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BitConnect X or BCCX at Bitconnectx.co is yet another new Initial Coin Offering opportunity on the internet. There are many of these sites because literally everyone is launching a coin these days.
What exactly can we say about BitConnect X? Well, the first thing we can say is that the name of this title and the so-called coin is not inspiring any confidence in us. There is also a sketch on the site which acts as road map for their activities in 2018. They claim that the rest of the unsold coins will be be dumped or used as reserve (we didn’t quite understand this part).
All we know is that BitConnect X is intending to supply some 49 million coins. Out of the 49 million coins, the public can buy 11.7 million coins only. On the other hand, 2.9 million coins will be held in the reserve to pay for administrative fees and many other things which involve the operations of BitConnect X.
The question is, should we invest in this coin? Should you even waste your time trying to figure out whether or not BCCX is a worthwhile coin to invest in?
That’s the question we will be answering in this BitConnect X review.
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In a nutshell, BitConnect X or BCCX is an open-source, blockchain-based decentralized altcoin that enables instant transactions between peers and with minimal fees.
The site also claims that you will earn interest if you keep some coins in their wallet. This is meant to help maintain the security of the network. We do not understand how.
The digital wallet is attached to the network, and so transactions are supposed to seamlessly flow through it.
The website intends to design a Cryptocurrency exchange platform where BitConnect X will be traded against other coins as well.
The road map actually tells us that this platform will be ready later this year. They will also be looking to add more altcoins that can be traded against their coin on this platform.
These plans obviously sound promising. But honestly, BitConnect X is not confidence inspiring because for one, this coin doesn’t have any value. It is not backed by anything which could actually raise its demand. Furthermore, BitConnect X website is not offering a unique service. There are literally hundreds of similar sites on the web which are offering coins too. What difference does BitConnect X bring to the table?
What is the idea behind this coin? And can they convince us how the value of this coin will rise in the next few years (if at all BitConnect X will even exist)?
The point is, there are many questions that we need answered in a whitepaper.
Come to think of it; BitConnect X does not even have a whitepaper. A whitepaper is very different from a road map which the site has already provided.
A road map clearly shows what the business intends to do in the short term. Generally, this is a timeline of what they are supposed to do in 2018.
Now, a whitepaper is needed because it provides more value than a road map. For example, when we want to know how this coin will increase in value, we will need to consult their whitepaper. When we need to know the risks involved and how these risks will be minimized or mitigated in this business, a whitepaper can always help us.
When we want to know the people behind BitConnect X and their experience in the blockchain space, we will equally find the whitepaper useful.
Now, lack of a whitepaper to highlight these critical details is a huge red flag. It shows that BitConnect X does not take its business seriously. And when they prove that this is not a serious venture, then you should expect it to disappear sometimes in 2018 or next year.
Most of these ICOs are nothing more than ponzi schemes. A lack of a whitepaper to highlight certain details about the business is clearly a red flag.
Before we forget, let’s start with ownership of this business. Who are the owners or operators of this site? Are they backed by any corporation?
We need to find out. These things should be contained in the whitepaper. But unfortunately, BitConnect X does not have one, which forces us to look them up on who.is for further information.
Now, when we run the domain on who.is platform, we are not surprised to discover that the domain is privately registered. That means we can’t see the name of the owner.
That is a very common trend with ponzi scheme websites. You don’t want to invest in an ICO like this because ownership details are hidden, and secondly, the value of this coin is not backed by anything. As a matter of fact, this coin is valueless.
They are selling it for $50 BCCX when the actual value of this coin is zero. What exactly is the inspiration for selling one coin for $50?
You see, for you to price a coin, you must consider a number of factors. Some of them include the potential value of the coin in the near future (which is influenced by the idea that is backing that specific coin) among other things.
We cannot emphasize any further. This information needs to appear in the whitepaper, which we have already learned that BitConnect X website doesn’t have.
Combine these findings with the fact that ownership of this site is discreet and you will see how this can be potentially a huge rip off.
We would never encourage anyone to buy this coin until these questions are answered.
The specific questions that we want answered are as follows:
-Why is the coin’s value $50?
-What assurance is there than this coin is worth the price and investment?
There is some reference to lending or what they describe as keeping coins in your wallet so that they can earn interest.
And then there is also mention of some 35 million coins going towards mining activities.
These are apparently the reason why they think this useless coin will grow in value over time.
But honestly, pricing BitConnect X coin at $50 is clearly something that doesn’t make sense.
There is nothing so unique about keeping these coins in your wallet or mining them. So that means the value of this coin cannot rise based on those two things.
In fact, many websites are now doing the same thing. Their coins have always remained valueless. On the other hand, investors were fooled to buy and store them for later profits. Today, those investors are regretting because the coins they bought have never increased in value or listed with any major exchange on the internet.
History repeats itself, and BitConnect X is not any different. This is definitely a site that people should not take seriously as it is showing the characteristics of a ponzi scheme.
BitConnect X could be a scam, and in that case, it’s not bound to last a long time on the internet. If you ever buy this coin, you will have yourself to blame when you suddenly realize that your money has sunk with the ship.
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