Upon checking the BitConnect.co, it looks like something is missing on it. They seem to hide details about the company. Because of this, we feel that we need to check on this and find if BitConnect is a scam or not.
This review will expose the proofs that you will be wasting your time and money if you invest in it. This BitConnect review will give you an idea of how the scammers behind this company work and how they steal your money.
The Bitconnect.co was first registered last February 9, 2016. If you visit their website, you will notice that it has a professional look and it comes with an introductory video. However, if one explores their site and dig a bit deeper, one will only find limited information concerning BitConnect and how the business was put up.
Most traders would want to know more about the business process before they invest. Bitconnect.co failed to provide the critical information that traders are interested. Continue reading our Bitconnect review and find out on your own if you will trust the company or not.
BitConnect is Scam – Three Evidences
First Proof – No Actual Product / Ponzi Scheme
There is no physical or digital product that Bitconnect.co is offering. A clear indication that Bitconnect is a scam. They are only presenting to you the possibility of earning daily returns if one invested your money through their affiliate program. It means that you can just get your regular returns if a person put their money to your Bitcoin into your account.
The Bitcoins you deposit become Bit Connect coins and used by the firm as a “Return on Investment” (ROI) that will let you earn. It is the same with other programs that use bitcoin.
According to Bitconnect, you will get 40% profit for any amount you invest in the business, and if we’re able to join the affiliate program in BitConnect, you are guaranteed to earn. Bit Connect has various level of the compensation plan, and one receives several referral bonuses percentage on every referred affiliate depending on their level.
Bit Connect uses your investment to pay the earlier members. When the investment Bitconnect receives is not enough to cover all the costs of paying the prior users, BitConnect sells all of their BCC they have and then disappear with all of the investment.
Second Proof – Too Good To Be True Profit
Let’s check out in this BitConnect review what they are offering for their investors. According to BitConnect if one invests $10,000 they will surely get a 0.25% daily interest, which means 91.25% return every year. Also, they claim that you can receive an extra up to 480% every year. Their referral system pays a referral fee of 7% for every investment or reinvestment you make, and the referral of your referral will get 3%, and his referral gets 1% and so on, up to the 11th referral, which sums up to more than 12%. Therefore, if an investor will put the same amount three times in a year, Bitconnect will pay your referrals 36% plus of your initial investment.
It looks like one will earn a guaranteed 127.25%, risk-free interest every year. No such legit business can provide such income and high-interest rate risk-free and will give you another 480% earning. Also, there is no online trading that can assure investors high profits.
Keep in mind if a company offers you such considerable income never trust them at all. Even the most legit business cannot provide significant revenue.
Third Proof – Poor Grammar and Unknown Developer
Why having a poor grammar is an indication that BitConnect is a scam? Apparently, a legit company would make sure that their website is well-designed without spelling and grammar errors. Even the slightest mistake in the spelling can make your site questionable. The legit business would assign one person to spell check everything before adding it to their website. For non-English speaker developers, they need to find someone who can check on their grammar.
For scam websites, these errors are prevalent because Bitconnect does not have any staff to do the work for them. One reason why Bitconnect does not hire employees because they do not want their employees to identify them after they take the money and disappear. Also, Bitconnect.co do not want to spend a lot any way they will not stay long in the business and shut down.
After exploring BitConnect.co website, we failed to find the real developer of the company. They haven’t mentioned who is the genius behind this scam which strengthens our belief that this platform is not legit. They created the bitconnect.co with one goal in mind to collect money from the investors. If Bit Connect feels that they have enough cash on hand, they would merely shut down the site and disappear.
BitConnect Review Conclusion
To attract the users, they promise high returns on their investment. BitConnect increase the price of their cryptocurrencies by encouraging the users to use it to buy with Bitcoin and give it back to them, together with the Bitcoin. Bit Connect uses the money of the new investors to pay their earlier investors. Once they maximize their profit, they offer all of their artificially inflated currency and Bitcoins and shut down the website.
The developers of Bitconnect.co are not known, and BitConnect does not provide any proof of income. This BitConnect review has presented the evidence that will prove that it is nothing but a scam. They might at first pay you. As you invest more instead of getting more, one will get less payment from the company. Most scam software uses Ponzi Scheme. But there are some that apply this scheme but was able to pay their investors because they offer actual products or services. Remember before you invest your hard-earned money make sure that you do some research first about the company before entrusting them your money.
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