As many of you know now, Bitconnect has confirmed their shutdown. (As stated here: Link)
For those who never heard of this platform; Bitconnect was basically a "lending platform" where people can lend $100+ and earn around 1% interest every single day from the amount they lent to the platform.
Sounds too good to be true? That's because it is. Anyone promising this much every single day is more than likely a scam. It's unsustainable to give back this much money along with promising all their money back as well.
Now, not everyone knows much about crypto currencies, and all the newcomers who hear about all these people becoming rich from Bitcoin may think this to be the solution that all these whales used to become rich. Which for some cases was actually somewhat true but only because Bitconnect actually lasted for a very long time.
Unfortunately, for all these newcomers who joined and thought Bitconnect will get them rich .. They have lost a lot of money today. This is really unfair to these newcomers and might have scared them away from cryptocurrency forever. That is very unfortunate and I feel very empathetic towards them.
If anyone who reads this is new to cryptocurrencies: please be careful with what you decide to do with your money. When something looks too good to be true, then it might just be.
To anyone affected by the shutdown of Bitconnect: Do not give up, this sort of thing happens in life and I really hope you didn't lose more than you can afford. I know it's horrible, but you can learn from your mistakes and be a bit more cautious before deciding to invest into something.
I know so many (nearly all) big name "Crypto-YouTubers" have been getting so many people to join Bitconnect and making it sound like it's the best thing and basically guarantee you'll be rich. I know some probably knew this would happen sometime or other, but I also know some didn't mean to hurt so many people.
But like any investment, everything has a risk. You may invest into legitimate coins and lose a lot of money, and you might even profit from scams. Truth is, you never know.
This post isn't to be mean to Bitconnect or any YouTuber who promoted it, but instead to remind people that any investment can potentially be dangerous. Also to encourage anyone affected by the shutdown to not give up on cryptocurrency just because of Bitconnect. Scammers and fraudulent people/companies will always be there and there isn't much we can do to get rid of them all, but we can be cautious and report anything that seems to be fraudulent. The sooner they are caught, the more people are saved from losing their money. :)
Thank you for anyone who read this! I really appreciate it, I know my writing isn't perfect but I really hope people like reading it anyway! :)
Lots of love,
Xeleos
Image source: image1