Why is Bitconnect considered a scam in the cryptocurrency community?

1 answers

• Mays BauerNov 05, 2023 · 2 years ago
  Bitconnect's reputation as a scam in the cryptocurrency community is also due to its lack of transparency and questionable business practices. The platform promised guaranteed returns on investments, which is highly suspicious in the volatile and unpredictable cryptocurrency market. Furthermore, Bitconnect's team failed to provide any verifiable evidence or explanation of how they generated such high returns. This lack of transparency, combined with the aggressive marketing tactics used by Bitconnect, led many to believe that it was a fraudulent scheme. The collapse of Bitconnect and the subsequent legal actions taken against its founders only reinforced the community's perception of Bitconnect as a scam.
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