BitConnect coin is a peer-to-peer, community-oriented, decentralized, open-source cryptocurrency that allows people to store and invest their funds in fiat currencies, and even earn significant interest on their investments.
BitConnect is implemented as a 1-rank decentralized cryptocurrency designed to generate profits from cryptographic transactions and changes in the value of crypto assets. The system is a self-regulating financial service into which several functional modules are integrated. Among them:
- Exchange for buying and selling BCC;
- Trading robot-lender, generating 30% profit every month;
- An electronic safe that charges up to 8% per month for storing coins on the account;
- Full-fledged mining platform.
BitConnect – cryptocurrency based on the Scrypt algorithm; confirmation type: Proof of Work/Proof of Stake.
Pros and cons of BitConnect cryptocurrency
The obvious advantages of this cryptocurrency include:
- Reliability. Despite the fact that the coin has not yet gained top positions in the cryptocurrency rankings, it has already managed to acquire an impressive number of people who mine it.
- High degree of protection. During the existence of the platform, it was repeatedly subjected to all sorts of attacks, which subsequently did not affect payments in any way. This proves that the resource is quite reliable.
- Versatility. Cryptocurrency works on various operating systems, which is undoubtedly very convenient.
- Independence. BitConnect adheres to a policy of autonomy. This is a definite advantage, because changes to the project can only be carried out with the consent of the entire community. Otherwise, changes are not possible.
- Fast transactions. Currently, translations take very little time.
- Growing popularity. Of course, it is too early for this cryptocurrency to compete with Bitcoin for the leading position, but already at this level it has acquired serious investors.
Every coin has its downsides, BitConnect was no exception:
- There is a risk of losing your investment. As with any other electronic money, there is always a chance of losing the invested funds when the exchange rate changes and falls, and there is also a risk of a decrease in income from coin mining.
- Possibility of hacking. Unfortunately, now even the most popular means of protection cannot guarantee complete security. In addition, it is quite easy to lose or forget your password. In this case, it will be impossible to enter the wallet.
- Many people are concerned that electronic money is not backed by anything. Because of this, it is difficult to predict how a given coin will behave. It is difficult to predict whether it will collapse or fly up.
- On top of everything else, mining is becoming increasingly difficult. This requires quite impressive capacities, which, as a result, may not pay off.
But it is worth noting that all these shortcomings are inherent not only to BitConnect, but to most cryptocurrencies.
How to mine Bitcoin Cash
SHA256 algorithm is also used , so in all likelihood the same ASICs will work, perhaps even those that have not been turned on for a long time due to the fact that on the main Bitcoin chain they did not even pay for electricity .
Also, at first, many miners will be able to mine Bitcoin Cash on video cards, until the complexity of the network increases significantly. Well, the profitability of this event will depend, of course, on the rate of the new cryptocurrency.
Bitcoin Cash will be supported by several participants in the cryptocurrency industry, including miners, exchanges and clients such as Bitcoin ABC, Unlimited and Classic.
The Bitcoin Cash developers have added a “slow” algorithm to reduce mining difficulty in case there is not enough hashrate to support the chain.
On which cryptocurrency exchanges is BitConnect traded?
At this stage, the BitConnect digital currency is not supported by many exchanges. Many trading platforms have not implemented BCC support. The main trading volume is accounted for by BCC Exchange’s own crypto exchange, which operates within the BitConnect project itself.
At the time of writing this material, BitConnect is traded on the following cryptocurrency exchanges:
- BCC Exchange.
- Livecoin.
- Novaexchange.
- CoinExchange.
- Trade Satoshi.
Which exchanges is Bitconnect traded on?
There are not many platforms where this currency is sold and bought. Most of the crypto tokens are traded on the project’s own exchange, BCC Exchange. On the internal crypto exchange, the coin is sold only for bitcoins. The appearance of the site and its functionality are similar to Bittrex.
You can buy online currency for fiat money only on the Livecoin exchange. Of all the crypto exchanges that trade BCC, Livecoin offers the widest selection of currency pairs. On this site they buy, exchange, sell virtual currency for rubles, dollars, bitcoins, ethers and other altcoins.
The currency is successfully traded on the CoinExchange crypto exchange. On this site, purchasing this coin is only available for bitcoins.
On the Trade Satoshi exchange, Bitcoin Connect tokens are sold for Bitcoin Cash, Dogecoin and Litecoin.
The coin is characterized by increased volatility. Its cost on different sites often differs significantly. Due to the fact that the BCC trading volume is small, the token rate is dependent on various exchange speculations, as well as on machinations on the internal trading platform.
