Is BitConnect one big Scam or Legit business? This BitConnect Review you will get all the facts.
Hi there, welcome to my BitConnect review.
All over social media I see big time hype and buzz, so I wanted to make this review and see what is going on with this company.
Some say this is a Giant scam and others say its the best thing to come around in a long time. So lets cut through all the hype and get right into the details.
Im going to go over the products, company and the compensation plan, then let you make an informed decision. Plus I will give my recommendation.
See if in fact this is a big scam or a legit online business.
I could not find any real data on who owns the webiste or who is behind the admin area.
The domain “bitconnect.co” was registered Feb. 9th 2016 and is set to private. That means no one can see who actually registered the domain name.
Make sure you understand that if your going to put your hard earned money into an investment like this. Just know that if its hard to see how is running the company, then its going to be hard to get back your investment if the website went away.
No retails products are available, only a membership is available to affiliate to promote.
Affiliate can invest bitcoin with a promote of 1% aveage daily return.
The bitcoins are converted into BitConnect coins with an internal exchange.
Once the affiliate has the bitconnect coins they can then invest the coins with a promise of a daily return.
invest $100 to $1000 and receive up to 40% a month for 299 days
invest $1010 to $5000 and receive up to 40% a month for 239 days plus bonus 23.9% ROI
invest $5010 to $10,000 and receive up to 40% a month for 179 days plus bonus 35.9% ROI
invest $10,010 to $100,000 and receive up to 40% a month for 120 days plus bonus 30% ROI
A unilevel compensation plan is also avaliable that pays referreal commissions to those that promote opportunity.
This structure places an affiliate on top and everyone else underneath them.
Any affiliate you recruite will be placed under you and the theory is it will grow and make you money from this pyramid scheme.
Here are the % that are paid out.
level 1 (personally recruited affiliates) – 7%
level 2 – 3%
levels 3 and 4 – 1%
level 5 – 0.5%
level 6 – 0.3%
level 7 – 0.2%
level 8 – 0.1%
level 9 – 0.05%
level 10 – 0.03%
level 11 onward – 0.01%
The membership to get started is free, but to take advantage of the income opportunity one has to invest $100 to $100,000 to earn more.
The BitConnect is a simple altcoin that anyone can download a wallet and start mining it.
This is normal, but the investment side of it, well is straight up ponzi.
Affiliate transfer there real money bitcoin into BitConnect alt coins that have no real world value.
No real exchanges will exchange bitcoin for BitConnect coins.
To get your BitConnect coins out to bitcoin you have to use the internal exchange. And that is the only way.
So when the time comes that to many people are trying to sell their BitConnect coins, and not enough buyers of the alt coin, that is when the party is over.
Once the hype and buzz stops, and new affiliate stop putting new money in, well that is when this opportunity will close down.
So in the end people will be left with a worthless alt coin that no real exchange will swap for real world use bitcoin.