1 Level
8 Review
1 Karma
Review on BitConnect by Marlena Kaźmierska
Bitconnect the biggest ponzi scheme ever
The main purpose of the Bitconnect is to take the Bitcoin of the user and convert it into the Bitconnect coin. This allowed the user to carry out the transactions with the BCC from the account wallet and earn a certain amount of interest. Thus the main agenda with which the Bitconnect was launched was to get the Bitcoin of the users. This helped the users to earn extra profit from the profits which they made from investing the Bitcoins.
The value of the investment increased with the increase in the value of the BCC and the users could sell their coins at a higher price. The BCC present in the wallet of the user determined the rate of interest.
Pros
- Bitconnect network has been secured during the time of its existence. Many hackers have tried to hack the system but no significant effect has been recorded. It had a high level of security.
Cons
- It was not suggested to invest in the Bitconnect network because it suspected by many of being a Ponzi scheme. Just like the other cryptocurrencies, the Bitconnect also has its shares of risk involved. The major risk which can be associated with the Bitconnect network is the risk of losing the investment. This loss of investment probably occurs when there is a decrease in the risk of the mining profit. This can also happen when the exchange rate decreases.
- Even though the Bitconnect network has ensured the users of the authenticity of the security system, it has not been able to avoid the risk of hacking by the cyber-crimes. The lack of the back up of the assets is also considered a challenge because the future behavior of the coin was quite impossible with regards to the increase and decrease in the value.