Wallets in the BitConnect system
In the service’s work account, in the top line you can see all the wallets that you have. There are FOUR in total:
- BitCoin Wallet.
Needed for depositing funds into the system and withdrawing funds from the system. In both cases, the easiest way to do this is with Bitcoin (the easiest to buy) and BitCoin Wallet. - BitConnect Wallet.
This is an intermediate wallet. We need it either to transit funds from Landing Wallet, or to invest money in a savings program. Most likely, this is how the system creates a need for us to use Bitconnect in order for its capitalization on the market to grow. - Lending Wallet.
In fact, you will receive your income from investments in the landing page every day into this wallet. The body of your investment will also return here after the “freeze” is lifted. That is, your investments will be returned not in Bitconnects, but in US Dollars on the Landing Wallet, regardless of how the exchange rate changes. - BCH Wallet.
You probably won't need this wallet. It arose during the recent “Big Fork” (big fork), when a branch of Bitcoin Cash spun off from Bitcoin. As a result, everyone who held bitcoins added the same amount of Bitcoin Cash virtually out of thin air. For the sake of order in your personal account, they made this wallet, but in practice, rarely anyone uses it. ATTENTION: Do not confuse BitCoin Wallet and BitConnect Wallet. If, for example, when withdrawing money from Bitcoin Wallet you specify the BitConnect number, then your money will go to no one knows where and the service will not return it to you. If you withdraw Bitcoins, you use Bitcoin wallet numbers. For bitconnect use bitconnect. We are working carefully. - Exchange.
This is an internal exchange. Today we will use it to exchange Bitcoins for BitConnects. I'll tell you in detail how to use it. - LEND BITCONNECT/REINVEST.
This area (folded in the picture) is for placing your investments in the landing page. This is where we will leave our money in order to receive daily payments. In case of re-investment of our income (Reinvestment), we will also need to go here. - BITCOIN WALLET.
This is the area (in the picture it is folded “-”) where your Bitcoin Wallet is located. Here you can both DEPOSIT bitcoins to it and WITHDRAW bitcoins from the system if you decide to receive cash. - BITCONNECT WALLET (BCC).
This is the area (in the picture it is folded “-”) where your BitConnect Wallet is located. Here you can also INSTALL BCC and REMOVE BCC from the system. However, in practice it is rarely used, because BitConnect is poorly traded on other platforms. And if you need to withdraw money, then it is more convenient to do it from a Bitcoin Wallet.
How to buy BCC with cryptocurrency or fiat money
The most profitable option for buying BitConnect coins on a cryptocurrency exchange. But, since the coin has not found popularity among the latter, users have not as much choice as compared to other cryptocurrencies. BCC is mainly traded for BTC, LTC, ETH and DOGE on crypto exchanges. Therefore, in order to purchase this coin, you will probably first have to buy another cryptocurrency with fiat money.
A number of online exchangers also offer the ability to exchange BitConnect coins for fiat or other electronic currencies. This option may be simpler and more convenient for many users, since most exchangers do not even need to register. It is enough to indicate the BCC wallet and where you want to pay for the coins from. With exchanges it’s a little more complicated; here you need to register and create the appropriate order. But the advantage of crypto exchanges is a more favorable market rate.
It is possible to purchase BCC from other owners. You can find relevant proposals on thematic forums.
Recommendations for purchasing BCC cryptocurrency
A profitable way to purchase Bitconnect crypto coins is to purchase them through cryptocurrency exchanges. It should be noted that this coin has not yet gained much popularity like some other cryptocurrencies, which limits the list of exchanges that support transactions using Bitconnect. In any case, to obtain this digital asset through exchanges, you will first have to purchase Bitcoin, Ether or other popular cryptocurrency for fiat money for its subsequent exchange for BitcoinConnect.
Some sites that are online exchangers offer users the opportunity to convert electronic money and fiat currencies to BCC. This method may be convenient and fast for many users. This is due to the fact that exchangers often do not require users to register. To exchange funds for BCC, you just need to indicate the number of the digital wallet where the funds will be transferred, as well as pay the invoice.
If we are talking about crypto exchanges, then registration is indispensable. After creating a personal account, the user will be issued an invoice. After payment, it will be possible to carry out crypto conversion operations. The main advantage of exchange platforms in comparison with online exchangers is that they can offer users more favorable market exchange rates. You can also purchase bitconnect from other users on similar resources.
