Bitconnect Scam Review — Top Questions Answered & My Experience

I’ve lost a LOT of money over things that have looked promising over the years…

Everyone is looking for that magic bullet, but the internet is cluttered with false information almost everywhere you look!

As of December 2017, if you type in “Bitconnect Scam” in Google you’ll see 189,000 results.

Many of these results are pushing their own agendas …

50% is on one side and 50% is on the other whether or not Bitconnect is the BEST company out there or the WORST.

By this point you’re intrigued by the platform, but just need a little more information before making an informed investing decision.

This post will cover that.

By the end of this post you’re going to be able to:

• See what are the biggest questions people are asking about the Bitconnect platform.
• See if all the hype is worth you investing your money into.
• The REAL reason why people are pouring into this platform.
• How to decide for yourself if Bitconnect is right for you.
• and more!

Below are the top questions or statements I’ve seen about Bitconnect and why people could be misinformed into thinking it’s a scam.

Now lets get into it.

1. How can Bitconnect GUARANTEE interest payments?

The short answer is, they don’t guarantee anything.

I’m not really sure where that came from, but nowhere on the site does it say that you are guaranteed any percentage payout.

I’ve tried to find it in the past, but fell short.

The daily interest payouts vary from day to day and there’s a 0% payout some days.

It’s a fluctuating number that changes with the price and volatility of Bitcoin.

This is the daily payout at the time of this writing over the last 5 days:

The average daily interest payments ranged for this time period from .54% - 1.50%.

It all depends on the profitability of trading for that day and by no means is a payout guaranteed each day.

The payouts fluctuate and some days can be 0%. It’s happened before and will happen again.

1. Isn’t the only way you can make money is through the referral system?

You don’t need any referrals to make money with the system.

Here’s a screenshot from my own account:

At the time of this writing, I’m almost 2 months into the program and that is my profit so far.

Now, I’m no mathematician, but the “affiliate bonus” is 1/10th of the money I’ve made from the platform.

On the other side of the coin, people think Bitconnect is a scam just because it HAS a referral program.

It MUST be a ponzi scheme. People get paid to promote it!

I hate to burst your bubble guys, but the biggest websites in the world pay people to send them traffic once that traffic converts into a customer.

You’ll see this in the footer of Amazon.com among many other websites online.

… and so were many other online behemoths.

1. How can they give out 1% interest every single day?

Let’s talk through a little example, shall we?

Say 10 people join the platform and each of them buy $10 of the Bitconnect coin (BCC) at 10 cents per coin.

Then, they take those coins they’ve just purchased and did a lend on their platform to earn themselves some interest.

For the sake of this example, let’s say that, on average, these people are getting a 1% payout on their money every single day.

I know, lots of 1s and 0s, but stick with me…

Since each person did a loan on their money using their BCC coins, right now there’s a loan of 100 BCC coins and that equates to $10.

Because of these prices, it would “cost” Bitconnect 10 BCC coins daily to make each of these investors their 1%.

Still with me? Good.

Now, let’s say that the price of the BCC coin jumps from $10/coin to $50/coin.

Well, those original investors are still getting their 1% daily return, but they are getting paid in USD and not in BCC coins.

THAT, my friends, is the beauty of the program.

Now, Bitconnect is in a MASSIVELY profitable scenario.

It doesn’t take 10 BCC coins anymore now that the price of their coin is trading at $50.

To pay out the 1% to their investors, it will now cost Bitconnect 2% of only 1 BCC coin.

Think this scenario isn’t likely?

Here’s where it gets crazy… Remember the original agreement?

It was that Bitconnect had to pay $1.00 of interest to fulfill the 1% daily payout of the original investors.

With a $50 price in the BCC coin, Bitconnect could pay 1% on their money for a total of…

500 days on just 1 BCC coin per investor!

Here’s the other crazy part…

That’s only one part of their business!

That’s not even counting the money they’re making on your lend each day by trading Bitcoin 24/7/365.

Oh, and how could I forget all those exchange fees that they make money on when people convert Bitcoin to BCC coin and vice versa when cashing out?

But wait, there’s more.

At the end of your loan you get your capital released back to you in USD form, not the amount of the BCC coin that it was converted from.

When the loans were made originally, it took 100 BCC coins to equal the money that was loaned out of $10.00.

By the time the loan period is over, the BCC coin is now trading at $50. The investor gets their $10 back that they originally put in, but that $10 is worth 1/5 of a only 1 BCC coin!

Yet again, Bitconnect has made even more on the loan which they get to keep free and clear.

In our scenario above, for one investor, Bitconnect made $4,490. If you multiply that by the 10 original investors that loaned out their money, that changes to $49,900.

THAT is how they can afford to pay interest payments to investors each day.

1. The website has poor grammar!

Are you kidding me?

I have friends and family today that still don’t know the difference between their, there and they’re…

Hell, I’m sure there’s grammar issues with THIS post…

Should the content on their site be proofread?

Yeah, sure it should, but that’s not enough evidence for me to think a company is a scam.

People from all over the world are investing into this platform.

There’s a good chance that someone who’s not a native English speaker made it.

It’s not a big deal…

Unless you’re grandpa. Moving on…

1. We don’t know who the owner is!!!

Do you know the owner of Bitcoin?

No? Me either.

But currently, at the time of this writing, Bitcoin has a market cap of $276,640,092,590.

Yes, a market cap of $276 BILLION.

It’s speculated that the founder is Satoshi Nakamoto, or even a funny speculation recently, Elon Musk, but no one knows for sure.

Either way, not knowing the founder isn’t stopping anyone anytime soon from investing in Bitcoin.

To add to this, Bitconnect is a HUGE threat to banks.

Yeah, I’d wanna be anonymous too…

That’s all for now, but I’ll continue to add to this post as I find new questions that arise.

If you have any that I haven’t covered, be sure to ask in the comments below!

With all that said, test it out for yourself and YOU be the judge.

Here’s all you need to do to get started:

1. Open a Coinbase account.

This is where you’ll be able to buy Bitcoin and have it transferred into the platform.

1. Open a Bitconnect account.

If you’ve read this far, then there’s a good chance you’re ready to take the next steps.

Like I said above, I’m 2 months in at the time of this writing, but here’s my 30 day results with the platform in this YouTube video:

This isn’t financial advice to invest or not to invest into the platform. Please make your own judgement call.

This is simply to show MY experience and to set the record straight on questions that desperately needed to be answered.

This post isn’t to seem like there aren’t any risks associated with the platform. As with any centralized service, it can be here today and gone tomorrow.

The website can be shut down or their business model can change in the drop of a dime.

One thing is for sure… their business model is very intriguing and it’s making people money.

The simple fact that we’re seeing look-a-likes that are mimicking how Bitconnect works is proof to me that what they’ve created is special.

Keep in mind that this is the crypto world… people are free to do and use this technology to create what they please without permission from anyone.

Can it stand the test of time? I guess we’ll find out.

I’ll be there to watch it happen though.

Thanks for reading!

Source: https://medium.com/@dealmema/bitconnect-scam-review-14c064d2cf3a