BitConnect cryptocurrency guide advises where to buy and how to buy BitConnect. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about BitConnect as well its status in the world of cryptocurrencies.
BitConnect, Tuesday, 2018-08-14
- 1 What Is BitConnect?
- 2 Beginner's Guide to BitConnect
- 3 Where and How to Buy BitConnect?
- 4 BitConnect Markets
- 5 Where to Spend or Use BitConnect?
- 6 How Does BitConnect Work?
- 7 BitConnect Regulation
- 8 Is BitConnect Secure?
- 9 History of BitConnect
- 10 BitConnect Videos and Tutorials
- 11 See Also
What Is BitConnect?
BitConnect (BCC) is an open-source cryptocurrency which has been described as a high-yield investment program and as a Ponzi scheme. BitConnect experienced a major crash in January 2018.
It's not advised to invest in Bitconnect.
BitConnect uses cryptography security by processing information into almost untraceable code. BitConnect is an open source, community-driven decentralized cryptocurrency that has been created by the people and for the people. It is a platform that enables its users to deposit their Bitcoins (BTC) and exchange them for BitConnect coins (BCC) the open source cryptocurrency developed by BitConnect.
BitConnect has been modeled in such a manner to ensure that the process of trading, staking and investing BitConnect coins is made much easier by providing an independent self regulated financial system, that is user friendly to each and every one of you around the globe.
BitConnect comes with the benefit of independency from institutions like banks and their likes hence excluding you from all the taxes, the extra charges involved which are unknown to you and all of heck of lining and the waiting that come with it.
Beginner's Guide to BitConnect
To begin with it is important to ensure you have a clear understanding of the basics of BitConnect. When content with your newly acquired knowledge just follow the simple herein steps one after the other.
- The first step is to register your details on BitConnect. It’s free to join and all you require is a functional email address.
- Register by entering your credentials from your names to your email. An activation link will be sent to your email for verification. Click on the link and proceed to log in and begin using BitConnect. Once logged in, you will be able to see a BitConnect dashboard with some menu options.
The main ones are BCC Exchange and TRANSACTION.
- To get started you must start by first depositing your Bitcoin. With that done you can now be able to buy BCC by clicking on BCC exchange followed by the BUY BITONNECT COIN buttons. This converts your BTC (Bitcoin) to BCC (BitConnect coin) as per the current market rate. Now you can begin lending and reinvesting while you sit back and relax and watch your money begin to roll in.
Where and How to Buy BitConnect?
Buying BitConnect coin (BCC) can only be done exclusively from the BCC exchange platform. You must first ensure that you have an account on BitConnect. It’s easy, fast and reliable to buy BitConnect coins from the Bcc exchange platform with your Bitcoin.
To get BitConnect coins into your BitConnect wallet just follow the following steps:
- Create an account with BitConnect.
- Check out for the BCC exchange page.
- Click on the Deposit bitcoin button to deposit your Bitcoins. It will take sometime before confirmation to your deposit after making payment to deposit bitcoin address. Give it 30 minutes or more to process your request. The time taken to process depends on how busy the system will be.
- With that done and completed successfully scroll down to the buy BCC form.
- Enter amount you would wish to buy in the Units field.
- Enter the Bid amount in Bitcoins you would like to buy BitConnect coins with.
- Finally click buy BitConnect coin button to place your buy order.
A BitConnect wallet can be defined as simply an account for every BitConnect user. To understand it better it is like a bank account that you open in banking institutions. Therefore “BitConnect wallet” (BitConnect Coin Account) enables the owner to receive BitConnect Coins store them, trade with them, mine or buy and sell the BitConnect coins (BCC) with the aim of earning some profits form his investment.
There are two types of BitConnect wallets: Software BitConnect Wallet and Web BitConnect wallet.
A software BitConnect Wallet can be downloaded and installed in a personal computer while a Web BitConnect Wallet is hosted on a web server and available for you to sign up.
Where to Buy BitConnect with Credit Card?
To use credit card to buy BitConnect coins you will have to first and foremost visit the website livecoin.net. Once on this website you will use your credit card to first buy bitcoin. After buying BTC, you can now use them to buy BCC with the newly available BTC balance in your account.
For more information on this check the section Where to Buy BitConnect with PayPal and visit those sites as most of them do accept credit card as well.
Where to Buy BitConnect with PayPal?
Just like credit card to get BitConnect coins with PayPal you will have to buy Bitcoins and deposit them in your BitConnect wallet, then proceed to exchange them for BitConnect coins.
