BitConnect Coin is a Proof of Work/Proof of Stake Scrypt cryptocurrency. They are used by bitconnect community members for bitconnect services and to store and invest the wealth in a non-government controlled currency. The BitConnect coins will also be used as payment system on number of BitConnect partner websites.
|Mkt.Cap||$ 11.2 M||Volume 24H||0.00000000 BCCOIN|
|Market share||0%||Total Supply||28 M BCCOIN|
|Proof type||PoW/PoS||Open||$ 1.00|
|Low||$ 1.00||High||$ 1.00|
Update: No, Carlos Matos is not calling bitcoin a scam
Warning Sign #6: BCC Trading Was Highly Susceptible To Market Manipulation
The BCC Ponzi scheme currently stands at the biggest scam in cryptocurrency history. There is no doubt that scam has tarnished cryptocurrency and the truth is that many of those affected will never come back into this market.
World Markets – Managed Trading Accounts
While still not widely adopted by merchants (as of September 2017), nothing stops users from being paid in BCC for products and services sold. Simply give out your public wallet address and if someone owns BCC, they can use it to pay you.
Are Bitcoins legal?
Bitcoins allow buying of goods and services online, as well as transferring money. Bitcoin is digital and decentralized – With Bitcoin people get the liberty to exchange value without intermediaries which translate to greater control of funds and lower fees. It's faster, cheaper, more secure and immutable.
If you would rather choose your own, there are many others to pick from, including popular international options like Bitstamp amd Bitfinex. Archived from the original on 23 December 2016. The pool has voluntarily capped their hashing power at 39.99% and requested other pools to act responsibly for the benefit of the whole network. c.
Paris Saint-Germain Teams up With Cryptocurrency Exchange Platform CoinCasso
Is Bitcoin the same as BitConnect?
What is an Exit Scam? An exit scam is a fraudulent practice by unethical cryptocurrency promoters who vanish with investors' money during or after an ICO.
Nevertheless, it showed that against all reason, people were still buying the coin. In the past 24 hours, $18 million of BCC has been traded and a coin that was written off as being utterly worthless is now changing hands for $28. When Bitconnect announced that it was closing its lending platform on Wednesday, $1.5 billion worth of value was wiped off its market cap in less than two hours.
Relatively little is known of the history of BitConnect. Its goal is to allow users to lend bitcoin to the platform itself, but at the time of writing this guide (September 2017) that goal had yet to be reached. They’re also accused of using misleading and deceptive statements by not clearly disclosing the risks involved with investing in cryptocurrencies.
This means that anyone receiving digital currency will receive it immediately. That doesn’t mean you can use those coins as soon as you receive them. While this makes the process a little slower, it’s a small price to pay for peace of mind and a secure system. BitConnect enjoys faster transactions compared to the bitcoin platform.
However, pretty much every legitimate financial product gives investors a way to get their money back whenever they want. Yes, there may be a fee associated with the early drawdown, but typically legitimate financial products do give investors this option.
There are several websites that will pay you in bitcoin if you watch an ad or click to a certain page containing ads. If you are ad immune and want to make quick crypto buck–this can be a good idea. Bear in mind, to make any significant money is still very hard work and a rather tedious task. BTC4ADS pays around 100 satoshis (0. ฿) and Coinadder pays around 25 satoshis per click. It presents new miners with new challenges and also unique opportunities to come into the market when everyone else is leaving and then the price of bitcoin will go up.
- It was no secret, prior to its collapse, that Bitconnect was running an ICO.
- Unfortunately, markets just don’t work like that.
- As of September 2017, transactions on all blockchains are instantaneous.
- In the emerging markets, the legal status of Bitcoin still varied dramatically.
- This has made the BCC token effectively worthless and given BCC token holders a 100% loss.
How does BitConnect work?
The coin value collapse is one of the largest in the history of cryptocurrency. The Bitconnect lending platform was closed on January 16, 2018.
However, the exchange rate against government-backed currencies can be very volatile. That is partly because speculation often drives the price, but also because bitcoins have a relatively small market compared to traditional currencies.
Is BitCoinGet safe?
BitCoinGet is not a scam; it's a legitimate reward site that pays you your Bitcoin once you reach the cashout amount. With that being said, it's not a site I highly recommend unless you just really want to get paid via Bitcoin. If you're set on getting paid via Bitcoin, BitCoinGet seems to be a decent option.
So, how much was the second Ponzi scheme wanting to raise in ICO funding? Did people really take their own lives because of this scam? As heartbreaking as it is to see YouTubers like ‘Real Estate Student’ spill their guts on YouTube, the people who were most at risk are probably the silent ones.
That’s right -- you can play games on your phone or computer and actually get paid in bitcoin. Once you download a wallet, you need to set up an account on a cryptocurrency exchange that’s approved by your wallet provider. Cryptocurrency exchanges are market places where sellers trade cryptocurrencies to buyers in exchange for fiat money or other digital currencies. Quickly purchase a substantial amount of bitcoins on the internet or in person. Expending monetary or mental resources to get bitcoins is a necessity.
Step 1: Setup an exchange account
Who founded Bitconnect?
The scam basically resulted in: Investors handing over their Bitcoin to Bitconnect. Bitconnect then held onto the BCC coins lent out and reduced the circulating supply. This means that as more people were attracted to the scheme, they were chasing an ever decreasing supply of BCC coins.
The idea that bitcoin will eventually replace fiat currencies is the reason so many people are investing in bitcoin now. Bitconnect 2.0 is most likely another scam, but sadly, many crypto gamblers have short memories. If this new Bitconnect goes live, it won’t be surprising to see people going all-in on it. Bitconnect’s primary aim was to invest with users bitcoin (which is locked for some time) and share the profits made from the investment. The company claimed it was making a lot of profit, thanks to its special “trading bot,” so it offered juicy interest rates to investors with an average of about 40% monthly.
According to Coinmarketcap, the project was valued at a staggering $2.6 billion and the BCC coin as being traded for $432 per coin. However, the Bitconnect bot had no such problem.
As of February 2020, Bitcoin was legal in the U.S., Japan, the U.K., Canada, and most other developed countries. In the emerging markets, the legal status of Bitcoin still varied dramatically. China heavily restricted Bitcoin without actually criminalizing the holding of bitcoins.
This involved the launch of the BCC wallet and desktop client. The purpose of this software was to allow for the staking and mining of BCC coins.
Bitcoin price volatility software that makes Bitcoin investment decisions on behalf of the BitConnect community. In exchange, the lenders (users) receive daily interest on their investments. The lending platform is BitConnect’s flagship improvement over the bitcoin platform.