Yes, you read that title correct. Now let me tell you why I did such a thing and am happy I did!

Paradigm Shift

It started with a change in my point of view on this investment and in the way I processed fear of loss.

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Please Note: This is not a recommendation for this investment. Simply a lesson in mindset and decision making when it comes to investing. Everyone's goals and needs are different.

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image source

Choice, Chance, Change

The first time I heard about bitconnect was earlier this year, someone told me about 1% daily returns on investment and my immediate reaction was; there is no way that can last. That's gotta be some kind of scheme, and that was it. I never looked back.

Then someone I have respect for as an investor told me they had gotten into it, which led me to take another look.

Choice

This is where the paradigm shift occurred in my point of view. The thing is, I'm an opportunity investor. If I see a good opportunity I will consider any investment, it's the risk that determines whether I moved forward.

The idea of earning 1% a day on my money was always a draw. What is my risk though. Given I believe this model cannot last over the long-term why would I consider investing in it?

Then I realized that at 1% a day it only takes three and a half months to get my initial investment back. Well, that is certainly an interesting piece of information.

The new question

So now the question became not about the long-term, but about the next three months. Even if this thing is a big pyramid do I think it will come crashing down before the new year?

Given that as long as Bitcoin is trending higher overall - I don't see why this thing won't last a while.

It's like anything else; a stock fund, hedge fund or even a ponzi scheme - all is good until we have a big sustained down trend in the asset.

Since I believe Bitcoin is going to 10k, guess I answered this question for myself and will move forward investing in bitconnect.

Plus, the early investors tend to make money, so long as they take some money out when times are good. It's the greed that bites them in the butt. I know better.

Chance

So what kind of chance did I want to take on this high risk-high reward investment?

Time to practice what I preach! Anytime someone wants to invest in something and they say it could be big, but it could also blow up and lose everything put in, my response is the same.

"Treat it like you are going to the casino. Only invest money you do not care about seeing ever again."

Being I just got back from Vegas recently and brought $1,500 to gamble with (which I luckily didn't lose) I thought; Ok, if I'm willing to blow $1500 in Vegas then I should have no problem throwing at least $500 at bitconnect to see what happens.

Change

I have never invested in something that I did not believe in over the long-term. Traded yes, but invested no.

However, my view point changed when I realized an out sized return can be had in less than a year.

Also, what was the change on my life that taking this chance would have?

By investing $500 I generate roughly $150 a month in returns. That definitely pays a monthly bill or two. Free roll my cellphone or cable bill? Yes please!

And that is essentially what I have done after a month invested in Bitconnect.

My Experience with Bitconnect So Far:

Just over a month ago I invest the $500, I received a slightly better than 1% return on my money so far and re-invested $300 made from the interest and a referral. That will be my only re-investment as I wanted to get to $800 so I'm generating atleast $240 a month.

Granted, fluctuations in the price of bitcoin and bitconnect coin can impact my actual return for better or worse, but I have a baseline number to work with.

For me, $240 a month pays for the cellphone, cable and internet. Boom! So for as long at this thing keeps working I am free rolling those services off a $500 investment.

That is a change in my life that is worth risking $500!

Passive income to pay bills is the goal with all of my investments, that's the main reason I got into real estate investing years ago.

What Exactly is Bitconnect?

Basically, bitcoin is used to buy bitconnect coin. Then that is lent to the bitconnect trading bot.

Daily returns are roughly 1% (on average as returns fluctuates day to day) on the money lent to the bot. The loan has a 299 day term. Then it is released back to the investor.

This is a screen shot of some of my returns over the past week. Green numbers are the daily returns received (save the $300 that was my re-invest) while red is me transferring it to bitconnect coin which I then turn in to BTC to cash out.

So far it's working and like I always say when trading - Play it till it breaks!

Play at your own Risk

If for some reason you decide you are interested in this, you can find it here: https://bitconnect.co/?ref=Mitch78 . (Yes, that is a referral link. Full disclosure)

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As always, thanks for reading! I will have a new investing adventure or chart analysis coming soon!

P.S. - The Music and Money Show is on-air live at 4pm EST today, Tuesday. Special guest @bulleth will be interviewed. Listen here: http://mspwaves.com/home/listen/

Best Regards,

Disclaimer: All content in this post in meant for informational purposes and is the personal experience of the author and not meant as recommendations for a product or service.