What is Bitconnect and should you invest in it?
Bitconnect is a community driven decentralized cryptocurrency. It is an open-source, peer-to-peer alternative currency that allows investors to store and invest their wealth in a currency that is not controlled by the government. This currency is designed to help investors earn a sizable interest on investment too. Investors in Bitconnect coin (BCC) are regarded as helping to maintain the security of the network and that is why they earn an interest on their balances. It is one of the fastest growing altcoins of 2017.
The rise of the Bitconnect coin in 2017
Bitconnect currency ICO was done in November 2016. The price at the time of the launch stood at $0.2. At the turn of 2017, the altcoin was trading below the $0.2 mark. However, in the first week of April, as the price of the other major cryptocurrencies started gaining, BCC was not left behind as the price went to a high of $12.
In May 2017, when the currency was open for trading on five different exchanges, the price went to a low of $6.20. By the third week of November, BCC passed the $306 mark. This represented a 1530% rise since its ICO in November 2016 making it one of the best performing cryptos of 2017. Currently, the market capitalization of the altcoin is $1.8 billion. The current price is $379.26.
How are Bitconnect coins mined?
Like Bitcoin, BCC is mined. There can only be 23 million BCCs in the market. There are 9.1 million BCCs in supply currently. The Bitconnect network employs a special algorithm called viz POW/POS. From the moment you own a BCC, you are guaranteed to start earning 120% p.a interest in proof of skate minting. CPU/ GPU are used to mine this Cryptocurrency but unlike Bitcoin, you don’t need ASIC miner.
Earning money with BCC
A person is guaranteed by BCC to earn daily profits if they invest USD or Bitcoin into the company. The amount a person invests in the company determines the ROI such an investor earns. The company offers four different investment plans to its investors.
- Invest between $100 – $1,000. Get a monthly ROI of 40%. Capital will be returned in 299 days.
- Invest between $1,010 – $5,000. Get a monthly ROI of 40%. Capital will be returned in 239 days. Investors in this level are eligible to earn a bonus ROI of 23.9%.
- Invest between $5,010 – $10,000. Get a monthly ROI of 40%. Capital returned in 179 days. They are eligible to earn an extra bonus on ROI of 35.9%.
- Invest between $10,000 – $100,000. Get a monthly ROI of 40%. Capital returned in 120 days. They are eligible for a ROI bonus of 0.25% per day.
Investors in the BCC are also eligible to earn a referral bonus once they introduce friends and family.
Should you invest in Bitconnect?
Bitconnect community members can use this alternative money to store value. They can also use their coins to invest in other cryptocurrencies. According to Bitconnect, you will earn interest on the altcoin provided you have a balance in your Bitconnect-QT wallet. The cryptocurrency ecosystem is currently enjoying a steady inflow of new members every day. The coins are supplied at a fixed steady rate. This means that the whole system is self regulating hence guarantees the creation more wealth and growth.