There are some sites where you can be able to successfully execute this process. However it is important for you to know that this takes time and has relatively high charges. Moreover there are commission charges while transferring the coins to you that may eat up the value. This is due to the fact that PayPal views BitConnect catastrophic to its existence and treats it as competitor.
Below are a few of the available options where your PayPal is a viable channel towards getting BitConnect coins:
- Basically xCoins.io acts as a facilitator that enables you to purchase digital currency from another user on this site.
- Follow the following guidelines for efficiency:
- Sign up and get an account with xCoins.
- Log in by following the self-explanatory instructions therein:
- Specify the Bitcoin amount you are purchasing followed by your mode of payment. In this case you would subsequently choose PayPal.
- You will receive the coins in your xCoins wallet and can then proceed to use them to buy BCC on the BitConnect platform.
- To use PayPal here follow the process below:
- Open an account by clicking on the not registered tab.
- Ensure you change the password to secure confidentiality and then fund this account via PayPal. To do this click on deposit and select PayPal express.
- Exchange your money for SLL (second life lindens). Use the SLL to buy Bitcoins and withdraw them to your BitConnect wallet to get BCC.
- To use PayPal here follow the process below:
- This is a very popular choice majorly due to the diverse methods it accepts. This site has linked millions of investors looking to trade cryptocurrency for national currencies such as Euros, the US dollar and the likes.
- Once on this site from the menu option to buy Bitcoin, choose PayPal and proceed to enter amount. Next you will be shown a list of sellers and their rates. Read their terms and hit the buy now button to buy from your seller of choice. Withdraw you Bitcoins and exchange them for BitConnect coins.
- It is another site where you can access an avenue towards getting BitConnect.
- In Wirex formerly known as E-coin one is usually issued with a typical debit card called WirexApp debit card. With this card start by getting a Wirex account by signing up with a username and all the other information you will be required to provide at the site.
- Next step is to fund your account using PayPal. Purchase Bitcoins withdraw them and use them to acquire BCC.
How to Buy BitConnect with Wire Transfer?
A wire transfer is defined as an electronic transfer of money from one individual or entity to another. The money is sent immediately and it’s almost impossible to cancel the transfer or stop the payment. To understand better basic wire transfer can be by the use of the traditional bank networks transferring money from one bank to another or by money transfer services such as western union.
As pertains our case here many people in the world interested to be members of BitConnect community and other cryptocurrency platforms are often times faced with this question. How can fiat money be converted to cryptocurrency? Which is the best way? Obviously the best answer to this question would depend on your analyzing skills and your preferences. Many investors would not hesitate to move for options that are easy, not complicated and convenient. If the money being invested is in a bank account every wise investor would find it more logical to avoid paying any intermediaries while purchasing BitConnect coin which would result in better exchange rates and higher value. This is where wire transfer comes in.
However not all exchange platforms that are able to offer direct funds deposit through bank transfer. This is because banking institutions can only collaborate with platforms that operate under strict conformity and compliance as stated in the law. Those intending to use wire transfer to acquire BCC are advised to first consult their banking institutions about the exchange platform they wish to use before opening an account on the platform.
Let’s take an instance of EXMO exchange platform which has a reputation as one of the most trusted partner of many financial institutions. It offers all its verified members the possibility to deposit fiat money directly into their accounts using reliable wire transfer. EXMO directs you to its trusted partner’s site where you are given a document with its banking details. Proceed to transfer funds to the stated invoice details. Once EXMO gets your transfer to his bank account, he will transfer the funds to your exchange account that you have created on their site through international wire transfer.
Finally you can now buy BCC by buying BTC and depositing them on your BitConnect wallet.
Where to Sell and Trade BitConnect?
Selling and trading with BitConnect coin can be done on the BitConnect platform. Remember once a user acquires BCC he is entitled to earning interest through PoS (proof of stake) minting. Essentially what this means is that everyone with BCC in their wallet will get some interest on their balance deemed by BitConnect as a way of saying thank you for helping maintain security of the network.
BitConnect community members can also earn via investing their acquired BCC on the BitConnect lending platform. This platform is available on the BitConnect dashboard and involves profiting from BitConnect trading bot and the BitConnect volatility software.
In addition you can also earn profits from the fluctuating BitConnect coin prices. This is achieved by selling BCC at a higher price and buying them at a lower price hence gain from the price difference.
To sell BCC on the BCC exchange platform just follow the procedure below:
- Visit the BCC exchange platform.
- Scroll to the sell BCC form.
- Enter amount you wish to sell.
- Type in the ASK amount in BTC you wish to sell BCC.
