Before I dive into why I am writing this post about BitConnect, I want to ensure you that I am not a member of it, and also not doing an actual "review of Bitconnect, because I have not purchased into it yet. I am looking for some opinions, guidance, or thoughts from you all about it. Please share your comments below after you read through my thoughts and concerns about BitConnect.
BitConnect seems to offer a peer to peer network and platform where one person can lend their Bitcoin to another user and earn a return. This does not seem very unrealistic to me at first glance. There are many peer to peer lending services where a user accepts a loan, then repays the loan over a certain term and the person that put the funds up to be borrowed, will earn interest on the funds they were able to put up and invest into the loan. Here is my concern with BitConnect ...
When you go offer a loan on BitConnect, you have to purchase the BitConnect tokens (BCC). These tokens seem to be legitmate in the fact that you can see the volume of them on CoinMarketCap.com ( https://coinmarketcap.com/currencies/bitconnect/#markets ). This would normally seem like a great feature, but these BCC tokens are only available on the BitConnect exchange. Non of the major exchanges that I personally use like Bitfinex, Bittrex, or Poloniex offer BCC. But it is still currently coming in at #12 in volume on CoinMarketCap.com. The BCC token will contunie to rise as more and more people get involved. It could be in the top 10 of the currency market cap soon and that is something we can't ignore!
So here is the real question we must address. Is BitConnect just another ponzi scheme. If it is, could that hurt the crypto currency image with concumers?
I have seen some BitConnect users are starting to make some serious income each day from the site. Of course this attracts my attention and I want to be apart of it, but I would hit the ground running with it, and do not want to make theat decision if it is going to cause people to lose their hard earned money in the end.
If BitConnect does have some solid arguments that this is not a ponzi or HYIP of some kind, I would love to grow a team in it. I'm very good at building online sales funnels and videos that will get leads and grow a large team. If you can share some vaild reasons as to why BCC is a good investment, I will be happy tojoin forces and help some people earn a ton!
Leave me some comments below letting me know your thoguhts on BitConnect and whether you are ok with the business model or maybe you are against it?
Thanks!
Chad