First off I would like to thank one of my readers for asking me to look into BitConnect and express my opinion about it. It is my hope that I can explain this site as I understand it and thereby helping those of you make an informed decision on investing in it. So without further adieu please read the following article about BitConnect and feel free to leave a comment below if you have any further information that I have missed or forgotten.
- Name: BitConnect
- Website: https://bitconnect.co
- Business Model: Peer to Peer investing
- Alexa Ranking: 144262
- Verdict: To Be Decided
What Exactly is BitConnect?
BitConnect is a peer to peer community that deals exclusively in bitcoin. What that means is you deal directly with other members in buying, selling and lending bitcoin to other members. They are not a company or a financial institution, they basically act as a collective. The goal is to help make bitcoin as the main payment system through out the world.
How Does BitConnect work?
As far as I can tell this works as an investment tool for investing in bitcoin lending. Once you invest in bitcoin lending with BitConnect they have what they call a “trading bot” this term makes me a bit nervous but as far as I can tell it does pay. The percentages are low and look to be sustainable. This is by no means a hyip of any kind. The interest rates are calculated by what is called “bitcoin price volatility software” and is also accrued on a daily basis. The image below shows how much of a return you could get with a $200 deposit for 30 days.
How Can You Make Money with Bitconnect?
The first thing to do is join for free and then make an investment in bitcoin lending for as many days as you wish. Of course the more you invest the more of your return will be. It looks to me that when you withdraw, you can only withdraw your profit and the principle stays in which could be a good or a bad thing. It would be a good thing if it continues to earn interest and you can then continue to withdraw any profits. You can learn more about bitcoin lending for the first time by clicking here.
Is There any Red Flags with BitConnect?
I have not seen anything that I would classify as a red flag, but there are a couple things that I am wondering about.
- The term trading bot is not something that I have ever seen in a legitimate website, but that doesn’t mean that this is a scam.
- Bitcoin price volatility software is something I have never heard of but I can see where this could be possible.
- I am not sure if I like the idea of not getting my principle back when I withdraw. Like I said previously this could be good or bad depending on how long this site is around.
What are other members saying about BitConnect?
I looked around and found some members posts about this site and it looks promising. These comments I found on scamadvisor.com.
My Recommendation about Bitconnect.
I can’t say this is a scam it looks to be very legitimate. The interest it pays is very reasonable and makes this program very sustainable. I do not think it would hurt to invest $100 in bitcoin at first and see what your return will be. I have not seen any negative reviews about Bitconnect, so I am leaning toward calling this legit unless I hear otherwise.