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Bitconnect (BCC): Everything you Wanted to Know!

Bitconnect has hogged the limelight recently when the SEC (United States Securities and Exchange Commission) sued the founder of Bitconnect, the now defunct cryptocurrency exchange platform. The SEC has charged BitConnect founder Satish Kumbhani of raising around US$2 billion from thousands of retail investors. They alleged that Satish had lied about the ability of BitConnect to generate profits and violated registration laws, protecting investors. The Bitconnect fraud is considered to be one of the biggest scams among all the cryptocurrency frauds.

As the top US promoter of BitConnect, the SEC has also charged promoter Glenn Arcaro and his firm Future Money Ltd in a Manhattan federal court lawsuit for fraudulently receiving over US$24 million in terms of "referral commissions" as well as other sums.

In a criminal wire fraud conspiracy charge, Arcaro has already pleaded guilty before US Magistrate Judge Mitchell Dembin in San Diego. His sentencing is going to take place on November 15, 2021. Reports say that the SEC lawsuit wants to:

  • Impose fines.
  • Recoup ill-gotten gains.
  • Offer other relief.

Bitconnect exchange has also created BitConnect Coin, a digital token, which you can exchange for Bitcoin. BitConnect Coin, denoted as BCC, is a popular proof of stake (PoS) cryptocurrency.
The US Securities and Exchange Commission said in its lawsuit that the Bitconnect exchange told investors that their "lending program" (through BitConnect Lending Platform) was capable of using a "volatility software trading bot" (bot and volatility software) to generate 40% per month returns and a fictitious 3,700% annualized gains. The securities watchdog also underscored that investors lost most of their money after the BitConnect Coin BCC price tanked by -92% on January 16, 2018.

Prosecutors called BitConnect a classic example of "textbook Ponzi scheme" that took money from new investors to pay earlier investors.
On May 28, five other promoters of BitConnect were also sued by the SEC. Judgements have been obtained by the SEC, which required Michael Noble, Joshua Jeppesen, and the fiancee of Jeppsen to make payments of over US$3.5 million and 190 bitcoins.

The now defunct ponzi scheme BitConnect Coin (which was launched in February 2016) was used for investing in the BitConnect scheme and also receiving payouts. The Bitconnect price hit an all-time high in December 2017 at US$471 (with the market cap reaching US$2.5 billion). However, its value dropped to zero after the project’s investors exited the scheme after legal problems arose for the BitConnect project.

BitConnect’s website has been offline since the scam (ponsi scheme shuts down) went public and its value dropped to zero. The project and the exchange, don’t exist now. The BCC coin is not tradeable anymore.Buy Bitcoin, Cryptocurrencies, Stocks, and Gold for a Better Return (ROI)If you are ready to invest in stocks and cryptos or buy Bitcoins through online brokerage accounts of centralized or decentralized cryptocurrency exchanges, you can do so in a legit way by investing through stock investing and cryptocurrency apps. You have to open an account with such an exchange or online broker (including trading apps and investing apps such as TD Ameritrade). Then verify your details (including basic personal information) and fund your stock or cryptocurrency and bitcoins trading account.

The best thing about the Bitcoin and crypto market is that the transactions are done without the involvement of banking entities. This is one of the reasons why more and more investors (including corporates, venture capitals, and institutional investors) are heavily investing in cryptos.

You can start depositing funds into your stock or crypto exchange account to buy company shares or cryptocurrencies. This can be done by simply connecting your online banking account (savings accounts, checking accounts, or other account types). Besides transferring fiat currency money online through bank transfer, you can make payments with other payment methods, including credit cards, debit cards, and others.
If you need further assistance, you may consider taking help from the vibrant and helpful trading communities. You can trade cryptos with credit cards (business credit cards, personal ones, or Citi custom cash cards), debit cards, or other payment options through reliable crypto trading web platforms.

You can also check the savings calculator to know how much you should save on a weekly, monthly, or yearly basis. Check the financial news to learn more about the prospects of various assets so that you can build long term wealth.

If you are bullish on the future prospects of gold, stock and ETF trading, the crypto market, Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Litecoin LTC, Ethereum Classic ETC, Bitcoin SV, Wrap Bitcoin, and other altcoins, you can start investing in stocks, gold, Bitcoin, and other altcoins with USD. Once purchased, transfer them to:

