The BitConnect is indeed connecting with people through different internet platforms as the members are pitching it left, right and center to whoever that cares to listen. You that is reading this right now might have been introduced to it and that is the reason why you are seeking to find out if BitConnect is a pure scam or legit.
I promise to help you out with my own personal snooping and digging around concerning BitConnect. But first, I must let you know that I am not a member of BitConnect neither do I have any affiliation with it. That being said, let’s delve into what is BitConnect, shall we?
What is BitConnect?
Starting with what BitConnect is all about will give us more clarity as to what BitConnect is.
BitConnect is an MLM Ponzi scheme that is supposedly designed to provide multiple investment opportunities for it members. I tried to find out who is behind BitConnect or any background information but only met a brick wall because there is no such information, and this is a cause for concern because such information is vital in creating trust. However, many people today may not give a hoot about the lack of this information on this website.
The only information I could get was that the domain name was registered sometime on the 9th of Feb. 2016, and because it was registered privately there is no more information other than the date it was registered. So, basically, it is owned by some faceless individual or individuals.
Most of it traffic comes from the United States, India, Vietnam, Japan and Indonesia.
BitConnect Product Line
I have flipped through the website to and fro without finding any sort of product that it is retailing. Therefore, BitConnect does not have any product or products, all it has got is for it members to invest and promote it in order to earn commissions. Sounds like the new MLM schemes that are propping up the entire internet, it is simply the trend now, haven’t you noticed?
The Compensation Plan of BitConnect
Members/Affiliates invest into BitConnect to earn daily return on investment (ROI); actually, they invest Bitcoin into Bitcoin website, then this invested Bitcoin is converted to BitConnect coins that been mined for the member(s) in order for them to start earning daily return on investment (ROI) that is been offered to them.
Below are the investment levels and their return on investment (ROI)
- Members that invest between $100 to $1,000 are qualified to earn a return on investment (ROI) of 40% every month for 299 days
- Members that invest between $1,001 to $5,000 are qualified to earn a return on investment (ROI) of 40% every month for the period of 239 days, plus additional bonus ROI rate of 23.9%.
- Members that invest between $5,001 to $10,000 are qualified to earn a return on investment (ROI) of 40% every month for a period of 179 days plus a bonus ROI rate of 35.9%.
- Members that invest between $10,001 to $100,000 are qualified to earn a return on investment (ROI) of 40% every month for the period of 120 days plus a bonus ROI rate of 30%.
Aside from investing money to earn commissions, there is also the referral means of earning commissions. A unilevel system is used to pay out commissions to members that have personally recruited new members and how much they earn is determined by how much the downline invested.
7% is given to any member or affiliate that recruits another member into BitConnect.
How Much Does it Cost to Join BitConnect?
Actually, to join BitConnect is free but to be able to be active and earn commissions you should be able to invest with at least $100 in Bitcoin, but as may have already know that $100 is the least you can invest because one can invest up to a $100,000 in Bitcoin into BitConnect in order to maximize income.
Is BitConnect a Pure Scam or Legit?
Here is the 1 million dollar question… Some people have the opinion that BitConnect is a scam but some don’t but to be honest, any MLM Ponzi scheme is not 100% reliable and it is even worse when you don’t know who is running it. I will rather urge you to be careful with this scheme because in as much as you could earn money from it so also you could lose all your money to it.
Now, BitConnect might sound familiar to you and that is because there is a Bitconnect coin that is a form of cryptocurrency, just like Bitcoin. However, there is no proof that this two have any connection because BitConnect is an MLM opportunity while the other is a cryptocurrency that you could open its wallet and start mining as a way of making money.
All the claims about converting your Bitcoin to BitConnect upon joining are not even verified if this is actually done by the company’s volatility software.
At best, the only money being generated in BitConnect is the money coming from members that have invested in it. I do have the view that the variable nature of the ROI being offered has created a very slow collapse process of the opportunity thereby giving enough time for whoever is the admin of the scheme to take enough money to his coffers before the demise of the scheme and many people will lose their money.
If you wish to try something different and 100% legitimate, then, why don’t you build your own online business just like I did? If you are willing you can join Wealthy Affiliate now to learn how to do that in a professional way.