BitconnectX ICO has finally launched. Here is an update on what the ICO actually is and what the coin is. BitConnect has kept the details secret but now finally published the details. BitconnectX is a new crypto that promises fast transactions and low fees. There is not much of interesting info about the coin but there is the following:
- Mining will be involved
- There will be rewards for holding the currency in the desktop wallet
- Low fees
- Fast transactions
- Scrypt mining algorythm
Bitconnect X will be used to launch a new exchange. This is a promising sign and it will most likely boost the value of Bitconnect. Bitconnect is also sending a message saying they are here to stay with this move. Also, it should prove their perception as more legit than it has until now.
BitconnectX has excluded USA residents from the ICO and only limited amount of coins will be available to purchase every day – 261 333 and 100 coins can be purchased per person every 24 hours. This is most likely to prevent one person amassing high amounts of the coin.
BitConnectX will be distributed in the following waves:
- January 10 – January 24: 3.9 million coins with 5% bonus
- January 25 – February 8: 3.9 million coins with 2% bonus
- February 9 – February 23: 3.9 million coins with no bonus
The ICO website and how it is ran made me actually change my mind as it gave me doubts on whether it is a good or bad investment and about the future of the coin. Initial information about the ICO suggested a price of $5 a coin, which is a steep price, but not that terrible. However a little time after, the site was taken down and the price jumped to $50 a coin, which for an ICO seems too steep. I can’t remember any other ICO with the coin price this high.
The second issue I had is I couldn’t login to the website. No matter what, the website was throwing errors all the time. I am assuming this was caused by the heavy traffic on the site and had nothing to do with the coin but it didn’t make me confident. I am sure they will fix these problems soon, or as soon as the initial hype settles down.