A week ago, BitConnect ended up being a big scam and close down its exchange platform. Nonetheless, this isn’t the finish of BitConnect Coin (BCC). In the not so distant future, with the launch of BitConnectX ICO, the BCC currency can be utilized to buy with this ICO. Nonetheless, uncovering BitConnect as a Ponzi scheme should make us careful about BitConnectX that it will wind up in money financial loss.
In late December 2016, BitConnect came in with an Initial Coin Offering (ICO). The company quickly picked up a decent position as outstanding amongst other performing currencies of 2017 on CoinMarketCap. All things considered, amid its pinnacle time, BitConnect has a market cap of more than $2.6 billion. Be that as it may, the suspicious business model of the investment platform influenced it to catch the attention of naysayers naming it a Ponzi scheme.
In an ICO industry, without a doubt not all of the projects succeed. In spite of the fact that a large number of the projects are without a doubt legitimate, a considerable measure of the goal-oriented plans won’t have the capacity to transform into suitable items as well. Additionally, there will be some significant scams.
One such up and coming ICO is BitConnectX that is associated with the BitConnect Ponzi scheme. All things considered, BCC is one of the cryptocurrencies that must be utilized to add to this ICO that raises serious warnings.
Presently, the company has signed an association with the Blockchain Expo. Aside from having their own stand in this Expo in California, BitConnect has additionally gone to the ICO event conference as a sponsor in Amsterdam.
The BitConnectX ICO likewise doesn’t look sufficiently genuine for various reasons. To begin with, the BitConnect name is as of now a red flag. In addition, this open source new digital currency won’t offer anything valuable to the ecosystem. Despite the fact that the holders of BCCX will earn interest by keeping the coins in their wallets, Proof-of-stake currencies are just the same old thing. Moreover, it implies, like how BitConnect was issued, there is no way to mine BCCX.
There are altogether 49m coins, out of which just 14.7m have been issued first. This raises a considerable measure of concerns, one being the unsold coins will go in the reserve finds. This implies the coins can be dumped in the market whenever by the project developers. Likewise, out of the accessible supply, around 11.76m tokens only will be old which fiasco in the making. This gives a reasonable sign that any individual who will put resources into this project will undoubtedly lose his cash, if not sooner than later.
Much the same as BitConnect that is currently recorded just on unreliable trading platforms, no exchanges will need to trade BCCX later on.