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What’s the deal with Bitconnect?

If you have been in the crypto space for a while, you will be able to differentiate the differences between major cryptocurrencies. The biggest ones are either open source, peer-to-peer digital currency (Bitcoin, Litecoin, Ripple, Monero) , Internet Of Things connectors (IOTA), and Blockchain platforms (Ethereum, NEO, Cardano).

Go down to #19 and you will see something different: Bitconnect.

BitConnect- A self regulated Financial system​

BitConnect is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with cryptocurrency education where it is entirely possible to find the independence we all desire, in a community of like-minded, freedom loving individuals who, like you, are seeking the possibility of income stability in a very unstable world.

Bitconnect has a lending platform that you give fund access to a trading bot that promises you returns of 1% a day on your initial investment. You are able to re-invest your earnings for a higher daily future profits.

Referral system

What makes Bitconnect interesting is its referral system. If you use my referral code to sign up to Bitconnect, I earn some of your investments via fees, and if lets say Kevin uses your code, I gain from your referral because you are under my referral. Then John uses Kevins code, You, Kevin and I benefit and so on.

Binance doesnt accept Bitconnect yet, but I find it the best platform out there to trade crypto.

Why it might be shut down

Bitconnect is under fire recently due to its rumored Ponzi scheme.

Litecoin founder, Charlie Lee giving his thoughts about Bitconnect in this tweet.

The State of Texas looking to shut it down due to:

“Respondent BitConnect is violating Section 7 of the Texas Securities Act by offering securities for sale in Texas at a time when the securities are not registered with the Securities Commissioner.”
http://coinmarketcal.com/?form%5Bmonth%5D=&form%5Byear%5D=&form%5Bcoin%5D%5B%5D=BitConnect+%28BCC%29&form%5Bsort_by%5D=&form%5Bsubmit%5D=

The United Kindgom government has also given Bitconnect two month for it to prove that their activity is not illicit, the two months will be up by January 7th.

Will there be a red day for the whole cryptocurrency sector if Bitconnect is shut down?

Menajem Benchimol.

Reach out to me if you want chat about crypto or want to be updated on Stufound, a cryptocurrency recruitment startup that I Co-founded to pay interns salaries working at cryptocurrency startups in exchange for their tokens.

**Disclaimer: Content is intended to be used and must be used for informational purposes only. Investment in cryptocurrencies involve greater risk than generally associated with traditional investment and can result in significant capital losses. It is very important to do your own analysis and research before making any investment based on your own personal circumstances. . I am not a broker/dealer or an investment adviser.