Home Cryptocurrency News Bitcoin BitConnect Team Continues to Scam Investors Through BitConnectX ICO

BitConnect Team Continues to Scam Investors Through BitConnectX ICO

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Most people are well aware of how BitConnect is a major scam. While the project may seem dead and buried, that is not necessarily the case. In fact, the BCC currency can be used as a way to buy into the BitConnectX ICO later this year. It is evident this project should be ignored by everyone who has any common sense whatsoever. Similar to the BitConnect Ponzi Scheme, BitConnectX will only cause financial loss.

There is a good reason why the ICO industry has somewhat of a bad reputation. More specifically, a lot of projects are perfectly legitimate. Not all of them will succeed, mind you, as a lot of ambitious plans will never lead to viable products. Unfortunately, there are also some major scams in the ICO world right now. BitConnectX is an upcoming ICO which is clearly tied to the BitConnect Ponzi Scheme. After all, BCC is one of the currencies one can use to contribute, which immediately raises a red flag.

BitConnect is not Done yet

More specifically, the BitConnectX ICO looks less than legitimate for multiple reasons. The name and acceptance of BitCOnnect are just two of the main red flags. This open source new currency will not provide anything useful to the ecosystem either. BCCX Holders will also earn interest by keeping coins in their wallets. Proof-of-stake currencies are nothing new in this day and age. Unfortunately, this also means there will be no way to mine BCCX, similar to how BitConnect was issued.

With only 14.7m of the 49m coins issued at first,  it is evident there are a lot of concerns. All of the unsold coins will be kept in a reserve fund. In layman terms, this means the project developers can dump their coins on the market at any given time. Of the available supply, only 11.76m tokens will be effectively old. It is a clear disaster waiting to happen. Anyone who invests in this project will lose their money sooner or later, unfortunately.

Furthermore, no exchanges will commit to trading BCCX in the future. The same applies to BitConnect, which is only listed on dodgy trading platforms. It is not unlikely we will see a BitConnectX Exchange in the future as well. This would keep up the illusion of how people are effectively investing in this currency. It is best to steer away from this particular ICO at all costs. That is unless you are prepared to lose every cent you invest.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

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