Is bitconnect legit?

in faq

Question:

bitconnect, are those guys legit?

A group of guys here are investing in those guys. They are saying they are gaining more than 1 percent per day. Also say that Canadians only allowed $500.00 investment per day. Americans unlimited or much higher they say.

What is Bitconnect?

Bitconnect seems to operate bitconnectcoin.co, bitconnect.co and bitconnect.com websites and it's not obvious upon initial inspection but they appear to have their own cryptocurrency listed as BCC. You can consider Bitconnect to be an ICO, or an Initial Coin Offering.

Bitconnect is listed on coinmarketcap as BCC:
https://coinmarketcap.com/currencies/bitconnect/

Is Bitconnect a ponzi scheme?

This is something users should be researching before investing or participating in any type of investment. Upon looking for these types of articles about Bitconnect, we found some of the following articles that are worth reading for you as the user to make your own opinion and judgement:

Our opinion of Bitconnect

Without having done the detailed research but a basic understanding, something just doesn't seem to add up. These Bitconnect websites don't seem to explain very easily what they do in detail and they seem to have distracting information that avoids them simply explaining what they are and what they do. From our understanding based on what other websites have researched, users give Bitconnect your actual Bitcoin and they trade it for you using their bots and pay you interest in the form of their own coins.

You can read a little more on what Bitconnect offers their users for allowing your BCC coins to be traded by their trading bot.
https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending
Nobody knows if they truly have a trading bot which is supposedly used to help generate daily profits for you but here is the question you need to ask yourselves

Question: If Bitconnect does indeed have a trading bot that is capable of generating daily profits that are essentially guaranteed, why would they want or need to share these profits with you? It makes sense that they would do this for themselves and if the system is creating this much wealth, then they don't need investors or at least that much in investment.

Bitconnect Ltd

If this company is associated with Bitconnect then it doesn't seem to be active or instill any sense of trust:
https://beta.companieshouse.gov.uk/company/10278342/filing-history

Bitconnect in the top 20

It is surprising to see BCC in the top 20 coins. If Vitalik Buterin says that 90% of ICOs will fail then this one looks like it could be part of that group.

Comments