Breaking News (January 17, 2018): Following scrutiny and a couple of warnings from regulators in North Carolina and Texas, BitConnect have effectively shut down their lending platform and exchange, yanking the floor squarely out from under their artificially propped-up token, BitConnectCoin (BCC). The value of BCC dropped 91% in response, and it may yet drop closer to its real value soon, which is presumably $0. From an all-time high of $437, BCC is currently trading at $24.
Although most people not particularly immersed in the ins and outs of the crypto currency industry will point at Bitcoin as the most impressive performer of the recent digital currency explosion, those more knowledgeable will be quick to point out that percentage-wise, Ethereum performed much better than the poster-child. The best performer was neither of those two currencies though: BitConnectCoin, known as BCC, gained some 3,265% in value over the run, reaching a high of $59.24, before the rally fizzled out. Unlike BTC and in particular: ETH, BCC was able to hold on to most of those gains. Its current value has settled at the $57-58 mark.
Although not overly impressive at $402 million, BCC’s market cap is enough to place it among the top 15 biggest digital currencies by capitalization.
Advertised as a self-regulated financial system, BitConnect is also an open-source Bitcoin and crypto community platform, as well as a currency.
Like Bitcoin, BitConnect is a deflationary currency, in the sense that only 28 million BCCs will ever exist. Obviously, as more gets mined, scarcity becomes more obvious and thus the price of the currency goes up.
Thus far, only some 6.9 million BCCs have been released into public circulation.
According to the official BitConnect website, the currency becomes an interest-bearing asset the moment the user purchases it. It allegedly offers a return of 120% per year, though that figure is indeed suspiciously high.
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BitConnect is held and spent similarly to other crypto currencies like Bitcoin. There are special wallets in which users can hold their BCCs. Apple have apparently recently launched an app focused on BTC and BCC, designed to make it easy for users to transfer both currencies.
In regards to BitConnect, it also has to be said that there are people out there who say they have proof the scheme is a scam. A short Google search will reveal this – it is definitely not a secret. As said above, the 120% yearly return does indeed look too good to be true.
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