Be not afraid

Cryptocurrency by its very nature is somewhat confusing and intimidating to the average person. I've recently started dabbling with bitcoin investment, albeit with very small amounts so far (a couple hundred dollars). Frustratingly, unless you are mining for coins yourself, which is an entirely different topic, buying bitcoin is far from simple or straightforward.

One of the first things I discovered with popular sites like Coinbase and others, is that you will be charged a fee of some kind on your purchase. On top of that, if you try to use a credit card (to earn points or because it's easy), you will be charged an even larger fee, if you are allowed by the site at all. Many still require you to link to a bank account or wire money.

The hassle of all this is one thing, but once you've jumped through the necessary hoops, you suddenly notice that, due to all of these fees, you now have less money than when you started! This may seem obvious or petty to veteran traders, but for a newcomer, it is discouraging to see a loss of money right off the bat, especially in such a volatile marketplace.

You should expect for your investment to vary quite a bit in value, due to fluctuations in the cryptocurrency markets. Bitcoin value commonly changes by hundreds of dollars in a single day. So if you're like me, to start off already down by 2-3% from where you started takes the wind out of your sails.

Another Option

The other day I saw an article that mentioned BitConnect and how it provided a different option for investing involving BitConnect coin and "lending" them to the bot to invest. This all sounded very vague and confusing, but after some further digging, the basics of it are fairly simple.

To start off, you would convert your bitcoin to BitConnect Coin (BCC). You can transfer any existing bitcoin you may have to your BitConnect account and convert them there. If you don't have any bitcoin, you can purchase on Coinbase or other sites.

Once you have some BCC, you can choose to "lend" them using the "Lend BitConnect" button on your dashboard. From that point, their software will use your bitcoin to invest, and pay you daily "interest" based on their profit. More details can be found here. At the end of the term (which ranges from 120 to 299 days), you will get your "capital" back.

That last part is very important, as your capital is returned based on the dollar amount you initially invested, not the bitcoin amount, which is the opposite of most bitcoin investments. So, you could potentially lose money this way if the value of bitcoin increases dramatically. The advantage of this method is that it provides a more consistent return that is less volatile than watching the value and trying to cash out at just the right moment.

Final Thoughts

Some other important things to note:
-You will not be able to get your money back out for the entire period.
-You can choose to "reinvest" your daily profits, which can increase your returns.
-The more you invest, the more interest you can earn, and the sooner you can get your money back.

Essentially, Bitconnect has created their own little ecosystem. This is very different than traditional bitcoin investing, and this approach may not be for everyone. But for some out there, it provides yet another option to delve into cryptocurrency investing that might suit their needs perfectly.
Try Bitconnect Here