- Click the sell Bitconnect button.
How Much Are the Transaction Fees of BitConnect?
The mission of BitConnect is to empower its users. There are therefore minimal and almost negligible transaction fees involved. To maintain its services to its members BitConnect only charges a 0.25% for all the buying and selling trades. However this fee is subject to refund in case your order is canceled.
There are no charges for deposits made into the BitConnect wallet; your wallet service provider however may decide to charge you transaction fees to confirm payment into the BitConnect wallet. BitConnect cannot protect you from this; it is basically something they can’t avoid.
On the withdrawals BitConnect doesn’t make any substantial profits as many may assume. In fact the transaction fees is used to cover for the mining network expenses which benefits the users in ensuring faster and reliable transaction confirmatory times.
BitConnect keeps on growing as every second turns into minute, year in year out. The cryptocurrency has been getting popular attention all over the world and in few years its recognition will be far and beyond. It has been gaining momentum at a very fast rate and needless to say has caught the eye of some of the best cryptocurrency platform markets. The market cap of BitConnect is subject to fluctuation from time to time and in order to get up-to-date market cap it would be advisable you get it from the market exchange platforms.
These markets include the popular exchange platforms such as BitConnect exchange platform, coinbase and coinmama. There are many other markets being attracted by this fast growing altcoin in the history of cryptocurrency which includes:
Those are just a few of the cryptocurrency exchange platforms offering market for BitConnect and other cryptocurrencies. There are certainly many others that have not been captured above.
Value of BitConnect
The value of BitConnect crashed in January 2018.
Being a decentralized self-regulated independent financial system BitConnect uses the demand versus supply business model to evaluate value of BitConnect. Essentially BitConnect Coin value can be affected through three channels;
- Coin Demand
- Whenever Bitcoin is bought using another type of currency from persons who want to use the system the value goes up.
- Coin supply
- There will never be more than 28 million BitConnect Coin; the less they are available through mining the more the value.
- Coin distribution
- BitConnect is free to trade across all users that make its selling and buying much easier and simplified giving it an upper hand over most of its competitors.
Is It Profitable to Invest in BitConnect?
BitConnect used to be quite profitable (fraud) investment before, but it was a Ponzi scheme.
Where to Spend or Use BitConnect?
- First and foremost with BitConnect you can purchase or sell the coin on the various markets or directly at the BitConnect exchange platform.
- Secondly one can lend BCC on the BitConnect lending platform and earn daily profits in the US dollar via the BitConnect volatility trading software.
- Thirdly you can earn interest by holding the BitConnect coins in your wallet through the proof of stake benefits.
- Finally and not least one can now use BitConnect coins to pay for products and services offered at BitStickers. For more information concerning this please visit BitStickers.htm.
Can BitConnect Grow to Become a Major Payment Network?
The mission of BitConnect was to make the art of business simple, transparent, verifiable and traceable. It was told that BitConnect will take its users into a new future; a future of financial freedom and independence. It would provide them with an open source, financially stable platform that will connect them to a community of investors and lenders.
How Does BitConnect Work?
To start with, what BitConnect does is that it takes your BitCoin and converts it into BitConnect Coin and you earn interest and carrying out transactions with your BCC from your account wallet. Essentially the main agenda of BitConnect is to get your Bitcoin and let you earn from the profits they make by investing from your BitCoin. Their Business proposition to you is that "we can invest better than you can, come and work with us".
If the value of BCC increases so does the value of your investment increase since you will sell your coins at a higher value.
The BCC in your wallet are the ones that determine the value of you interest, this interest however will depend on the amount of money made by BitConnect, and anyone with at least hundred dollars’ value of BCC gets a profit.
To transact with BitConnect all you would need is the official BitConnect Wallet installed on your PC (personal computer), a recipient’s address that will be given by the recipient himself and then send the amount of BCC you would wish to send to the recipient’s wallet. BitConnect is simple and instantaneous to use, although at times it depends on how busy the platform is.
Does BitConnect Use Blockchain Technology?
Generally in the normal business system familiar to you, ledgers are used to maintain account information involving different accounts and their holders. BitConnect as well ensures safe collective book keeping throughout the Internet via a technology referred to as Blockchain. Since BitConnect is a decentralized self regulating platform this book keeping is not under control of one party, it is public and can be accessed under one digital ledger that is fully distributed across the entire network of BitConnect users known as Blockchain. In Blockchain all the information concerning each transaction is logged.