Purchasing cryptocurrencies from individuals is available not only on exchanges, but also on thematic forums dedicated to the topic of cryptocurrencies. Before transferring money to a seller from the forum, it is recommended that you read reviews about his work. This is important to do in order to minimize the possibility of falling for a scammer. It is important to understand that there are many attackers operating online who take over the funds of gullible people using fraudulent methods.
How to sell BitConnect coins
Everything here is also quite simple. It's worth using one of the exchanges. But, since the coin is supported by a few platforms, the choice remains small, and current exchanges do not currently offer the possibility of selling BCC for fiat currencies. At the time of writing, cryptocurrency can only be sold for other coins. But this is not a problem, because, having received other coins in exchange, they can be sold for dollars, euros or rubles.
There is also the possibility of selling through exchange services. Everything is much simpler here; you can immediately exchange your BCC for almost any other currency, including fiat. The exchange can also be made as part of a private transaction.
How the decision to split Bitcoin was made
The upcoming division was announced two months in advance, and two camps had already formed in the online community. Some advocated a hard option (Hard Fork) with the allocation of a new currency and an increase in the block to 8 megabytes. The second camp was inclined in favor of supporting the old branch of Bitcoin, with soft (Soft Fork) and gradual changes in the protocol and increasing the block to 2 MGB.
Let me briefly remind you how blockchain technology works. Everything in it is built on people’s trust (Proof of Work) and a balance of interests and different groups. There is no decision-making center or authoritative arbiter. This is digital democracy in action, everything is decided by network users themselves. This happened with the Bitcoin reform: various associations of developers and miners agreed, but not at a round table, but through the adoption or non-acceptance of a new protocol.
Supporters of a second currency, the so-called Bitcoin Cash, or BCC, turned out to be less numerous, but very persistent. Thus, another fork of Bitcoin entered the market and became an object of exchange trading. However, skepticism towards the new currency on the part of the majority of miners played a negative role. The demand for BCC is low; many cryptocurrency exchanges have refused to recognize it as an asset. In market conditions, the value of a cryptocurrency is determined only by how many people are willing to accept it and at what price.
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By the way, under this non-recognition I noticed hidden selfish motives. The fact is that the division of Bitcoin automatically gives its owners the right to receive an additional bonus in the form of BCC, like the second half of the coin. However, this works if the bitcoins are stored in your personal wallet, the management of which is entirely in your hands. The exchange acts as a third party and has the ability to refuse your transaction to credit Bitcoin along with BCC. This is what some exchanges did, under the pretext of technical unpreparedness for Segwit. There is some truth in this, since the final decision to split was made at the last moment. But this unpreparedness miraculously played in favor of the owners of the exchanges.
The list of sites that have recognized the BCC is changing quickly and is unlikely to be relevant anymore. It is known that Bitfinex immediately began exchange and margin trading of the new currency. Large exchanges CoinBase, Kraken, Bithumb, Bitfinex have accepted BCC, the list will be expanded over time. I haven’t found BCC yet on the Poloniex exchange using the filter of available currencies, I think it’s a matter of time.
Mining BitConnect
Currency mining can be done solo or in a pool - of course, traditionally, non-single mining will be more profitable, and if the “miner” is not experienced enough, then it is necessary to start only with mining in the pool. The most popular options are ypool and minzpool.
In general, the process is similar to mining other top cryptocurrencies, but there are minor technical differences. For example, mining BCC does not require an ASIC machine, unlike Bitcoin. Instead - a CPU or GPU processor. And their performance is higher than that of ASICs.
Instructions for mining BitConnect tokens
- Install the wallet —it's available for Windows, but versions for Mac OS and Linux are coming soon. BCC Wallet is required for PoW mining. The developers use a special PoW/PoS algorithm to make the system safer. Downloading via the blockchain takes a couple of seconds.
- In the window that opens, a start menu will appear with the %appdata% section, in which the raoming/bitconnect folder is located. Select the bitconnect.conf and fill in the required lines. Once you have provided all the information, save it and complete the document.
- If you plan to mine using Windows OS, open the batch file - it is necessary to communicate with the wallet. Name the document RunMe.bat and point it to the production directory - .
About Bitconnect
BitConnect LTD is a company registered in the UK. The owner of the company is a British citizen named Ken Fitzsimmons. The company's certificate of incorporation can be viewed at companieshouse.gov.uk.
At the time of writing, BitConnect’s capitalization is approximately $1,800,000,000. You can buy BCC on such popular platforms as:
- BCC Exchange
- Livecoin
- Novaexchange
- CoinExchange
- Novaexchange
- Trade Satoshi
