BitConnect (BCC) Price

BitConnect aimed to be an open-source online community that would deal in bitcoin and other cryptocurrencies. It also offered the prospect of multiple investment opportunities for people along with literacy regarding cryptocurrencies. It was declared unlawful and the assets of this company were frozen by U.S. courts.

What is BitConnect?

BitConnect is basically a platform that allows bitcoin lending. It had a faster transaction rate compared to the bitcoin platform. This was because of the encryption used, Scrypt, that was faster than what bitcoin employed. People invested in BitConnect believing it to be a good investment opportunity. For instance, the cryptocurrency of the BitConnect platform could be bought and sold like other cryptocurrencies. As with all cryptocurrencies, depending on prices it was bought and sold for, the user could turn a profit. But this is where it becomes a bit unclear. BitConnect offered a share of the profits the currency made and this share of the profits would accrue for anyone holding over $100 worth of BitConnect’s currency.

History

BitConnect was established through a company called BitConnect Limited. This company was registered in 2016 in Great Britain. They projected themselves as a community whose aim was to popularise the adoption of bitcoins. This aim was changed later with the creation and announcement of their own currency the BitConnect Coin. The initial coin offering (ICO) was in 2016, between the months of November and December.

BitConnect Coin

BitConnect Coin (BCC) is the cryptocurrency associated with the BitConnect platform. It is open source. It is a peer-to-peer community driven currency. As with all cryptocurrencies, this too is decentralized. This coin was promoted as an investment that was not controlled by any government and the most attractive feature was that this investment would accrue an interest. This was novel because most cryptocurrencies do not offer an interest payment on investment. Users instead rely on day-to-day trading prices in order to make a profit or return on investment. The maximum number of BitConnect Coins that will be made available will be 28 million.

Where to buy BitConnect?

BitConnect Coin can be bought and sold either online or offline, depending on the user’s preference. The most popular method is to make use of an online cryptocurrency exchange platform which will either exchange the coin for other digital currency or fiat money.

BitConnect Wallet

BitConnect Coin has its own wallet known as BitConnect Coin Wallet. This wallet has to be downloaded onto the user’s system. After the wallet has been set up, it can be used to store the coins. One thing to note is that the user will have to wait for a while so that the blockchain can be downloaded before being able to use the wallet. The wallet is available for the Windows Operating System and for the MAC OS X Operating System.

BitConnect Mining

Before mining the BitConnect Coin, the user needs to install the BitConnect Coin Wallet on their system. Then, using either a CPU or a GPU, people can mine the coin. There is no requirement for a special mining tool for this coin. The mining process is more energy efficient compared to mining for Bitcoin. There are two main concepts involved in the mining process—proof of work and proof of stake. The proof of stake process is what makes the mining of BitConnect Coin more energy efficient. After setting up the wallet, the user has to configure their mining software such that it points to the wallet. Whenever an entire block is mined, all the coins that are generated in the process belong to the miner. This acts as a type of reward system. But this happens only if the miner is working solo. Also, it is extremely difficult to mine as a single person. It is more advisable to mine as part of a group of people. Such a group will be known as a mining pool. A user wishing to mine as a group will first have to join a mining pool. The reward coins will be shared among the mining pool for each block that is mined.

BitConnect Coin price trends

The price trends for the BitConnect Coin are not very clear. According to the official website, the price of a BitConnect Coin as of the third week of April 2018, is $1.593. In addition to this, for the same time period, the company has mentioned that the total market cap is not applicable as is the total available supply of the coin. Reasons have not been provided. From the price trends, it is clear that there have been several fluctuations in price and trading volume. It is also clear that the volume of coins traded per day has dropped from being in the millions to the thousands within the period of a single financial year.

The historical price trends are presented here.

