If you’re someone who is familiar with cryptocurrency, you’ve likely heard of BitConnect. This is one of the many cryptocurrencies you can find in the market that offers an earning opportunity.
BitConnect used to have a lending program, where you’d loan your cryptocurrency in exchange for outsized returns after a certain period. The interest rates would depend on the length of the loan.
It also used to have an affiliate program, where you would receive commissions if you were able to bring in an active lender to the cryptocurrency.
It was basically like an MLM scheme and the money you could earn from the company would depend on your effort and how much money your referral would be loaning.
Unfortunately, BitConnect shut down its lending and affiliate business in January of 2018, which is not a good sign for this cryptocurrency.
But the company is still existing and is still offering some other opportunities, which makes you ask if it’s legitimate and worth your time or just a scam?
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BitConnect already Labelled a Scam, Recent Changes Still Not Enough To Convince People Yet
The BitConnect cryptocurrency started out as a promising opportunity for people who had already missed the Bitcoin train.
But people started to catch on about its dubious schemes labeling the company a scam and forcing BitConnect to drop its money-making initiative that is more like a Ponzi scheme.
The company, though, still exists and has already shifted its focus. There are still earning opportunities available, but its focused more on allowing you to earn based on the value of the cryptocurrency.
Despite these changes though, people are not yet convinced that BitConnect is still a legitimate opportunity, especially since the value of thy cryptocurrency continues to be low.
As we progress further into this review of the cryptocurrency, we will see if the changes made is enough for you to give BitConnect a try.
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Who is BitConnect Made For?
The BitConnect cryptocurrency was made for people who were looking to catch the next Bitcoin and make big money from investing in cryptocurrency.
The company actually provided a good opportunity in the beginning and this was reflective in the market as the value of the cryptocurrency reached an all-time high of $430.
It also had a market cap that was above $2.6 billion. The beauty of BitConnect was that it offered you opportunities to earn more money other than earning from the increasing value of the token.
They had a lending program where you could have high returns if you would lend Bitcoin to the company for a certain period.
That lending opportunity also had a referral program, where you would earn a commission if you were able to refer people who could also lend Bitcoin to BitConnect for a certain period.
The company said they were able to provide big returns since they had a bot that was able to take advantage of the changing market of Bitcoin.
The bot basically traded Bitcoin and earned a profit from it, which is what BitConnect used to pay its members. This is what they say was the reason why they could pay up to 40% per month in interest rates.
Unfortunately, it was discovered that what the company was running was just a Ponzi scheme, as the money being paid to old lenders came from the money that new lenders were putting in.
The discovery had affected the value of BitConnect greatly, as it is now worth less than a dollar. Now, BitConnect is offering something different and I’ll discuss this in the next section.
How You Can Make Money with BitConnect?
As mentioned above, BitConnect used to have a lending program that will allow you to earn money if you lend BitConnect tokens to the software bot for a certain period.
You could earn up to 40% a month in interest rates for 299 days for lending Bitcoin valuing in $100 to $1000. You would basically be buying BitConnect tokens using Bitcoins and lend the tokens to the bot.
The biggest earning opportunity came from lending $10010 to $100000, which would allow you to earn up to 40% per month + 0.25% daily for 120 days.
There was also the referral program, where you could earn a 5% commission if you were able to refer people who would also participate in the lending program.
This opportunity, though, has already shut down, as there have been a lot of complaints about it and even received a cease and desist order from the securities board of North Carolina and Texas.
BitConnect now offers investment opportunities that can allow you to earn some money. The first opportunity is through Staking, which is buying and holding BitConnect tokens.
This basically means buying the token at its current value, which is at $0.46 and hoping that it would grow in value in the coming days, weeks, months, or years. This is basically a long-term investment plan.
The other investment opportunity is Trading, where you will be trading BitConnect tokens in the market. This is similar to Staking, but you’re playing a more active role here.
You’re not just buying and holding the token, as you are also monitoring its value. You buy it when it is low and you sell it when it is high.
For example, you bought it at the current value and it suddenly went up to $0.50 in just a few hours, selling it in the process. You basically earn $0.04 for purchasing one token.
Likewise, you can also lose money here if the value of BitConnect plummets to $0.40, which means your investment lost $0.06 in value. This is more of a short-term investment.
The last investment opportunity is through Mining BitConnect tokens. This is basically the process of generating a new BitConnect token, so there’s no need for you to invest in buying available tokens.
This process, though, will take some time, depending on the specs of the computer you are using that is doing the mining. These are BitConnect’s new investment opportunities and it is still too early to tell if it will take off or not.
But initial signs don’t point to a positive outlook as the value of the BitConnect token is still below a dollar. It will likely take some time for the cryptocurrency to gain the trust of the public again to increase its value.
What is Good about BitConnect
After learning more about what BitConnect is and what it is offering, it’s time to discuss the good thing about it.
- It’s really hard to find something good about a company that has already been labeled a scam. But one good thing that I did find about BitConnect is that it didn’t just shut down completely and hide, like what a lot of scam opportunities usually does. This shows that the company is still somehow trying to prove itself as not a scam opportunity since it didn’t fold when everyone was dumping its token and calling it a scam and a waste of time and money.
What is Bad about BitConnect
Even with all of the changes that BitConnect have made, there are still some bad things that I consider about the company that I’ll discuss here.
- Probably one of the first things that I didn’t like about BitConnect was that it has already ruined its reputation by offering a scam opportunity in the first place. Yes, it will only take a matter of time before things are forgiven and people can forget. But by the time this happens, I think it will already be too late for the company. It’s like it’s just putting off the inevitable.
- Despite the change in focus that the company is offering, there’s really nothing of value that they are providing to people. Sure it’s a cryptocurrency that could rise in value (but highly unlikely), but what separates it from the other existing cryptocurrency that already has high value? Why would people invest in it? These are questions that weren’t really answered.
- Unless BitConnect can provide significant value to people that is not a scam, I just don’t see its value going back to the way it was. This makes its current investment opportunities worthless since it is very dependent on the market value of the BitConnect token.
Do I Recommend BitConnect?
Now that I’ve learned the new thing that BitConnect is offering, it’s not an opportunity that I’ll be recommending anytime soon.
The cryptocurrency’s damaged reputation will make it harder to attract people to use the BitConnect token, which will affect its market value.
And since people are already wary of BitConnect, then it will be hard for its market value to increase, making it harder for you as well to make money there if you decide to invest in it.
Until there’s a clear sign that the people are starting to trust the cryptocurrency again (there’s a clear rising trend in the value of BitConnect tokens), then I don’t see myself recommending it.
You can take a wait and see approach if you really are interested in BitConnect. Wait and see first if the value of the token will rise in the foreseeable future, probably after a few months, then you can decide if you will invest or not.
Otherwise, just look for a different cryptocurrency to invest in or other opportunities to make money.