What is Bitconnect
Bitconnect (sym. BCC) is a peer to peer, open source cryptocurrency which can be transferred between two users without any intermediary or third party involvement. The system utilises Proof of Work(PoW) and Proof of Stake(PoS) algorithms to verify and approve transactions inside the network.
History of Bitconnect
Bitconnect was launched in November 2016 and was later released as an open source software in January 2017. It has a maximum supply of 28 million coins which will be mined during the complete lifetime. In June 2017, The Bitconnect price crossed $50 mark for the first time and in August 2017, the price crossed $100.
However, there is little information available on the ownership or the governing council of the coin and even the website domain is set to private.
How Bitconnect Works
Bitconnect is a cryptocurrency which works almost like Bitcoin. Thus, when a user initiates a send command, he needs to include the receiver’s wallet address, along with the amount of Bitconnect to be transferred. This information is then carried to the miners who approve (or disapprove) the transaction. Once approved, the amount of Bitconnect is deducted from the sender’s wallet and is received by the receiver.
Unlike Bitcoin where only Proof of Work(PoW) algorithm is used, Bitconnect utilises both Proof of Work(PoW) and Proof of Stake(PoS) algorithms for its blockchains.
Bitconnect aims to be the new Bitcoin and offers several advantages to the users.
- Superfast Transaction: Bitconnect offers transactions between two users of the network without any third party intervention. This means that the funds are transferred very quickly, compared to traditional means of fund transfer.
- CPU Based Mining: Unlike Bitcoin where ASIC mining technique is used, Bitconnect uses CPU and/or GPU of a computer for mining purpose. Thus, users of Bitconnect wallets can also be the miners of Bitconnect.
- Profitable Trade: Bitconnect can be invested into and traded. There are multiple exchanges which offer trading of Bitconnect.
- Dual Layer Security: Bitconnect uses Proof of Work(PoW) and Proof of Stake(PoS) algorithms to secure any transaction. With dual validation process in place, the transactions are very safe.
- Complete Anonymity: Bitconnect transactions can’t be traced back to the parties involved as the personally identifiable information is obfuscated. Thus, anonymous transactions are easily possible inside Bitconnect network.