While I have been following Bitcoin for several years now, only recently did I take the plunge financially and invested money in Bitcoin and Altcoins. In my quest to find great projects, I came across Coinmarketcap, a great website that helps you get started with cryptocurrencies. I kept seeing this project called Bitconnect, it always hovered the top but I never really knew what it was or what it did or never did I even see it mentioned. At first glance, when typing it in Youtube and seeing all the hype, I thought it may just be Bitcoin 2.0.
But upon further inspection I realised it may just be the next big thing, but not the way we want it to be.
Ill be splitting this in three parts of what doesn't add up about Bitconnect.
The Website, The Trading Bot, Referral System.
When you go on the main site, you may as well be on an outdated, 2010s website, which absolutely does not explain what Bitconnect does or what it even is.
When I dived deep into my research about Bitconnect, the Market Cap was just about $1 Billion. So I expected a clear and concise Whitepaper as to why this is worth so much. Not to my surprise, there isnt a whitepaper therefore I have to rely poorly structured sentences with incomplete thoughts and circular arguments which can be seen on the homepage.
When first visiting the website, I thought I may have been phished onto a fake website, but upon double and triple checking (bitconnect.co) is indeed the website of the billion dollar crypto.
According to website, Bitconnect is a "platform designed to provide multiple investment opportunities with cryptocurrency education where it is entirely possible to find the independence we all desire."
Great, financial independence and cryptocurrency education, going to make me millions right? The cartoony Video which stock music and animations explains Bitconnect in a bit more depth and furthered my understanding to what Bitconnect does and how the value changes.
Anyways, while scrolling down the website to the footer I saw something interesting, and that was the regions Bitconnect has localised into.
What do you know, all these countries are non English Speaking countries located in Asia. I wonder why they would have picked countries that have large populations with significant amounts of poverty and basic internet users. With the exception of South Korea and Japan which interestingly enough are the largest countries invested in cryptocurrencies.
Also I found the tags amusing as they try their best to get ranked on Google for every term in Bitcoin but not one tag is about Bitconnect.
Also their subsections in the bottom right with the headline "what is money?" made me chuckle and realise their target audience ever better.
Also I would like to point out the insane amount of irregularities with capitals of proper nouns. Some places it's typed as "BitConnect" while other places it was typed as "Bitconnect" and "bitconnect" in others, it's intriguing that a billion dollar crypto can't get it's name right.
On a final note about the main website, I did visit Bitconnect India's website, it's much more cleaner but one thing I have to ask, what does this even mean? It was one the home page.
"Empowering people financially by distributing decentralized"? I feel like there missing a word.
Now it's time to login.
More about the trading bot and referral system in Part 2.