requests are immediately processed and any funds/money is sent to one’s preferred wallet, either in the form of BCC or BTC.
Getting Back Capital: your capital will be returned to you by Bitconnect.co subsequent to the period of time that you agreed to and which serves as the “expiration date.” These funds lent are utilized to acquire more facilities for mining additional Bitconnect coins that participants purchase at increasing/increased prices.
The interest that is created in these transactions are divided between investors and Bitconnect.co. Investors, on the other hand, are able to lend either Bitconnect Coins or US dollars. Yet another investing opportunity can be created by depositing Bitcoins. You are provided with a Bitcoin address to which you can submit Bitcoins.
The Chance to Earn after Each 24 Hours: After lending $100 or more, you can earn a profit daily, in spite of the fact that daily returns aren’t fixed. Daily earnings are dependent on what is dictated by Bitconnect’s price volatility determination software. Then again, you have the freedom to keep investing repeatedly in multiples of $10. In spite of the fact that no one can tell you with certainty how much you can earn daily, Bitconnect makes it a point to provide adequate rewards to lenders according to a special table they routinely use.
Other Assorted Benefits: You can obtain additional benefits like “Low Minimum Withdrawals” and “Fifteen Days Cycles for Staking” and “Affiliate Bonuses.” You can go to the Biconnect.co site for more information on these.
It does not appear, from most of the evidence available online, including reviews by users, investors, holders and the many financial advisors that have taken a close look at this website and what it has to offer the public, that Bitconnect.co is a scam. Is Bitconnect.co Legit? Yes, it appears to be. Does Bitconnect.co Work? Apparently, it does for many people.
This isn’t to say that there aren’t many critics and opponents, but much of their opposition, as has been alluded to, probably springs from the fear and objections that originate most probably at government agencies and the banking system that want no part of any cryptocurrency or virtual monetary systems.
As for Bitconnect.co, the company seems to continue to pay out to investors—were they not doing so, a massive number of these “robbed” investors would be raising Cain and letting the world know that Bitconnect was a indeed a scam.
In fact, Bitconnect is reported by many people to be a very profitable opportunity for some people. Joining this wave of investors is also rather easy—just register and start depositing bitcoins. Then use your bitcoins to purchase Bitconnect coins, which will allow you the privilege of staking, lending, exchanging and trading via your Bitconnect.co account.
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