DateOpenHighLowCloseVolumeMarket Cap
Aug 27, 2018 6,710.80 6,884.64 6,689.71 6,884.64 4,019,000,000 115,646,248,487
Aug 26, 2018 6,754.64 6,774.75 6,620.75 6,707.26 3,295,500,000 116,387,236,698
Aug 25, 2018 6,719.95 6,789.63 6,700.96 6,763.19 3,312,600,000 115,778,181,501
Aug 24, 2018 6,551.52 6,719.96 6,498.64 6,719.96 4,097,820,000 112,864,138,781
Aug 23, 2018 6,371.34 6,546.54 6,371.34 6,534.88 3,426,180,000 109,748,424,726
Aug 22, 2018 6,486.25 6,816.79 6,310.11 6,376.71 4,668,110,000 111,714,827,567
Aug 21, 2018 6,301.07 6,500.87 6,298.24 6,488.76 3,377,180,000 108,513,649,180
Aug 20, 2018 6,500.51 6,536.92 6,297.93 6,308.53 3,665,100,000 111,936,076,638
Aug 19, 2018 6,422.57 6,537.98 6,361.55 6,506.07 3,311,170,000 110,582,598,384
Aug 18, 2018 6,583.43 6,617.35 6,353.73 6,423.76 3,984,520,000 113,338,906,417
Aug 17, 2018 6,340.91 6,582.50 6,324.97 6,580.63 4,992,990,000 109,151,601,195
Aug 16, 2018 6,294.23 6,473.50 6,276.41 6,334.73 4,328,420,000 108,335,763,931
Aug 15, 2018 6,221.42 6,588.49 6,221.42 6,308.52 4,895,450,000 107,070,056,730
Aug 14, 2018 6,287.66 6,287.94 5,971.05 6,199.71 5,301,700,000 108,199,097,492
Aug 13, 2018 6,341.36 6,537.05 6,225.72 6,297.57 4,083,980,000 109,111,523,954
Aug 12, 2018 6,283.65 6,409.85 6,237.50 6,322.69 5,665,250,000 108,106,451,582
Aug 11, 2018 0.643488 0.681527 0.632094 0.679475 0 6,316,021
Aug 10, 2018 0.643531 0.778172 0.622547 0.644282 8,339 6,314,887
Aug 09, 2018 0.626457 0.678295 0.571912 0.627262 5,550 6,144,821
Aug 08, 2018 0.505132 0.665038 0.503624 0.625008 6,417 4,953,414
Aug 07, 2018 0.582968 0.746093 0.504597 0.504597 8,271 5,714,513
Aug 06, 2018 0.355259 0.866439 0.355259 0.657239 9,710 3,478,731
Aug 05, 2018 0.297529 0.424630 0.263767 0.349832 2,434 2,912,562
Aug 04, 2018 0.308087 0.312529 0.289360 0.297396 1,180 3,014,573
Aug 03, 2018 0.344262 0.351738 0.304395 0.307761 163 3,367,608
Aug 02, 2018 0.339106 0.376702 0.302840 0.344187 29 3,316,350
Aug 01, 2018 0.360630 0.368276 0.309066 0.313370 748 3,524,676
Jul 31, 2018 0.382648 0.382648 0.354431 0.360552 796 3,739,132
Jul 30, 2018 0.408938 0.410817 0.369117 0.383350 420 3,995,089
Jul 29, 2018 0.382418 0.413374 0.382418 0.408657 343 3,735,194
Jul 28, 2018 0.365074 0.441381 0.335871 0.380963 1,213 3,565,114
Jul 27, 2018 0.316896 0.424017 0.315371 0.364318 104 3,094,063
Jul 26, 2018 0.354914 0.437006 0.314397 0.317297 627 3,464,558
Jul 25, 2018 0.412702 0.421651 0.314359 0.355234 340 4,027,399
Jul 24, 2018 0.430211 0.477360 0.285737 0.420370 1,961 4,197,236
Jul 23, 2018 0.483559 0.485474 0.398446 0.429574 631 4,716,459
Jul 22, 2018 0.492547 0.493360 0.483038 0.483658 11 4,804,009
Jul 18, 2018 0.555848 0.573081 0.555848 0.565686 689 5,412,960
Jul 17, 2018 0.485318 0.560388 0.465899 0.556288 678 4,724,319
Jul 16, 2018 0.411804 0.491793 0.410777 0.483885 346 4,001,992
Jul 15, 2018 0.410715 0.428691 0.392401 0.411323 567 3,990,146
Jul 14, 2018 0.343941 0.410930 0.343941 0.410805 430 3,340,793
Jul 13, 2018 0.399301 0.420328 0.342284 0.344940 699 3,877,819
Jul 12, 2018 0.449459 0.449459 0.328844 0.398936 500 4,363,532
Jul 11, 2018 0.439175 0.449495 0.403457 0.449495 706 4,262,716
Jul 10, 2018 0.461729 0.462627 0.409216 0.439158 148 4,478,846
Jul 09, 2018 0.476696 0.478957 0.435461 0.462056 341 4,622,970
Jul 08, 2018 0.481414 0.482035 0.475973 0.476801 280 4,667,683
Jul 07, 2018 0.452120 0.483570 0.422233 0.481957 335 4,382,359
Jul 06, 2018 0.474595 0.474595 0.410180 0.452887 199 4,598,652
Jul 05, 2018 0.453592 0.527194 0.435059 0.474661 5,685 4,393,675
Jul 04, 2018 0.552488 0.553365 0.405840 0.452629 1,210 5,349,718
Jul 03, 2018 0.455228 0.560415 0.403774 0.552699 1,793 4,406,486
Jul 02, 2018 0.450717 0.472257 0.425673 0.457143 1,356 4,361,579
Jul 01, 2018 0.456801 0.459320 0.419033 0.450693 671 4,419,245
Jun 30, 2018 0.441708 0.460374 0.417363 0.456750 599 4,272,082
Jun 29, 2018 0.421328 0.448665 0.381799 0.441104 1,431 4,074,105
Jun 28, 2018 0.445356 0.446683 0.396658 0.421085 1,288 4,305,502
Jun 27, 2018 0.409655 0.445826 0.393404 0.445200 772 3,959,376
Jun 26, 2018 0.419585 0.457876 0.409452 0.409819 764 4,054,524
Jun 25, 2018 0.410011 0.427582 0.407209 0.419585 339 3,961,029
Jun 24, 2018 0.430453 0.436840 0.381852 0.410761 310 4,157,333
Jun 23, 2018 0.423424 0.483507 0.392754 0.474093 1,561 4,088,254
Jun 22, 2018 0.535611 0.536520 0.395117 0.422998 437 5,169,272
Jun 21, 2018 0.519201 0.550394 0.460556 0.536118 1,493 5,008,731
Jun 20, 2018 0.474341 0.552665 0.423177 0.519080 1,480 4,574,902
Jun 19, 2018 0.511845 0.513180 0.419176 0.474045 237 4,935,709
Jun 18, 2018 0.491618 0.516980 0.401183 0.512098 1,709 4,739,694
Jun 17, 2018 0.502879 0.511840 0.459362 0.493551 498 4,847,011
Jun 16, 2018 0.506729 0.512382 0.455112 0.501637 412 4,883,009
Jun 15, 2018 0.529144 0.529773 0.397412 0.508566 2,073 5,097,884
Jun 14, 2018 0.500364 0.534526 0.469558 0.529983 867 4,819,391
Jun 13, 2018 0.499108 0.525366 0.475584 0.500590 824 4,805,592
Jun 12, 2018 0.520915 0.586737 0.468832 0.497802 518 5,013,374
Jun 11, 2018 0.589455 0.597377 0.450005 0.521193 650 5,671,873
Jun 10, 2018 0.591233 0.615757 0.546809 0.588614 407 5,688,354
Jun 09, 2018 0.570903 0.624063 0.354609 0.590502 2,178 5,491,892
Jun 08, 2018 0.679129 0.680585 0.571280 0.571280 1,225 6,531,934
Jun 07, 2018 0.830835 0.840747 0.616191 0.678702 3,974 7,989,765
Jun 06, 2018 0.762750 0.835753 0.696506 0.830071 870 7,333,852
Jun 05, 2018 0.731079 0.804899 0.677321 0.762935 2,036 7,027,459
Jun 04, 2018 0.793459 0.939977 0.694818 0.730730 2,389 7,624,986
Jun 03, 2018 0.747375 0.794714 0.685911 0.791445 1,143 7,179,913
Jun 02, 2018 0.612431 0.749761 0.609002 0.747173 1,557 5,878,902
Jun 01, 2018 0.695214 0.698047 0.603599 0.612693 1,017 6,671,447
May 31, 2018 0.600181 0.705017 0.597376 0.694703 493 5,757,599
May 30, 2018 0.689493 0.720064 0.588264 0.600335 570 6,612,610
May 29, 2018 0.620972 0.690753 0.549301 0.689051 4,093 5,953,776
May 28, 2018 0.720338 0.752333 0.609616 0.621146 208 6,904,234
May 27, 2018 0.735011 0.735011 0.626289 0.720167 1,238 7,042,384
May 26, 2018 0.705844 0.820007 0.695970 0.734757 1,433 6,760,211
May 25, 2018 0.627561 0.706726 0.616894 0.706726 283 6,009,738
May 24, 2018 0.606562 0.658811 0.587580 0.626626 263 5,807,826
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Risks associated with BitConnect Coins

