For all of the people calling bitconnect a scam, maybe it is! BUT consider the following:
For anyone who doesn't know what bitconnect is, it is a website where you can convert Bitcoin to Bit Connect Coin and then lend it to the platform at a daily interest rate. This means you'll receive on average around 0.85% or higher per day that you can withdraw or reinvest to then exponentially grow because of compounding. Your initial investment is locked in for a certain amount of days depending on how much you invest and the more you invest the sooner you can withdraw your investment. Also, the more you invest, the more bonus interest you earn daily. It does seem to good to me true, or is it? Lots of people talk about it being a scam and give their opinions, but I haven't read or seen any videos where people have lost any money. Have you? (I understand that schemes work well for the first round, then when the second one is there they exit with all the money and this does fit into that nicely.)
It's always recommended to invest money into cryptocurrency that you're willing to lose and that's exactly the mentality I'm using with my crypto on Bittrex, my crypto here on Steemit that's locked in and also in bitconnect.
I'm willing to lose all the money I put into those. BitConnect could very well be a scam and it could also be the beginning of something very big. I seem to remember Steemit having a buzz like that where people called it a scam.
People spend hundreds or thousands on stupid sh!t they don't need every year. I think it's much wiser to put money into something that has the potential of making more money, something that may turn into a fantastic investment, instead of buying a 4th pair of shoes, or an extra large coffee every morning. You just need one winner; one great investment and you're set.
People lose millions all the time from throwing money into startups hoping they'll take off and be the next Facebook. (This could literally happy with Steemit if it fails or cryptocurrency as a whole, people could also make millions if it becomes the next Facebook.)
The bitconnect bot makes money by borrowing money from others and trading with it. My understanding is they collect fees for exchanging bitcoin to bitconnect coin and back as well as they take some of the bot's profits for doing the work. If the creator did it privately and didn't share profits, they wouldn't have money to work at scale.
Let's discuss some positives:
Daily interest is paid that I've successfully withdrawn out of bitconnect.
Many other people have successfully withdrawn their money.
Approximately after 3-4 months you will earn via interest your original investment amount.
The crypto currency they use is listed on Coinmarketcap and it's gained a lot of traction.
They took the time on their website to include Google Authenticator.
They took the time to include https on their site.
They have an app in the app store.
They took the time to have you verify in your e-mail to gain access to the app.
They've rewarded people who had bitcoin in their account with Bitcoin Cash after the August 1st split.
I heaven't read or seen anyone lose any money.
Cryptocurrency is new and it scares people, but to an investor, this is where the money is made.
They have a Facebook page and a youtube channel that seems to be updated often. Same with their website blog.
Bitconnect used BCC before bitcoin cash so it looks like they'll need to change bitcoin cash's ticker to BCH or something else.
Let's discuss some negatives/weird aspects:
Very similar to what's known as a Ponzi scheme.
Some spelling mistakes on the website.
Hasn't responded to my support tickets.
Pays interest back in USD instead of cryptocurrency.
Very limited profile options. (I couldn't figure out how to add a profile picture for example.)
Bitconnect coin can be legit, but the website bitconnect could be a scam.
Let's discuss this further:
Putting your money into Steemit as steem power is a gamble. The crypto is locked in for a period of time. They could close the site and you could lose it.
Similar to a real estate investment where your money is used and locked in for a period of time in exchange for interest earned. This is exactly what bitconnect is. The platform uses your money to trade and gets a profit daily because cryptocurrencies are extremely volatile.
Big risk = higher chance of big returns.
Regardless of if it's a scam or not, I'm throwing some money into it that I'm willing to lose and we'll find out.
At the end, if it is a scam, I lose money I was willing to lose. If it isn't, everyone here calling it a scam will have some big regrets just like when they first heard about bitcoin and didn't buy into it until years later.
If I told you in 2010 to put $1000 into bitcoin and that in 2017 it'll be worth several million dollars, you'd laugh at me and say, no thanks that sounds like a scam to me; a great way to lose $1000. Well, as you all know, it turns out that for all the people who did put money into bitcoin in the early days that it definitely was not too good to be true.
Invest what you're willing to lose!
If you're interested in testing out BitConnect to earn daily interest, try it here: https://goo.gl/4SWJey
All the best,
Will
-Life Progression Project
Follow us on Youtube here: https://www.youtube.com/c/lifeprogressionproject