I was going to say decentralized in trading, but to convert their "lent" funds(USD) to BTC, you need to first convert it to BCC(Bitconnect coin) then to BTC to then "cash out".
You can buy your BCC outside of their proprietary exchange and then transfer it in. The only advantage is their exchange won't charge a fee.
The key to decentralizing it is to get it on other exchanges.
Unless the people behind Bitconnect make everything transparent(how their lending bot works etc), we won't know if it is for sure. It is all speculation now, and probably should assume it is not decentralized(to be on the safe side).
Ive been involved with program like bitconnect claiming to use lending bots or trading bots etc.. Its the same model; except this time, crypto is involved.
Is Bitconnect centralized or decentralized?
I was going to say decentralized in trading, but to convert their "lent" funds(USD) to BTC, you need to first convert it to BCC(Bitconnect coin) then to BTC to then "cash out".
recently they have added Bitconnect Coin to hitbtc exchange:
https://hitbtc.com/BCC-to-BTC
i think this is a big deal since now you don't have to go through their internal exchange to buy/sell BCC.
That is true, but you still have to convert the "USD" to BCC on their site(from lending side). Then you can send it to Hitbtc.
Why can't all of that be decentralized?
Because the Bitconnect team(whoever they are) would not have control over it. I am not saying it should not be decentralized, it just is not.
How can we know it's not or it is for sure?
Most cryptos are not really decentralised except for the first few like dogecoins and ltc.
With that said, Bitconnect ina way, is nothing but a ponzi scheme people should clearly avoid!
You can buy your BCC outside of their proprietary exchange and then transfer it in. The only advantage is their exchange won't charge a fee.
The key to decentralizing it is to get it on other exchanges.
Unless the people behind Bitconnect make everything transparent(how their lending bot works etc), we won't know if it is for sure. It is all speculation now, and probably should assume it is not decentralized(to be on the safe side).
Ive been involved with program like bitconnect claiming to use lending bots or trading bots etc.. Its the same model; except this time, crypto is involved.