Bitconnect awareness is increasing by the day and many people are being lured into putting their money in this Ponzi scheme in the guise that it is a bitcoin trading platform. take your time to read through as I expose them with details. it’s high time you stop losing money to Ponzi schemes
We have received lots of mail concerning Bitconnect. Most people want to know if they can really count on this business while some want to know how long it’s going to take for it to go down if it’s going to go down.
I always tell people before you go into any business be it online or offline, you should carry out lots of research on it. Am pretty sure no one wants to be at the losing end because lots of folks have tasted the sting of losing online, it’s really painful when you invest your money hoping to make profits from it and at the end of the day, you lose more than you have ever imagined.
I am going to furnish you with information regarding Bitconnect, its products and compensation plan.
I discovered that this company was first registered privately as bitconnect.co on the 9th of February 2016.I couldn’t see any information on where this company is coming from or the authorities responsible for this company. Luckily I won’t stop here because I have chosen to see what’s on the inside. Am going to categorize my findings into sub groups’
Firstly, what are the Products of Bitconnect?
Bitconnect does not possess any physical or digital product for sale, they don’t sell products. Registered members can only sell affiliate membership.
Bitconnect Compensation Plan
Affiliates are expected to invest Bitcoin in other to be placed on a daily profit ROI. The company actually takes this Bitcoin and converts them into pre-mined Bitconnect coins using some sort of internal exchange.
After which affiliates can decide to change their Bitconnect coin to Bitcoin for daily ROIs:
The table below shows the relationship between invested funds and profit.
It is also possible for affiliates to earn referral commission via a uni-level compensation structure based on invested funds. This uni-level compensation structure puts sponsored affiliates under their sponsors (level 1 affiliate).
When a new affiliate is being sponsored by a level 1 affiliate, they are fixed on the second level of the original affiliates uni-level team. If it’s to be a level 2 affiliates that happen to sponsor a new affiliate, the new affiliate is placed on the third level. This is how the sequence goes for incoming affiliates and sponsors.
Affiliates could also earn through residual income. Residual commissions are paid based on a percentage of the invested funds. Below is a tabular illustration
It continues even for affiliates above level 11, but from level 11 and above gets a commission of 0.01%.
What do you need to join Bitconnect?
It actually cost nothing to join Bitconnect although you are expected to invest in other to earn. Affiliates could invest about $100 to $100,000 in other to benefit from the compensation plan.
My Conclusion on Bitconnect
My worst fear about Bitconnect is that they expect you to buy their own cryptocurrency using Bitcoin or dollars before investing. A cryptocurrency that is not recognized outside their company.
From our numerous discussions and analysis above you will notice that every source of income comes from new members and none of any external business. The system keeps getting income and allocating this income to its members. It’s obvious that this is an MLM marketing business and without an investment plan and a good management team, this system is heading towards a rock. It’s most likely going to collapse.
Remember that at the initial I highlighted that this company has no face behind it. Every detail about them is being hidden under a mask.
Seriously, don’t tell me you want to invest your bitcoin or dollars into a useless form of currency.
I for certain will definitely not go into this and I would neither advise a friend to go into such.
Remember you can’t get rich by wasting the little you have.