With regard to BitConnect Coins, the company promised a monthly reward for every user. This reward was to be a percentage of the funds that were available in the user’s wallet. The plan was to reward the user with 10% for the first six months and then reduce the rewards for every six months thereafter. The people who run the BitConnect website mentioned an annual return on investment that could be as much as 120%. This is a risky proposition and every person who tries to acquire BitConnect Coins should be aware of the risks. Investments that have an extremely high rate of return can be classified as risky. In addition to this, there is no whitepaper regarding the currency or the platform. This is one of the signs that neither was developed in an orderly fashion. This are signs that there could be some element of fraud or risk involved. From the historical price trends, it can be gleaned that the trading volume for every 24 hours that the currency was on the market fluctuated wildly. Also, there was a huge drop in the volume in 2018. The creators of the coin are not known. This is another factor that investors should take into account before investing in this coin.

In addition to the points mentioned before, there has been widespread suspicion that this cryptocurrency is just an elaborate Ponzi Scheme, meaning investors are at risk of losing their money. The currency also employs a multi-level marketing structure which is also cause for concern. Courts have also issued orders against this currency, including one that was a cease and desist order. The company responded by mentioning that they would shut down their operations. There was also at least one instance during which the assets of the company were frozen by order of a Court.

Thus, it can be seen that investing in BitConnect can be an extremely risky business. In addition to governments cracking down on cryptocurrencies, the company itself has not always inspired confidence. This goes on to show that an investor would be better served making use of traditional investment platforms that are well known. It is suggested that potential investors try to invest in mutual funds instead of cryptocurrency for better returns. It is also to be noted that any kind of investment is to be made after extensive research.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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