BitConnect is one of the most renowned names in the world of digital currency. Just like every other cryptocurrency platform, it serves as a decentralized, self-regulated financial system. But what sets it apart from other altcoins and bitcoin exchanges is the way it has been designed to offer multiple investment opportunities along with cryptocurrency education that enables you to find the independence you seek as an investor.
Investing your money is a crucial decision and BitConnect values that. By using this public exchange, you can buy or sell BitConnect Coin (BCC) directly without the involvement of any central authority.
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How Does BitConnect Work?
In order to begin trading on the exchange, you have to register an account by providing basic information. Then go to the exchange page where you can deposit bitcoins to the bitcoin wallet. After getting the deposit confirmation, you can purchase BCC with your preferable buying rate from the exchange. You can also sell BCC with sell form on the exchange page. Enter the amount you wish to sell and click the button to place your sell order.
To withdraw the bitcoin or BCC, you can click BTC/BCC withdraw button and get the withdrawal form. Enter the address where you wish to send the coins along with the withdrawal amount. After entering the login information and providing verification, the transaction is completed. It also allows you to view the transaction status.
You can also use the BitConnect bitcoin wallet, which enables you to use BCC as an exclusive mode of digital payments. In this wallet, funds of all the members have been converted from bitcoins to BCC. All you are required to do is download the desktop version of this wallet and start sending the coins to earn interest on it.
Pricing of BCC
The price of BCC is determined on the basis of its supply and demand that is designed during BCC algorithm along with the BitConnect lending platform. A number of variables are involved in predicting its potential price, including minting algorithm, supply mining, and BitConnect community network.
The BCC supply channel has a steady supply of new coin, whereas, the demand side is stronger and will take over the supply side with a higher number of community members who join the platform and stake their coins. This network has been designed to self-regulate itself, which is likely to create more wealth in the BitConnect community in times to come.
Just like bitcoin mining, you can carry out BCC mining to generate new coins. However, unlike bitcoins that require ASIC miner, it can be mined via GPU/CPU. In order to start mining, you are required to download BitConnect wallet for the operating system in use. To secure the BCC network, BitConnect uses a special algorithm known as proof-of-work or proof-of-stake. If you are using the wallet for the first time, you will have to wait for the blockchain to download.
You can either go for solo mining or pool mining. In solo mining, you will need the wallet. For pool mining, you should join the pool, wherein a large number of users bring their resources together to find a block. The rewards are divided in accordance with the work sent by each user to the pool.
BitConnect Lending or Investing
You can also invest in BCC lending. For that, a person has to deposit the bitcoin (BTC) on the BTC deposit address and purchase BCC from the exchange. You can lend these coins on the dashboard by pressing the “lend BitConnect” button or invest them in USD. It allows you to enjoy daily profits on the basis of your investment option and as per the volatility software interest.
It also serves as a news site where you can stay connected with the current market updates. Whether it be about bitcoin regulations, new businesses accepting bitcoins, bitcoin miners, blockchain technology such as Ethereum, or any other cryptocurrency exchanges like Coinbase, you will get latest updates about everything.
BitConnect also shares reports about latest developments, such as information about new startups, current talks, prices, and any other news related to altcoins and bitcoins. In less than 12 months, the BitConnect community has increased by more than 50,000 users. Moreover, it has gone from little traffic to breaking the top 80k websites in a period of just six months.
All in all, this open-source platform has managed to earn a great reputation in bitcoin and other altcoins ecosystem by providing outstanding opportunities and winning the trust of its clients.