Community post
Is BitConnect a scam?
BitConnect is an open source decentralized peer-to-peer platform that allows people to store and invest their wealth and even earn a substantial interest on their investment.
A scam is a dishonest way to make money by deceiving people, but does BitConnect fit the criteria to be a labeled a scam? Some agree that it is a scam and some do not. In this article I will provide my opinion on why I think BitConnect hits the grey area and give my final decision towards the end of this article.
Disclaimer:
This is not financial advice and I am not an expert or responsible for any loses on your part.
I already know this article is going to spark a lot of tension no mater what I say, but to the haters out there, I'm open to any suggestions/ feedback or criticism in the comments section below. Okay, so let's get started!
I want to love BitConnect like a fat kid loves cake, but there are so many questions that need to be addressed. Sure, I tried posting my comments on numerous YouTube videos only to be ignored. So, I'll post them here instead and hopefully somebody knowledgeable will be able to answer them.
Questions:
- Are the returns real?
- Can you cash out with the returns?
- Why is it, that I can only give out loans but not be able to take out a loan?
Gray Area:
- You have to wait 120 days or more before you can get your return on investment. It's locked in and there seems to be no way to withdraw it anytime sooner.
Red flags for BitConnect:
| Flags: | Prove: |
|---|---|
| Grammar & Spelling |  |
| Promises of guaranteed income |  |
| YouTube videos claiming it's a scam |  |
Based on the red flags mentioned above, I declare BitConnect a scam until I see strong evidence otherwise. Don't be discouraged BitConnect, investors. I'm still open to what you have to say. If anything I love being proved wrong, but for now...
Verdit:
BitConnect is a 
Thank you for your time and have a great day!
Sources:
https://bitconnect.co
Replies (8)
Dude have you watched those videos?
Most of them support it but advise caution.
All your questions will be answered if you actually research properly.
Not hating though and I appreciate the post!
I did watch them but I keep getting mixed reviews. Thanks for the support! :D
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STOPBitConnect isn't a scam. It's so quick for you to get your ROI, there's no reason not to at least give it a try.
Join my team if you don't already have a sponsor. I wrote a Steemit article on how to do it here. To any newcomers, I'd appreciate you joining under my referral link.
I read your post. That's the thing it just sounds too good to be true.
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STOPremember it says up to. trust me your not going to be making crazy returns on bitconnect. the avg loan under 1k is paying around .06%. Where bitconnect gets interesting is the compound interest you get. Over time it will add up
Wow .06 interest on a 1 k loan! ouch, that's just as bad as a bank lol