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https://www.facebook.com/bitconnect.co/ https://plus.google.com/109575005310593946672How does Bitconnect ensure security? Bitconnect is a peer to peer Bitcoin transaction site that offers platforms for a number of Bitcoin services. Users create free accounts on the site, then they are connected with other trusted members of the Bitcoin community to conduct Bitcoin transactions safely. The safety and trustworthiness of the community members are ensured two ways.
• Member percentage ratings
Each community member has a percentage rating. After transactions, community members give each other ratings of “positive”, “Neutral”, or “Negative.” A neutral rating does not affect the percentage rating at all. However, a positive rating will increase a member’s percentage rating, and a negative rating will decrease a member’s percentage rating. A member can find members with a history of trustworthiness by looking for members with high percentage rating.
• Identity verification
Although anonymity is an option, members also have the option of using their real names, verifying their identity with Bitconnect, and verifying their address with Bitconnect. Members may prefer to do business with other members who have verified identities as their transactions can be traced back to a real person in case of repercussions. These safety measures apply to all of the Bitcoin platforms offered by Bitconnect.
Bitcoin platforms offered by Bitconnect:
• Bitcoin lending through microloans
• Buying, selling, and trading Bitcoins with trusted community members
• Buying and selling goods and services using secure Bitcoin transactions
Bitcoin lending The first Bitcoin platform Bitconnect offers is community Bitcoin lending. Members have the option to give microloans of Bitcoins to other members. The full amount being leant is comprised of microloans from several members. So, the principle and interest is paid back to the lenders from a community pool of funds. This is a way to invest Bitcoins with a hedge.
Buying, Selling, and Trading Bitcoins
Bitconnect members can also buy and sell Bitcoins. The members who wish post ads for transactions. Then the buyers place money into the secure triple signed escrow system and the sellers exchange the Bitcoins all Bitconnect third party accounts. Members have the safety net of the escrow system to protect them from theft or scammers. A slightly riskier option exists for members who prefer to conduct cash sales. There will be a board advertising requests for cash transactions. Members can look for sellers advertising cash transactions in their areas and arrange a face to face meeting. The seller will put the Bitcoins into Bitconnect’s escrow. The members will then take a selfie of the exchange of cash and send it to Bitconnect. Then, after the exchange of cash has been confirmed, the coins will be released. Members are encouraged to meet in safe, public places and check for counterfeit currency before posting confirmation of the exchange.
Buying and selling goods and services Bitconnect also offers a platform for buying goods and services with Bitcoin. Members selling items or providing services can post ads for their merchandise, and then other member can shop on Bitconnect the way they would shop on a vendor website. The same triple signed escrow system that is used to safeguard the lending and Bitcoin exchange is also used for the sale of goods and services ensuring that members have a safe place to shop with Bitcoins. Bitconnect does collect a percentage of the transaction as a fee in the sale of Bitcoins, goods, and services.