UPDATE: Bitconnect Closes Down
As many suspected, the BitConnect platform has ceased all lending and the exchange has closed down effective 1/16/2018.
Many are unsurprised by the recent events as BitConnect recently received a myriad of cease and desist letters from state officials.
You may have read a lot of positive and negative articles about Bitconnect coin and exchange. Many industry analysts described the BCC as having the most powerful and established platform for the majority of virtual currencies. This facility positioned itself as one of the largest crypto lending facility in the digital domain. Some traders say investing your money in Bitconnect bitcoin ensures more security than the BTC.
Bitcoin goes through tremendous volatility. It can go up by more than $1, 000 in one day but plunge $2, 000 the following day. The BCC experiences less instability with an automation tool called “volatility bot” which takes care of all trading aspects. Hence, you only collect the daily interest of 1.5% just like what traditional banks offer for one whole year. You avoid the risks and maintain your investment.
Bitconnect offers higher returns utilizing the Proof of Sale and Proof of Work hybrid mining approach. It means you can mine new coins and gain interest from holding existing BCCs. The BCC contains a value in Bitcoin and US Dollar on accredited exchanges.
This crypto exchange built its exclusive Bitconnect wallet after several months of rigorous technological formulation and repeated tests. In other words, you can connect to the Bitconnect bitcoin lending system that accepts BCC as exclusive method for electronic payments.
With this technology, you can work on the systematic platform and send BCC (coins) using the dashboard without using actual coins. The exchange converts funds of members in the Bitconnect wallet from a BTC to a BCC balance. You can view the available amount as BCC instead of BTC values. The Bitconnect coin became an officially tradable cryptocurrency in December 2016 following completion of its Initial Coin Offering (ICO).
This digital exchange built a new Android Bitconnect app that facilitates sending and receiving of BCC. The application also updates users with the most recent news and trends about cryptocurrencies. Bitconnect main developer Satao Nakamoto revealed the company’s development team would soon incorporate currency exchange along with features for Bitcoin lending.
The Bitconnect app integrated with the crypto coin’s open-source configuration provides users with more flexibility. Besides, it connects you to a secure group of lenders and investors hoping to boost their Bitconnect wallets as soon as the price of BCC increases. Other innovative and convenient features include the so-called BCC Mining and Staking Pool Launch. The system gives all users the opportunity to earn BCC rewards by minting and mining. Bitconnect also unleashed paper and mobile wallets plus the “Smart Card” for more functionality.
Bitconnect Supported Coins
Bitconnect ranks among the leading 15 digital assets concerning market capitalization. It trades using the BCC emblem. According to a news item, traders have already bought over 1 million BCC with early buyers getting more than 40% perks. Traders reportedly gained more than 1, 000 BCC for one BTC.
You have to learn the Bitconnect fees and withdrawal limits before engaging in any trade. The exchange charges 0.25% for selling and purchasing. The facility refunds undelivered orders upon termination of the purchase. It does not collect Bitconnect fees for deposits either in Bitcoin wallet. Any fee charged by the wallet service provider verifies the transaction. In other words, your wallet issuer may impose standard transaction fees for transmitting payments to your BTC wallet.
The exchange does not earn from withdrawals. Bitconnect fees cover mining network costs to guarantee speedy and dependable processes as well as confirmation time. It charges 0.0004 BTC for network transfers.
Bitcoin Scam – Is it Legit?
If you happen to read an online Bitconnect review, you will discover alleged fraud involving platforms like One Coin and RECoin similar to traditional Multi-Level Marketing companies. The first thing that will probably come to mind concerns a possible Bitconnect scam. Stakeholders in the industry have debated on the volatility app of Bitconnect. The question is that is Bitconnect legit? The company insists the software works despite contrary theories and opinions.
The software makes use of Bitcoin’s instability to buy and sell the cryptocurrency at cheaper rates giving the exchange additional percentage points for profit. It shares earnings with Bitconnect lenders. Do you think of a possible Bitconnect scam? How will you know the exchange will not run away with your hard-earned funds? Bitconnect claims it designed and coded its software as one of the most secure and profitable apps in the cryptocurrency realm.
Investors can expect to generate substantial returns more than the money invested. Banks pay only five percent annually. Bitconnect compensates investors with a 45 percent interest every month. Thus, the answer to the question “Is bitconnect legit” is Yes. You can look forward to the Bitconnect legit as traditional fiat currencies without any apprehensions of losing your money.
Who Choose the Bitconnect Exchange?
You should look at the multiple advantages and not the rumors about fraud or scams. Transactions promise to turn out very fast as it connects network users without intervention by their parties. The facility transfers funds quickly compared to conventional methods. Besides, the Proof of Work and Proof of System algorithms ensure two-tiered security with dual validation system that safeguards all transactions. Trades can become profitable while mining makes use of the Graphics Processing Unit and computer CPU for this purpose.