BitConnect

BitConnect is a high-yield investment program, which is a type of ponzi schemea It is an open source Bitcoin and crypto community developed by an unknown programmer, or a group of programmers, using their own cryptocurrency BitConnect Coin for all BitConnect lending operations. The price of BitConnect was 0.17 USD in January 2017, and as of august 2017 it trades for more than $50 dollars, increasing a 1800% value in the first 6 months. BitConnect coin released as open source software in January 2017. BitConnectcoin is peer-to-peer cryptocurrency, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain using Proof of Work(PoW) and Proof of Stake(PoS) algorithms. As transaction works without a central repository or single administrator, BitConnect Coin is a decentralized cryptocurrency. BitConnect has a market cap of over $300 million. Besides being used in Lending operations, BitConnect Coin can be traded on internal BCC exchange with Bitcoin and other external crypto trading platforms like Livecoin and Coinexchange.