Bitconnect (BCC) Review – Crypto Coin Judge
What is BitConnect Coin?
BitConnect Coin (BCC) is a decentralized digital currency. It is defined as an open source and peer-to-peer community that enables people to store and invest their possession in non-government related currency as well as helping them to earn a substantial interest on their investment. It means that any individual who holds BCC in their wallet will earn interest on their balance for helping in the maintenance of the security network.
BitConnect aims to get rid of the centralized banking system and misleading promises of the third-party handlers. It provides financial freedom by offering a secure and safe alternative to a centralized banking system.
More on BitConnect
It is an open source platform for Bitcoin and other digital currencies where users can generate profit through buying, selling, and exchanging their bitcoins directly with other members. Bitconnect offers various features in order to create more financial resources for people, opening up the world via better connectivity.
Bitconnect Coin is a secure and efficient PoW/PoS coin. It utilizes a faster PoW distribution mechanism in order to distribute the initial coins. After a few days, the coin will be transferred to pure PoS coin where its generation is done via PoS interest.
The company aims to educate people about the importance of cryptocurrency and the opportunities available in the money market. It helps them in achieving their financial goals by informing them about different opportunities offered by the digital and cryptocurrencies. Now, they are moving ahead with the objective of making India one of the leading countries in the realm of digital technology, the exchange purchase-sale of crypto coin and online commerce. This will not only be beneficial for the current scenario but also bring fruitful results in the future for investors who participate in the BitConnect system.
What can you expect from BitConnect?
1 – Allows you to connect socially and financially within an open source platform, creating a secure, protected community of lenders and investors.
2 – By investing in it, you can increase your finances to a maximum coin limitation of 28 million.
3 – You are ahead of the curve with Bitcoin knowledge and opportunities for continuous financial growth.
4 – It has POW/POS protection which is highly beneficial in maintaining Bitconnect decentralized. All the transactions are performed between users and there is no need for a centralized third party.
How are they produced?
BCC uses the POW/POS algorithm in order to maintain the security and safety features of the BCC network.
Why use BitConnect?
Unlike other digital currencies, such as BitShares (BTS), Cardano (ADA), Dent (DENT), the digital currency will only work on a distributed network on which it can run. It needs the users to adopt the coin and use it. In addition, they require the merchants who will accept the coins for payments and developers to create APIs to make this process easy to use and practically feasible.
The best thing is that anyone can use BitConnect and transfer funds to their friends, family or even also pay for goods and services. It gives you control over your money because you are the only one who is authorized to transfer from your wallet to another wallet. There is a private key so that only you can access your wallet for safe and secure transactions.
Any business in the world can start accepting BCC for their goods and services. It will provide more options and flexibility for accepting payments across the world. This is a safe, affordable and easy-to-use option with no chargebacks, no compliance hoops, low fraud and no bank deals. They will also introduce a complete plug and play merchant platform to make Bitconnect even easier for people and merchants to adopt.
It is open source which means that the company considers that developers will contribute to their platform. They are developing APIs which will help with wallets, exchanges, and anything else to ensure that the use of the coin is simple. BitConnect is the perfect option for doing micropayments. Due to the strong strength of this network, the company thinks that the coin will be easily adopted and the ecosystem will thrive.
- Valuable: The moment you obtain these coins, they will become an interest-bearing asset for you.
- Blockchain security feature: The network is secured from all types of attacks. It has a POW/POS system that offers a perfect way to secure the BitConnect Coin network and keep it decentralized.
- Swift transactions: It allows you to send and receive payments quickly anywhere around the world.
- Decentralized: It utilizes decentralized blockchain transactions, so there is no need to trust any centralized third party. The transactions are directly performed between the users.
When the user obtains BCC it becomes an interest-bearing asset and promises to provide returns of up to 120% per year via POS minting. The users just need to hold the coins in their BitConnect-QT wallet in order to receive interest on their balance. It also allows them to terminate their staking anytime and send all their coins with interest to exchange platform or web wallet. These coins use the variable Proof of Stake interest rate which will provide periodic payments.
