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Is Bitcoin self-regulated and a way of gaining access to multiple investment opportunities in the fast-paced crypto-currency market? Yes of course. Is Bitconnect.co intending to help individuals take advantage of the numerous opportunities that Bitcoin is currently offering? We don’t think so.
Therefore, in this review, we will shade some light regarding the new ”Bitcoin investment opportunity” in town known as Bitconnect.
Bitconnect claims to be the number 1 open-source platform where individuals from all walks of life can trade Bitcoin among themselves, thereby making profits in one way or the other.
According to this website, Bitconnect seeks to build trust and reputation in the crypto-currency ecosystem. On top of this, they claim that the main intention is to help people find the independence which they have been looking for through taking advantage of the daily fluctuations that happen in a decentralized currency market like Bitcoin.
Bitconnect also claims that it seeks to bring together like-minded individuals who long for financial liberation. With this goal in mind, they believe that they can help investors achieve financial freedom.
Now, the big question is: does Bitconnect have a viable business opportunity for investors who are considering Bitcoin as an ideal investment vehicle? We already doubt their claims. That is why we have published this review in the first place to raise concern and possibly warn you before you can waste a lot of money in the process.
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While Bitconnect claims that their platform is simply an eco-system with an in-built crypto-currency exchange system, we actually believe that this is just half the truth.
The ‘ lending program’ is even more suspicious because members are being promised an abnormal monthly return on investment. This figure currently stands at 40%.
Also, they have introduced something called Volatility Software. This software is basically an interest generating machine where after you put Bitcoin in a special ‘basket’, it will trade and give back profits at the end of the day.
However, Bitconnect claims that profits are not guaranteed. In other words, when you put your money in this special basket, you should not expect that it will, at all time, generate a profit.
Well, this is the truth, and we are actually giving them credit for confessing the truth. However, the monthly ROI is just too high and impossible to achieve on a consistent basis.
Yes, Bitcoin is quite volatile. But there are some recent changes that have affected this crypto-currency. For instance, in September, Bitcoin was quite slow in growth.
Since this website only deals in Bitcoin, expect to make payment in Bitcoin and nothing else. This means that your transaction is literally irreversible. If it turns out to be a scam or a hoax, you will not have the option of getting a refund because it is impossible to trace it.
According to Bitconnect website, you can only buy Bitcoin through their BCC exchange platform. From there, you can trade it to earn interest on a daily basis.
The reason why this company has attracted attention lately is because of the promised monthly ROI of up to 40%. The company actually claims that they have been consistently generating 27.6% return on investment for the last 6 months.
This average is a number that is impossible to achieve or even verify. We could not verify this figure, and thus we cannot say that this is the truth.
While it’s true that the value of Bitcoin has been rising quickly for the last couple of months this year, it is still not possible to realize such huge profits even with re-investing.
In our view, Bitcoin is over-valued since transactions have become slow to perform and expensive to execute. Seeing that other crypto-currencies have surfaced and are doing the same thing as Bitcoin cheaply and quickly, no one can say that they know the future of this crypto-currency with absolute certainty.
Bitcoin has been rising quickly and steadily. But September was a slow month for this crypto-currency. And with this trend being in place, one cannot be guaranteed of abnormal profits on a consistent basis.
As you can see, Bitconnect is collecting money from members of the public and ”paying out interests” once they accrue it.
At this point in time, you realize that someone else should be regulating the activities of this website. This is a different ball game altogether.
In fact, Bitconnect should be considered a company that provides financial or investment services because its ‘products’ fit under this jurisdiction.
But as you can see, this website has done all it can to circumvent the rule of law. They defiantly continue to offer investment services without proper licensing, and that means anyone who does business with them is likely to lose their money.
It then becomes impossible to trace your funds once they land in the hands of these scammers.
This scam uses a very clever trick that you and me may overlook. You see, when investing on this platform, one is restricted to use their own currency which is known as Bitconnect coin (BCC).
In layman’s terms, this means that you have to actually buy this currency in Bitcoin which in turn will drive up the demand for this particular currency called BCC. What happens when demand skyrockets? Prices increase.
We do not like this trick because it puts consumers in a disadvantageous situation while the owner of Bitconnect is always capitalizing on this illegal scheme.
Honestly we have no idea. We checked it out on who.is and only saw that whoever owns this illegal investment scheme was too careful not to put their details out there.
However, it looks like a new business that was possibly launched late last year.
The fact of the matter is that people should exercise caution when dealing with anonymous people on the internet, and especially if they are insisting that transactions must be conducted in Bitcoin.
You see, this site does not have much background information to verify its credibility. That’s quite disturbing. Secondly, this company does not have a ”product line”.
We are using quotes around product line because this company has nothing in form of product that is being offered to or by its members.
Because there are no goods or services (only trading through the so-called Volatility software), the website finds it convenient to explain that profits can be generated through ”lending or investing” Bitcoin. And as long as your money is ‘sitting’ in the system, it will always make profits. This is according to them. In our view, that’s far from the truth.
We are mainly concerned with facts. Apparently, facts are stubborn, and can only be discussed when there is evidence to confirm that we are dealing with facts. This Bitconnect project is not a viable or transparent business. In fact, it shows all the characteristics of a ponzi scheme. We are therefore pleading with our readers to avoid it. To utilize your time wisely, use these trading systems to make money instead.
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FBI Seeking Victims in Bitconnect Investigation
https://www.fbi.gov/resources/victim-services/seeking-victim-information/seeking-victims-in-bitconnect-investigation
The FBI is seeking potential victims who invested in the cryptocurrency Bitconnect coin (BCC), which was first released through an initial coin offering orchestrated by Bitconnect in November 2016.
For a majority of BCC’s existence, the only place to purchase, trade, or sell the cryptocurrency was the through the proprietary exchange hosted by Bitconnect. By mid-December 2017, BCC boasted a market cap of over $2.5 billion. Bitconnect guaranteed investors up to a 10 percent total return per month on their investment, following a tiered-investment system based on the sum of an investor’s initial deposit.
The entire market for BCC crashed in late January 2018, after two U.S. state-level securities regulators issued public letters warning investors of the Ponzi-type nature of Bitconnect. This led to Bitconnect completely shutting down its exchange for BCC, eliminating the market for the cryptocurrency and stranding investors with near-worthless cryptocurrency.
If you invested in Bitconnect, please complete the questionnaire on the website. Your responses are voluntary but would be useful in the federal assessment of this matter and to identify you as a BCC investor and/or potential victim. Based on the responses provided, you may be contacted by the FBI and asked to provide additional information.