  • Hot wallets (including mobile app wallets and software crypto wallets) or
  • Cold wallets (including the most secure hardware wallets)
    Hold them for a longer time period to let the Bitcoin (BTC) price increase. Keep your cryptocurrencies safe with:
  • Ledger Nano S
  • Trezor One
  • Other Ledger and Trezor models
    Crypto market investing will provide you a higher return in the long run. The ROI from crypto investment is much more than investing in:
  • Stocks
  • Mutual funds
  • Index funds
  • Real estates
  • Yield savings accounts
  • Real estate investment trusts
  • Fiat currency trading (forex trading)
  • CD rates
  • Trade options
  • Money saving in savings accounts
  • Money market returns
  • Exchange traded funds
  • IRA accounts (including Bitcoin IRA), and others.
    In fact, many retirement funds or IRA accounts such as Roth IRAs are allowing digital currency investors to purchase XRP, Bitcoin, Chainlink, and other digital assets. These retirement funds are increasing investor choice by allowing them to invest a small percentage of their money in cryptocurrencies. This is, in turn, increasing the prospects of these funds providing their investors with higher returns. If you are thinking about building wealth, you should include cryptos in your portfolio like other crypto investors.
    Therefore, it can be concluded that holding Bitcoin, Ethereum, and other cryptos can help you to build real wealth and multiply your net worth. You can learn investing basics to buy crypto currency and other digital assets to make more gains. Start going through the Wall Street Journal and other investing magazines on cryptos to learn more about investing in crypto market and make better financial decisions. Learn about the valuation calculation for true bitcoin value and assess the overpriced or underpriced situations instantly.
    As a beginners guide, you may also check out the trading basics provided by various cryptocurrency exchanges such as Coinbase, Binance, Kraken, and other crypto APIs. There are many brokers suitable for beginners as well. So, read reviews of customers before joining a crypto exchange. There are many brokers for beginners in the USA through which you can trade and invest extra cash and investible funds in fractional shares and stock funds.
    You should definitely learn about:
  • Trading for beginners (Step-by-Step guide)
  • Types of stocks, including penny stocks, value stocks, growth stocks, blue-chip stocks, etc.
  • Gold standard
  • Futures contract
  • Gold miner, gold mining company, and gold mining stocks
  • Bad debt and bad credit
  • Home equity
  • Employment tax records and receipts
  • Periods of limitations
  • How is a credit score determined?
  • World Gold Council
  • How is the price of gold and other precious metals determined?
  • How to rent out your car to make money
  • Significance of owning gold
  • Stock plans
  • Fixed income assets
  • Stocks and Funds
  • Spot price and futures price of gold
  • Write an eBook to start making money
  • Use spare time and a personal internet connection to earn extra cash through part-time graphic design
  • Asset allocation
  • Investment in gold
  • Different ways of buying and selling gold
  • How to make money from Google Adsense?
  • Gold stocks
  • Utilizing market news for profit
  • Significance of Dow Jones in the stock market
  • How do you increase your disposable income through balance transfers from credit cards?
  • Different trade ideas
  • Warren Buffet’s investing styles
  • Passive investors
  • Different investment goals
  • Teaching as a private tutor in your free time
  • Cash management
  • Investing for beginners
  • How to choose brokerage firms and stock exchanges?
  • Gold markets
  • Trading strategies for beginners to time your entry and exit
  • Using price actions to one’s advantages
  • Teach English to earn a lot of money online and start saving
  • Browsing websites can also help you earn a little extra cash
  • Margin Requirement
  • Margin Call
  • Margin Account
  • Day Trading Margin
  • Trend Trading
  • Market Makers
  • Options trade
  • Fundamental Analysis
  • Short Sell
  • Market research
  • Success Rates of Day Trades
  • Trading vs. investing
  • Swing trading
  • Trading Time Frames
  • Successful Ways Of Buying Stocks And Cryptos Throughout The Day
  • Risk Management
  • Financial Industry Regulatory Authority
  • Margin Trading
  • Foreign Exchange Trade
  • Pattern Day Traders
  • Day trading rules
  • Active trading
  • Secrets of a successful day trader
  • Stock price actions
  • How to pay off debt quickly?
  • Planning for retirement
  • IRA guide and fruitful ways of increasing the returns of individual retirement accounts
  • Stock price determinants
  • Charles Schwab’s modern approach to investing and retirement
  • Day Trading Tools, trading software, and different financial tools.
    Defi tokens and NFTs (Non Fungible Tokens) are the next generations of crypto coins. These decentralized coins have started to become very popular among active traders who trade cryptocurrency. You can buy and sell them through crypto trading platforms too.
    Whether you buy Ethereum (ETH) or buy Dogecoin, you should also invest in:
  • Chainlink LINK
  • Litecoin LTC
  • Binance Coin
  • Cardano ADA
  • Polkadot DOT
  • Dogecoin DOGE, and
  • Trade Litecoin LTC for better diversification of coins.

To diversify your portfolio, you may also buy stocks through stock brokers for beginners and professionals.
Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors, investment managers, and wealth managers, especially the ones who are not averse to cryptocurrencies such as Bitcoin and others.

While day trading, you should always try to invest only that much money which you can afford to lose. When you do margin trading, be very careful. Financial protection must always be there in your mind while you make cryptocurrency trades. That’s why having a secure financial plan is so important.

Invest money in stocks, gold, and other cryptocurrencies through centralized or decentralized exchanges and reliable online brokers.

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