How does Bitconnect work?

Customers would deposit bitcoin into the platform and then exchange it for BitConnect coin at whatever the market rate was at the time to create a loan. Furthermore, they pay loan interest and principal in BitConnect coin, which means that when the loan period expires, customers would have to convert it to bitcoin.

Is Bitconnect a scam?

First, Vitalik Buterin (founder of Ethereum) and Litecoin creator Charlie Lee began to publicly call out BitConnect on Twitter, alleging that the company is likely a scam. Around the same time, the U.K. Registrar of Companies threatened to shut down BitConnect and gave it two months to prove its legitimacy.

How does txbit work?

Perform. "Txbit is a cryptocurrency exchange for the everyday trader. Built and based in the Netherlands. Our philosophy is simple; Security, Privacy and Reliability. All you need is an email address to use full functionality of the exchange. An easy to use interface, refined for excellent desktop and mobile experience.

What is BitConnect and why was it shut down?

BitConnect is a lending platform that allowed users to trade their Bitcoins in exchange for the platform’s native token and earn interest in the process. BitConnect was ultimately shut down because the platform turned out to be a Ponzi scheme and thus wasn’t able to repay its investors. What Is BitConnect?