BitConnect

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This article was considered for deletion at Wikipedia on October 17 2017. This is a backup of Wikipedia:BitConnect. All of its AfDs can be found at Wikipedia:Special:PrefixIndex/Wikipedia:Articles_for_deletion/BitConnect, the first at Wikipedia:Wikipedia:Articles_for_deletion/BitConnect. Purge

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oooh, orphan BitConnect is a high-yield investment program, which is a type of ponzi scheme[1]. It is an open source Bitcoin and crypto community developed by an unknown programmer, or a group of programmers, using their own cryptocurrency BitConnect Coin for all BitConnect lending operations. The price of BitConnect was 0.17 USD in January 2017, and as of august 2017 it trades for more than $50 dollars,[2] increasing a 1800% value in the first 6 months.[3] BitConnect coin released as open source software in January 2017. BitConnectcoin is peer-to-peer cryptocurrency, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain using Proof of Work(PoW) and Proof of Stake(PoS) algorithms.[4] As transaction works without a central repository or single administrator, BitConnect Coin is a decentralized cryptocurrency. BitConnect has a market cap of over $300 million.[2][5] Besides being used in Lending operations, BitConnect Coin can be traded on internal BCC exchange with Bitcoin and other external crypto trading platforms like Livecoin and Coinexchange.[6]

Date of Introduction

of BitConnect platform

15th February 2016
Industry CryptoCurrency
Users Worldwide Community
Website www.bitconnect.co

Platform

BitConnect introduced a price volatility software aimed to reduce volatility of coins.[7] BitConnect members can lend out BitConnect Coin (BCC) to Bitconnect volatility software, where lenders earn daily interest on their lending. BCC can be acquired with Bitcoins. BitConnect is planning to open educational offices in some countries and hand over the web platform to the community.[7]

Technology

BitConnect is based on a PoW with PoS scrypt.[8][9] The coin generation will terminate once all 262,800 blocks are generated. After completion stake holders will have incentive with interest varying from 10 to 60%.

Quick facts

  • Maximum coin supply: 28 million [9]
  • Coin base maturity: 50 blocks
  • PoW blocks: 262,800
  • PoS coins: 20,4 million
  • Block spacing: 2 minutes
  • Minimum Stake age: 15 days
  • Maximum Stake Age: 90 days [4]

Features

BitConnect has their own P2P exchange, to trade BCC. Web and desktop wallets, with iOS and Android apps, are completed with some features still in progress, like a mobile exchange or a web stalking wallet. BitConnect has community websites in Vietnam, Indonesia, Philippine, India, South Korea, Japan, and Thailand.[10] BCC Mining Pool helps share hashing power between miners splitting equally the reward after solving a block.

References

  1. http://www.badbitcoin.org/thebadlist/
  2. 2.0 2.1 "BitConnect (BCC) price, charts, market cap, and other metrics". https://coinmarketcap.com/currencies/bitconnect/. 
  3. "BitConnect Coin (BCC) Records an Astounding 1800% Value Increase, within 6 Months of ICO". 12 May 2017. https://www.coinspeaker.com/2017/05/12/bitconnect-coin-bcc-records-astounding-1800-value-increase-within-6-months-ico/. 
  4. 4.0 4.1 "Bitconnect Coin -What is Bitconnect Coin and everything about the new Bitconnect Coin - Yocoin-Sigmacoin-Bitconnect-Dream Touch India". 16 November 2016. http://moneyearnonline.com/bitconnect-coin-bitconnect-coin-everything-new-bitconnect-coin/. 
  5. "Not So Tiny Bubbles: The Top 25 Crypto Assets", www.forbes.com, 10 July 2017
  6. "BitConnect - An All in One Bitcoin and Crypto Community Platform". 6 March 2017. http://www.newsbtc.com/2017/03/06/bitconnect-one-bitcoin-crypto-community-platform/. 
  7. 7.0 7.1 "Blockchain Startup Uses Hybrid Intelligence to Disrupt International Finance", 10 August 2017
  8. BitConnect. "Cryptocurrency BitConnect Breaks Records in Value and Market Cap". http://www.prnewswire.com/news-releases/cryptocurrency-bitconnect-breaks-records-in-value-and-market-cap-300429781.html. 
  9. 9.0 9.1 "Profit Hunters Club: Crypto-Currencies » Bitconnect - [BCC [Scrypt] [PoW/PoS]"]. http://profithuntersclub.com/index.php?t=msg&th=62&start=0&S=8a4e27503271df36c054633d33f5a986. 
  10. "BitConnect Coin – Community-Based Decentralized Cryptocurrency", "bitcoinexchangeguide.com"

External links