This information includes; time and date of each transaction, the participants therein and even the amount involved in the transaction. In case of complicated state of the art mathematical principles the transactions are verified by the Cryptocurrency miners who maintain this ledger. They ensure that all the nodes distributed across the network agree with the current state of the ledger and every transaction in it. If anyone tries to corrupt a certain transaction, all the nodes distributed across the network may not come to a consensus and therefore would reject the transaction. Basically whenever any slightest information is registered on the ledger, that data is shared on a constantly updated database where the records are available and viewable by all users and the entire community of BitConnect.
BitConnect mining is a process through which new BitConnect coins are produced. The mining of BCC can be done through Solo mining or pool mining. BCC mining can be done with CPU/GPU and does not require ASIC miner as in Bitcoin mining.
Pool mining is mostly recommended especially for starters since the miner is simply required to join a mining pool. In a mining pool a large group of users pool their resources together to solve the mathematical principle. These math problems are difficult and getting a solution is a guessing game. Once correct solutions are reached the pool is rewarded. These rewards (BitConnect coins) are distributed equally depending on the contribution you made to the pool.
On the other hand solo mining requires you to mine proof of work (PoW) block alone. It therefore requires one to have reasonable programming knowledge in order to solve these state of the art mathematical principles in order to be rewarded with some BitConnect coins.
What Are the Advantages of BitConnect?
Since its inception in the cryptocurrency revolution sometimes back in 2016, BitConnect has been subject to several questions. However one of the solid factors that has made BitConnect a force to reckon with is the ability to protect its users from hackers who have been trying attack after attack for the better part of its existence. The good and best part of it however, is that all payments have reached their destined recipients in real time and safely. This speaks high volumes about the security level of BitConnect.
In addition, today BitConnect was one of the most reliable and versatile digital currency in the cryptocurrency era. It was not only compatible to all operational systems but also very convenient. It was constantly growing in popularity and admiration due to the independency it came with as well as the ability to make fast transactions in real time mode.
What Are the Risks of BitConnect?
BitConnect just like all other digital currencies or any other type of investment you may opt to think of come with a risk.
The major risk Involved in BitConnect is the 'Risk of investments loss'. This probability of investment loss occurs when for example there is a decrease in the exchange rate or maybe the risk of mining profit decreases.
Secondly even though BitConnect has ensured its security systems are highly authenticated and up to date it’s important not to overlook the risk of hacking through cyber-crime. However so far so good there has been no successful hacking that can be accounted as successful in the many attempts. Others have also considered lack of assets back up as a challenge since forecasting the future coin behavior is almost impossible as it may either grow or decrease. With that said and done it's very vital to remember that this world belongs to the risk takers out there. Make the wise decision and invest now.
What Happens if BitConnect Gets Lost?
As per the research done so far it may be very difficult to establish whether BCC (BitConnect Coins) are actually lost or not. This is caused by the fact that distinguishing between lost BCC and those that have been saved for a later date when people consider the market favorable is almost impossible. The only clue however lies on the Blockchain, a public digital ledger for each and every transaction carried out in the BitConnect network. It is only here that one can verify the number of BCC each address on the network owns.
The loss of BitConnect could be as a result of various reasons such as; death of the people who own the BCC at a certain period in time or forgotten passwords and wallets that can’t be recovered at all costs due to lost private keys.
The main question through your mind by now could certainly be, can these BCC be recovered? Are they lost for good or not? The answer to these questions is that once BCC are lost it’s almost next to impossible to recover them as the BitConnect security is so secure to an extent that if you lose your private key you may not be able to recover it again. The good part however is that today people are so much careful about how they store their BitConnect coin that we could presumably say the rate of lost BCC will always remain very low.
Like any other organization BitConnect has a set of regulations and set standards to ensure respect and honesty amongst its members and users. These conditions of use are policies that guide you in understanding what does and what doesn’t violate the terms of BitConnect.
There are several regulations applied on BitConnect, it is important to ensure that you know at least these two which are mandatory with one being very consequential:
- One must be 18 years of age and older.
- Use of multi-accounts is strictly prohibited. All users with more than one account on the BitConnect platform will be banned from the system and their accounts will be confiscated together with their invested funds and any earning therein. Once banned from the system, you are not allowed to ever register again. DO NOT TRY THIS!
Is BitConnect Legal?
Legality of BitConnect can only be implored depending on the laws set by different governments over the world. It will typically depend on where BitConnect has been classified in your country. To start with in some countries it is neither illegal nor legal while in others it is accepted as an asset and legal.
