Review on BitConnect by Robiul Islam
Bitconnect was an exchange platform that allowed its users to exchange their…
Bitconnect was an exchange platform that allowed its users to exchange their Bitcoin for the Bitconnect Coin (BCC). With the promise of extremely high returns and the refer-a-friend “Ponzi scheme” tactic they had launched, it’s not hard to see why the project would end up being a SCAM all along. As if that wasn’t suspicious enough, they also ran their own lending program in which BCC holders could lend their coins to other members and theoretically earn interest. As such, the platform would close down after just one year in operation and eventually became completely obsolete after it was exposed.
Pros
- The Bitconnect SCAM is the biggest and most well known Ponzi scheme in cryptocurrency history. In just over a year, the ‘project’ managed to propel itself from an obscure ICO to a crypto project valued at a staggering $2.6 billion. Fast forward an additional 8 months and Bitconnect has managed to get itself delisted from every single cryptocurrency exchange. This has made the BCC token effectively worthless and given BCC token holders a 100% loss.
Cons
- No official website available, Description of the project is very vague. Team members are anonymous. Nobody could use the coin for actual payments. Promising unreasonably high return on investment without any concrete idea or rigorous plan.
