Everything You Want to Know About BitConnect
Cryptocurrencies are very much in the news these days, largely because of the massive success of Bitcoins. But Bitcoins are far too expensive; the BTC value crossed $ 9,000 at the time of this writing. It is not possible for most people to buy a Bitcoin at this rate. That is why you should consider looking for ways to invest in Bitcoin in an affordable way.
One of the best ways to get your hands on Bitcoins is through BitConnect. BitConnect is a self-regulated financial platform which operates through peer-to-peer exchange, and allows you to lend Bitcoins through a blockchain technology.
Not only is BitConnect the first Bitcoin lending platform in the world, it also has its own cryptocurrency called as BitConnect Coin, or BCC, which is valued at $ 299.20 and has a market cap of $ 639,712,850 at the time of this writing. The value of BCC has really shot up in 2017 largely because of the increase in value of Bitcoins, which it is based on.
You can either store or invest your wealth in the form of BitConnect Coin or earn a substantial interest by simply holding this cryptocurrency in your digital wallet. In fact, the BCC is a highly impressive interest bearing asset which gives you an interest of 120% a year! That is massive by any yardstick of measurement.
You don’t have to worry about any government or central bank exercising control over your choices. You are in charge of your investment in BitConnect as it is a medium that is completely owned by its users.
How is BitConnect different from Bitcoin?
First, you have to differentiate between BitConnect and BitConnect Coin (BCC). BitConnect is a BitCoin lending platform, BCC is the digital currency which is used by this platform.
The BitConnect system has a very reliable Proof-of-Work or mining process. This is a system which rewards you with more coins if you hold on to the coins for a particular period of time. The longer you hold on to the BCC, the more coins you will make.
BitConnect allows for much faster transactions compared to what you get with Bitcoin. There are many who complain that the Bitcoin platform is so overcrowded that a transaction takes several minutes to complete. This is not the case with BitConnect, which uses an encryption algorithm called as Scrypt, which is much faster than the encryption algorithm used by Bitcoin, called as SHA-256.
How to invest in BitConnect?
You can invest in BitConnect by buying BitConnect Coin and holding it in your digital wallet. So, if the value of BCC was to increase, you will make a decent profit on your investment when you sell the BCC.
For example, BCC was valued at $ 50 a few months back and is now valued at around $ 300. So there is a substantial profit to be made if you had purchased BCC at $ 50 and sell it at now at $ 300. If you wait a few months longer, you will probably make a bigger profit on it.
Furthermore, the longer you hold BCC in your wallet, you will earn an interest on it. This interest depends on the current value of BitConnect Coin and can go up to as high as 120% a year. But to earn the interest, you need to have at least a 100 BitConnect Coins in your wallet.
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