New York magazine wrote of the company: 'BitConnect has always stood out as particularly sketchy.
Since its inception, BitConnect has been accused of engaging in nefarious activity akin to a Ponzi Scheme.
Users also have the opportunity to lend Coins to each other, and if users sign others up for lending opportunities through BitConnect, the company rewards them with bonuses. The BitConnect wallet allows users to accrue interest on their BitConnect Coins, meaning their total number will increase based on how long they hold their BitConnect Coin. Users also have the ability to trade BitConnect Coin. Additionally, the more people who buy BitConnect Coin using other currencies, the value increases. Only 28 million BitConnect Coins will exist, as people mine for more, the value of a single coin increases. The platform is community-driven currency and platform. According to their website, BitConnect 'is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with cryptocurrency education where it is entirely possible to find the independence we all desire, in a community of like-minded, freedom loving individuals who, like you, are seeking the possibility of income stability in a very unstable world.'