What is BitConnect and how does it work?

The entire idea behind BitConnect seemed unusual to many from the start. BitConnect provided a lending platform, where users could lend the value of BitConnect coin, and then receive investment payments in return.

Why did Bitconnect shut down?

However, the biggest news of the month and year came on January 16th when BitConnect announced that it would shut down its lending platforms. Apart from the regulator scrutiny, BitConnect cited “continuous bad press” as well as multiple DDoS attacks as the reasons for its closure.

Is Bitconnect the best cryptocurrency in 2017?

The company, which made its foray into the cryptocurrency scene with an initial coin offering (ICO) in late December 2016, swiftly cemented its position as one of 2017’s best performing currencies on CoinMarketCap. Indeed, during its heyday, BitConnect boasted a market cap of over $2.6 billion and a value exceeding the $400 mark.

How much money can you make with Bitconnect?

This meant that salting $1,000 away into your BitConnect investment account could net you more than $50 million within three years, assuming the scheme does indeed live up to its promise for one-percent interest compounded on a daily basis. Needless to say though, many deemed this model unsustainable.