Bitconnect: Fraud and the future of Cryptocurrency

Many still are in denial of the recent fraud known as Bitconnect, which has ruined trust and displaced the cryptocurrency world. Some were aware of the fraudulent intent of the illegitimate company; and thus tried to warn the ones who were foolish enough to invest in something so overly promising. However, the truly greedy would refuse to listen. Bitconnect turned out to be a Ponzi scheme: a fraudulent system in which older investors get an abnormally promising return stolen from recent investors. Inevitably, the system fell apart as the flow of new investors could not provide for those who invested at an earlier time. With this in mind, the company disappeared, and took money from every investor in their greedy, corrupt system. The trust that existed for cryptocurrencies vanished as lives were ruined in an instant. With loss of trust, however, comes a lowered price for regular cryptocurrencies. What this holds for the future is unpredictable; it has benefits for new investors, but old investors will most certainly have to hold on to their coins for as long as they can. The future holds many secrets, and only time will tell what the fate of bitcoin – and other cryptos – turns out to be.