Men have one thing in common; everyone wants to make more money than what they currently have. Over the years, people have lost lots and lots of money of fake promises to make more. Everyone is always looking for that one magical formula to turn their rags into riches. Today, the internet is cluttered with tons of false information and so many too-good-to-be-true deals.
As of December 2017, Google had over 189,000 results when the word “Bitconnect scam” was searched. Most of these people are just pushing their own agenda. At this point, one would be mildly expected to be curious about what bitconnect platform is all about. So if you are interested in learning all there is about it, you better read on.
There has been a lot of hype lately on bitconnect and whether or not it is a scam. This article helps answer some of the many questions about Bitconnect scam writeup that you may about the legality of the site:
Are there guaranteed returns?
Bitconnect doesn’t guarantee you anything. You may invest in it and fail to get interests. The platform does not advertise any guaranteed returns on the site. If they don’t advertise, it’s probably because returns are not guaranteed. One thing that is certain however is that returns are not constant as they are pegged on the fluctuations in the price volatility of bitcoin.
Is referral program the only way to make money?
Most people usually think that sites with paying referral programs are scams. While there are scam sites that do this, there are so many sites that will pay you for any successful referral that you give them. It is therefore ill-informed to label a site as a scam just because it has a referral program with a promise to pay you. Bitconnect offers the referral program. While one can make some money through successful referrals, the best way to make money on bitconnect is by investing and earning returns.
How is the site able to pay daily interest?
This question is best explained by giving an example. Assuming one invests $10 each in the site. Again, assume the price of each bitconnect coin (BCC) is $0.10. This means that they get 100 BCC. A 1% daily return on a $10 investment equates to $0.10 or an equivalent of 1BCC. Assuming that the price of one BCC jumps to $0.50 it would mean that the investment would be valued at $500. However, as per their agreement, the investor is only entitled to $0.1 daily as opposed to the return of $5 which is what their investment will be worth. When it comes to the refund of the principle, they will only receive the $10 that they invested while their investment will be worth $500. Extending this to several people just shows how much the site makes. This is the reason why they can pay a return of 1% daily.
It is important to issue a disclaimer here that this article is meant purely for informational purposes only; it is not meant to promote the bitconnect platform. It is merely meant to inform you so that you can make a more informed decision on whether to invest on this site or not. Bitconnect might be a good site in which to invest. However being crypto and decentralized means that it can be shut down at any one time and there is no one to hold responsible. This means that you could lose your investment in a sneeze. It is therefore up to you to chose whether to invest in it or not.