Is Bitconcent a Scam? – A Great Place to Lose Money!
When you hear a cryptocurrency platform that has a “lending” feature like Bitconcent does, you should be very suspicious and proceed with caution…. either that or just avoid it all together. Why do I say this? Is Bitconcent a scam? Are people just going to end up losing money with this?
In this review I’ll be going over what Bitconcent is, what it provides, some red flags, and why I’m personally getting nowhere near this. I’m not telling you what to do but I am saying that I will not be investing in this.
Bitconcent is a cryptocurrency that has trading, staking, and lending platforms. Being able to stake your coins is all fine and dandy, same as trading. These are two things that you can do with many legitimate coins out there and there is no problem with it. The lending platform is what concerns me.
If you are familiar with Bitconnect then you already know why this is concerning. Bitconnect was a massive ponzi scheme that operated under the guise of a lending platform. Basically what went on is they were paying off older investors with the money from new investments. People thought they were buying Bitconnect coins and “lending” them back to the platform so that Bitconnect’s “volatility software” could trade them and make money… but that isn’t what was going on.
Of course I have no proof of this because of the lack of transparency that they had but its the only logical explanation considering their massive collapse.
A Look at How Bitconcent Makes You Money
Ok, so if you are going to participate in the lending, what you do is buy BTCC, which is the Bitconcent coin, and you then lend it back to the platform. Then they have what they call their “volatility software” trade the BTCC and make money for you off of market fluctuations. Both Bitconnect and Bitconcent use the same term “volatility software” which is strange.
What is this volatility software? Well of course they aren’t going to really tell you much of anything. Well… actually they don’t tell you anything at all. You are just left to use your own imagination to decide what it is. I get that some places like to keep their secrets if they have some new technology and don’t want everyone to know about it and steal their idea… but they could definitely safely tell a little more about this. The fact that they give you no information is something else that is very concerning.
The amount of money that you can make here depends on the amount of BTCC that you buy. Of course the more you buy the more you are rewarded. According to the chart they provide.. you can make 35% per month off of your investment plus up to 0.3% daily…
A Look at The Team Behind Bitconcent
One thing that I always do before getting involved with a cryptocurrency project is take a look at the team behind it. This is important. You can look at the members to see if their stories check out, if they are qualified to do what they are planning on doing, see if they are credible, trustworthy, etc.
Unfortunately for Bitconcent there is no such information. They do not tell you who is one the team of anything about anyone behind this. This is a major red flag and very common for scams. Usually scams will either make up fake names of people or they will just not tell you anything. Bitconnect, for example, did not disclose any team members names and now that it has collapsed no one really knows who was behind it.
If you don’t know the people behind it how can you trust this place? The answer is you can’t!
Bitconcent has a referral program that pays down to 10 levels. This means that you can earn money by referring in new investors personally (level 1), as well as from the investors that they refer in (level 2), and the investors that they refer in (level 3) and so on…
They call these levels “generations”, which as far as I can see mean the same thing as levels when it comes to mlm (multi-level marketing). You will get paid accordingly..
- Generation 1: 5% of referrals investment
- Gen 2: 2%
- Gen 3: 1%
- Gen 4 – 5: 0.5%
- Gen 6 – 10: 0.2%
On top of this they also have a binary compensation plan. In a binary plan there are 2 positions (left & right) beneath each member that need filled. So if you refer in 2 other people, they will go directly beneath you and then spill over into other open positions. The same goes for every other member.
Here is a visual representation…
A Major Concern
My problem here is that this place seems very similar to the Bitconnect scam. There are so many similarities…. even the name is almost the same. Seriously… the name has the same exact letters and everything just the one “n” was moved around: Bitconnect vs Bitconcent.
I have no idea what is actually going on behind the scenes because they don’t show proof of anything nor do they tell you much. There is a major lack of transparency here.
You are just suppose to trust that the volatility software is making you all kinds of money after you invest but how can you be so sure. What if they are just making all their money from recruits investing in? This is not a crazy thing to consider. It happens.
This very well could be another ponzi scheme which means its nothing more than a big flow of money from new investors to older investors. They don’t give you proof of this volatility software making trades.
The fact that it has a massive mlm referral program is also concerning. It definitely does not prove this to be a scam but they seem to be a little overly focused on the whole marketing side of it.
Final Thoughts and What I Suggest
The decision of whether or not to invest in Bitconcent is up to you but I for one will not be. I honestly think you would have to be pretty crazy to invest in this after what happened to Bitconnect and with all the similarities between the two.
But if you do end up investing just be sure to only invest what you can afford to lose.
If you have any comments or questions leave them below in the comment section…