Some countries have not yet received this e-currency and therefore have no legal frameworks concerning it in their laws. In others it has been banned and termed as illegal depending on the purported perception and set policies as per the government of the day.
China allows private individuals to make BitConnect transactions but prohibits commercial usage (e.g. by Corporations and banks) of the cryptocurrency in its sovereignty. In a country like Iceland only its mining is allowed and has banned all other transactions including trading or buying and selling of the digital currency.
Other countries that term BitConnect illegal and have banned it completely include:
Most countries have not regulated this virtual currency meaning you can use it in any way and all capacities you may wish with no or very minimal restrictions. To mention just but a few of these countries include the likes of:
- South Africa
- United Kingdom
- The list would obviously go miles far beyond that.
There are other countries where the use of BitConnect is regulated meaning that the law subjects its use to specific terms and policies. These are some of those countries:
Indeed it has already proved a hectic task to regulate BitConnect especially in the digital world of today where internet censorship provokes huge demonstrations in many countries across the globe.
For your information some countries are holding discussions to incorporate BitConnect into their legal frameworks with the aim of incorporating the currency legally into their financial systems.
We hope that several years from now further legal developments will be made on BitConnect to enhance profits and benefit those who are interested in it.
BitConnect and Taxes
A new method of earning money is on the horizon. The question of taxes inevitably comes to your mind. How are taxes calculated on the BitConnect platform? Could it be that tax is charged on the interest gained or what exactly happens? Well, those questions linger and click on the brain of each and every person interested in this fast growing cryptocurrency. On the contrary BitConnect is not tax liable but once you move your funds from the BitConnect platform to other form of platforms let's bitpay card then those funds become taxable by the government.
With that said, you must note that different countries have different taxation laws and it is very important to be always on the safe side of the law. Take it as your own initiative to research about the taxation laws in your jurisdiction to avoid any penalties as it is typically illegal not to pay taxes’’’ I believe almost all over the world.
Does BitConnect Have a Consumer Protection?
Illegal Activities with BitConnect
BitConnect is not immune to illegalities which may vary depending on the jurisdictions involved. An activity such as handling BitConnect in countries where cryptocurrency has been declared illegal is punishable by law.
Online drug peddling can also be done using BitConnect and might be hard to track the perpetrators due to the use of BitConnect coins. These coins can also be used illegally to hide assets for example during divorces.
Illegal activities with BitConnect are subject to variance from place to place depending on the circumstances therein.
Is BitConnect Secure?
The security of BitConnect is growing every day. Daily BitConnect is striving to protect and secure your account from hacking and other malicious acts. In addition they ensure that your personal information is free from any form of abuse by other members. To achieve this BitConnect does not allow publication of other people’s information at all costs. Anyone violating this provision risks suspension from the system.
To enhance security BitConnect will rely on all people of goodwill including persons like you. Whenever you come across any type of content that you may feel threatens the security of BitConnect just report it immediately. These reports are reviewed every now and then to maintain the safety of the BitConnect community as a whole.
To the members of BitConnect, we deem it very vital that you know the reputation interactions for all members from their public profile; previous feedback scores, real name and address of proof when using a high risk exchange method. Besides that, you can verify their pre-existing online reputation by checking their social connections such as Facebook and twitter to protect yourself from fake accounts. Always verify trust for yourself, you cannot afford to trust a person by mere briefing or multiple words. This way you are able to always secure all your transactions.
Even though it is very difficult and almost impossible to steal BitConnect coins especially due to the publicity of the Blockchain, these precautions can help you increase the security of your account:
- Create a strong and unique password of at least 10 characters.
- Do not reply to scam emails asking for your account information. BitConnect will never ask for your login information.
- Always report to BitConnect whenever you notice anything fishy in your account including in your explanation exactly what has happened. Remember to attach your personal details for fast response.
- Do not follow fraudulent misleading hyperlinks that could lead you to third party individuals impersonating BitConnect. You must be careful enough to recognize such and report them.
- Always keep your security questions private and confidential. It’s very vital not to share with anyone.
The tips above can help you go a long way in defending your account and your investment from majorly Phishing and hacking attempts.
Is BitConnect Anonymous?
Has BitConnect Ever Been Hacked?
How Can I Restore BitConnect?
Why Do People Trust BitConnect?
No one really trust BitConnect anymore.
History of BitConnect
Who Created BitConnect?
People behind this digital currency have chosen to remain anonymous. Nobody knows the justification behind this but it remains widely unknown who the original developers of the currency are. Not much information concerning the people in charge and owners of the technology behind the infrastructure of BitConnect is known or seems to be available in the near future.
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