BitConnect (BCC) Price

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.

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."