A friend of mine recently asked me to have a look at Bitconnect to see what I thought of it. Since I trade Bitcoin and Altcoins for a full time living he trusted my opinion to give him the low down on this coin and opportunity.
After sharing my honest opinion he put together a review of Bitconnect on his blog NoBsImReviews.com – I may be becoming a contributor soon, so watch this space as it would be cool to write for him.
Anyway since Bitconnect is growing a lot, I figured I should share my opinion here too to give you the low down on what I think about this coin and opportunity.
Initially I thought Bitconnect was just a coin but I’d never really looked into the company since it’s not a coin that I have ever traded. Upon taking a closer look I realised that it’s one of these businesses where you can actually buy Bitconnect and earn “guaranteed” returns.
To me this sounds like a ponzi scheme and has red flags all over it.
A few years back before I got involved with crypto I used to try different methods of making money and got sucked into a few similar schemes. They had nothing to do with cryptocurrency but they were definitely ponzi schemes.
What happened is they offered huge returns and after a while the returns stopped getting paid out and the website closed down. Many of them used to operate via weird payment processors and digital currencies (before crypto). I’m talking about things like e-gold and other payment forms.
Since then those kind of fake companies have faded away but I believe that some of them have actually moved into the crypto space as there are a number of crypto MLM’s that I am having to expose on a regular basis and my friend over at NoBsImReviews regularly shares them with me to get my opinion.
I won’t go into detail on them, but he has plenty of reviews about them and it’s shocking the way they operate because they just suck poor people in with huge claims of income that never actually happen.
Bitconnect is actually a funny one that is hard to really come to a conclusion about because it seems like a ponzi scheme however it’s one of the top altcoins you can buy and has a lot of volume in it.
I think it may be a billion dollar coin now which is just crazy or at least it’s well on it’s way to having a billion inside it. The thing is many people will buy into the coin via exchanges like Bittrex whilst others may get sucked into the whole “opportunity”.
People buying the coin on exchanges like Bittrex don’t really have much to worry about as long as they understand how to trade crypto but it’s the people investing a ton of money via the bitconnect website that are the ones in trouble.
Personally I wouldn’t recommend it.
That’s my 2 cents.
Read this: Bitcoin Passes $5k…