The company provides another option for investing in BCC, through a special lending platform that includes a Bitconnect trading bot and volatility software. It promises that lenders will receive daily profit based on their investment option. Upon the completion of the investment term, the lenders will get their capital back to withdraw from the lending platform or reinvest to receive daily profit. If you are willing to invest in this lending system you will first need to buy the coins from the BCC Excange hwith Bitcoin. Follow the below steps to make your coins work for you:
First deposit the Bitcoins
- Visit the BCC trading page https://bitconnect.co/user/trade?Market=BCC.
- Click on the Green Button to receive your Bitcoin deposit address.
- Once your Bitcoin is sent to your Bitcoin address you will see an unconfirmed transaction with pending confirmation on the transaction history page. This will be fully confirmed and available for trading only after three Bitcoin network confirmations. The whole process will take around half an hour or more, (this depends on the Bitcoin network).
Buy from the BCC exchange
1 – Once you receive your balance in your Bitcoin wallet, visit the BCC trading page https://bitconnect.co/user/trade?Market=BCC.
2 – Fill in the Buy BCC form according to your desired price and click the button BitConnect Coin.
Invest or lend BCC from the BitConnect wallet
1 – After receiving coins in your wallet, go to the user Dashboard and click on Lend BitConnect Button. The invest BitConnect Box will appear. Enter the amount that you want to invest or lend in USD.
2 – After reading the terms of services, agree to the terms, rules and regulations, and check the small box.
3 – Now, you need to select the Pay from a BitConnect Wallet button at the bottom of the screen.
4 – After clicking on the BitConnect Wallet, a confirmation box will appear on the screen. Hit the Confirm button.
5 – You will see confirmation of Payment Completed”. It means the transaction is completed. Make sure that you have the required BCC amount in your wallet.
This is another investment that you can use to earn profit on the price fluctuation of BCC. You can purchase coins at the lowest price and sell them at a higher price. Moreover, you can also gain profit from downward movements in the BCC price by selling them at a high price and again purchasing them at a cheap price. If you wish to reap profit from short selling then you need to own BCC in the first place.
Mining is the process through which coins are generated. They can be mined through CPU/GPU and doesn’t require a miner, like Bitcoin does. There are two ways of mining: Solo Mining and Pool Mining.
When you are ready to mine your coins it is recommended to join a mining pool. The pool is a large group of users who pool their resources in order to resolve the mathematical solution and rewards are disseminated in proportion to the work sent to the pool. Here are some mining pools that you can consider joining:
How to buy BCC
If you are willing to purchase BCC, then you can buy it from its exchange or other trading platforms. The exchange platform makes this process fast and allows the easy buying of coins with your Bitcoins. In order to buy these coins you need to follow the following steps:
- Register an account on Bitconnect.
- Next, go the BCC exchange page.
- Credit your Bitcoins to your Bitcoin wallet by pressing Deposit Bitcoin button. It will take around 30 minutes or more to confirm the deposit.
- Once your Bitcoin wallet balance is confirmed, you can buy BitConnect Coins according to your desired buying rate from the BCC exchange.
How to obtain the BCC Wallet
The wallet is basically the BitConnect Coin account where you can receive and store your coins and also send them to others. There are two major types of BCC wallets, known as the Software wallet and the web BitConnect wallet. The Software wallet is the one which you can easily install on your own computer whereas the BitConnect wallet is hosted on the web server. The wallets are available for Windows, Linux and Mac.
What makes it different from Bitcoin?
Both BitConnect and BitConnect Coin are two different aspects of the same platform. However, quite unlike other coins such as Decred (DCR), Augur (REP), MonaCoin (Mona), BitConnect is designed with the aim of becoming a Bitcoin lending platform whereas BCC is a value token which is used by the platform.
Proof-of-stake alongside proof-of-work
Mining is also known as Proof-of-Work (PoW). Since the beginning, it has been used as a fundamental element of the Bitcoin platform. In the mining process, blockchain users can earn cryptocoins by having their computer work on validating the transactions.
Proof of Stake is the system where the cryptocurrency platform rewards you with more coins for owning the coins for a specific period of time. When investors notice that people are buying a particular currency and holding it then they will gain confidence in the platform, and that will increase the coin’s value.
In comparison with the Bitcoin platform, Bitconnect provides a fast and quick transaction feature. This is because BCC is using Scrypt as an encryption algorithm which works faster in decoding by the miner as compared to Bitcoin’s SHA-256.
At the time of writing, the price of a BCC is $446.23 USD