What is Bitconnect?
While bitcoin and cryptocurrencies were absolute niche phenomena less than seven years ago, the general weather situation in this area has now turned completely around. In addition to numerous new crypto currencies, more and more applications are appearing on the plan, which integrate the Bitcoin in some way. A very interesting concept is BitConnect or BitConnect Coin. This is not only a separate cryptocurrency, but also a lending platform that makes it possible to invest in automated bitcoin trading and thus earn money. But how does BitConnect work? And what do I have to pay attention to if I want to invest in BitConnect?
Buy Bitconnect Invest
How does Bitconnect work?
Before we devote ourselves to the company's own cryptocurrency Bitconnect Coin, we would like to take a look at the BitConnect platform itself, which was launched at the end of 2016. BitConnect is a self-regulating financial system, which, according to the operators, is completely independent of governments and banks, as are most other systems that support cryptographic currencies.
BitConnect is much more than that, however, behind BitConnect, namely a so-called lending platform, with the help of which users can lend their bitcoins. The transactions are managed by the proprietary BitConnect-Bitcoin Trading Bot, which in turn generates trading profits itself. In return for the BitConnect's Bitcoins, users receive a daily profit distribution. The developers hope that this will make the Bitcoin investment more attractive for a broader audience and take it to a new level.
The BitConnect Coin is the cryptocurrency belonging to BitConnect, which was born in November 2016 as part of its ICO. In January 2017, BitConnect Coin Börse, which allows the exchange between Bitcoin (BTC) and BitConnect Coin (BCC), was launched and the corresponding desktop and web wallets for the storage of BitConnect coins were published. In contrast to many other newly issued coins, the BCC has established itself comparatively quickly and is still very popular today.
This popularity is reflected in the fact that the coin has been listed for quite some time now in the top 20 cryptocurrencies with the largest market capitalization. Between January and November 2017 alone, the BCC climbed from USD 0.13 to over USD 240. With a market capitalization of more than 1.8 billion US dollars, the BCC (status 1.11.2017) ranks 7th in the ranking of the largest cryptocurrencies.
What are the special features of BitConnect?
The Coin owes its rapid rise to the platform behind it, which opens up further attractive earning opportunities beyond price speculation. In particular, the BCC Mining, BCC Staking and BCC Lending are discussed. BitConnect relies on specially developed "Proof of Work" (PoW) and "Proof of Stake" (PoS) algorithms. BitConnect differs from other coins and systems in that the share of coinable coins is comparatively small, with only 2.6 million of a total of 28 million coins.
BCC's minings will be replaced by staking with a planned capacity of 20.4 million coins. The big advantage is that there is no need to operate expensive mining hardware. To earn money with BCC in this way, the coins only have to be held on your own BitConnect QT wallet. After 15 days, the first yields for stacking finally flow to the wallet. Those who decide to go mining, on the other hand, can download the BCC-Miner from the official homepage.
How much can I earn with BitConnect?
Regardless of the increase in value of the coin itself, it is worthwhile to look at the current profits that accrue from the lending of bitcoins or BCC. BitConnect offers four investment levels, on which the daily and monthly returns depend. The lowest level promises "interest payments" of up to 40 percent per month. An investment of at least 100 US dollars is required. In addition, the capital is tied to the platform for 299 days. The second investment stage comprises an investment framework of USD 1,010-5,000, whereby the capital commitment amounts to only 239 days.
From a deposit of 1,000 US dollars upwards, the monthly distribution of up to 40 percent is supplemented by a daily bonus of 0.1 percent. At the other investment levels (5,010-10,000 US dollars and 10,010-100,000 US dollars), this bonus increases to 0.2 and 0.25 percent per day, respectively. At the same time, the duration of the capital commitment is reduced to 179 and 120 days, respectively. However, reinvestment of the daily distributed income is possible from 10 US dollars upwards and will only really get the compound interest rate effect, which is responsible for the promised yield, going.
How and where can I buy BitConnect Coin?
To be able to buy BitConnect or earn money with BitConnect, you need to register on the BitConnect platform. After registration, bitcoins must be transferred to the platform so that they can be exchanged on the in-house exchange in BCC. Once the exchange is complete, the coins can be lent via the dashboard. Just click on the "Lend BitConnect" button. Now it is only a matter of waiting for the daily payments received and reinvesting them from an amount of 10 US dollars.
BitConnect Coin can also be purchased and sold via various exchanges such as Livecoin, Novaexchange, CoinExchange, Livecoin and Trade Satoshi. However, since the trading volume outside the in-house exchange is only 4 percent, trading via external platforms is not recommended.
What is important when investing in BitConnect?
If you want to invest in BitConnect, you should of course follow the normal rules for investing in BitConnect, which apply to all higher-risk asset classes. On the one hand, this means that only money should be put into BitConnect, which is not needed in the medium term, so that a total loss would be bearable. In addition, it is of course advisable not to put everything on one card, but to include BitConnect as an addition to the overall portfolio or crypto portfolio.
Precisely in view of the fact that monthly returns of up to 40 percent attract capital employed, caution is called for so that greed does not lead to inconsiderate actions, especially since it is not really known how the system behind BitConnect lending actually works. Even if BitConnect is a very large Altcoin, it is not safe from disappearing from the scene. Until then, the investment in BitConnect or BCC can be worthwhile. (Note: This is of course not an investment recommendation.
Future prospects and forecast for BitConnect
The BitConnect principle is quite interesting, as it opens the door to a new area of application for crypto currencies. Similar to peer-to-peer credit platforms where loans are traded in Fiat currencies, this could also be the case with cryptographic currencies in the future. Whether the BitConnect platform will succeed, however, or whether there are already clearly more sophisticated concepts in the starting blocks, cannot be said at present. However, the concept is promising. However, a pitfall for BitConnect could be the lack of transparency in combination with the extremely high potential monthly return.
Assuming a pyramid scheme or scam without any evidence is certainly inappropriate. But caution in the sense of not going "all-in" has never hurt anyone. The BCC itself could, however, continue its high-flying success story in the future, as its number is limited to 28 million compared to some other Altcoins. A potential share price driver could be the increasing attractiveness of the in-house lending platform.
Provided that the young platform can keep its yield promise stable and sustainable.
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