Keeping it Real - My Experience So Far with BITCONNECT
If you dabble in the world of crypto-currencies, you've no doubt at least heard of Bitconnect. What some are heralding as a "horrid ponzi" scheme, and it very well could be or probably is, you can make money from it.
I invested a very small amount in bitconnect back at the end of August, the 31st in fact, so close to two months ago, of $140.
I'm sure you've all heard the song and dance of how "totally legit" bitconnect is. Well, in the amout of time I have had my 299 day loan of $140 invested, I have earned $68.80. That's half my money in less than two months. And I still have approximately 239 more days until the capital $140 is released back to me. Meanwhile, there are times I have gone like ten days without looking at my daily accrued interest.
I am still not trusting this site 100%, because I try to move my bitcoin out of there relatively quickly. However, you can't withdraw less than .005btc at a time.
It does take patience. Unless you have the resources to safely invest a LARGE amount, don't expect to be living off your daily interest on bitconnect.
Which is fine with me. I'd rather be safe than sorry, especially when starting out on something for the first time. I can still transfer the interest into my bitcoin wallet on the bitconnect site, which makes me feel a bit better. I would rather it be over in another wallet I trust more, so I currently withdraw it in the .005 increments.
Honestly, I am not trying to get anyone to sign up. I'm just letting you know my experience, which has been surprisingly not bad. It appears in about another two months, I will at least break even.
However, if the current projections continue, I could be in to make quite a large sum of money, comparively speaking, to the original $140 invested.
You are investing in "volatility software that offers you a variable interest as per bitcoin market fluctuations" (per bitconnect site.)
With that being said I went into this thing with a very cautious (maybe even pessimistic) nature, fully expecting to potentially never see that $140 again. That's 100% honest.
Well, my confidence is growing. I did not use a referral source nor is anyone using mine. I'm just on there as a solo entity.
I wouldn't really want to hand out my referral at this point or possibly ever, because if someone didn't do well, I would feel partially responsible.
So, I can't say I recommend, nor that I don't recommend trying bitconnect. It is completely up to you. We will see how it turns out in ~239 days.
Until then, keep steemin' and making smart, well informed decisions while out there investing in crypto. Also, as what should be an unspoken rule of thumb, PLEASE use multiple sources, not just one when investing in any cryptocurrency.
Google imagery
I use the 50-50 approach. 50% cashed out and 50% reinvested.
Better safe than sorry.
That's smart. Thanks for your input
You'll get your capital back. There are enough videos on Youtube showing the releases. I get my first capital release in Dec. I've been in since April.
Great to hear. Thanks for the input
I'm doing an experiment on Bitconnect on my Youtube channel, with weekly update videos and well as opinion stuff on Bitconnect which you can find at https://www.youtube.com/playlist?list=PLZIs4NsSlAsGy7eIdCTPziPIrpLfQgEWf if you're interested, from an initial $1200 loan.
Thanks for providing that link. I'll check it out later when I'm off work!
That's quite the return on investment. Seems highly likely that those gains are unrealistic and I can see why people would think it's a ponzi scheme. They must be including the rise in bitcoin in those returns or else your on track to earn three times your investment in less than a year.
Yeah my daily % has ranged from practically 0% - 2%
Hence, "volatility" software
seems like a great investment
It is just proceed with a small amount to be safe
chelsea I am interested in this. i have already made a grand off bitcoin going up, i would like to put it into this. i was worried its not worth doing if you dont sign tons of people up underneath you. its great you made that much being a single entity
@web-gnar, no that part of the "scam" honestly. You don't need that at all. If you have some capital do it solo
That's very interesting. Thanks for sharing Chelsea.
I had no idea it even existed. I've been trading on Bittrex and have been very unsuccessfully trying to short bitcoin. lol. One does not simply short Bitcoin. That being said I've pretty much broken even.
Do you have to lock it in for a year though or can you adjust the time frame?
Depends on how much you invest. The less you invest, the longer the capital is locked in(299 days), the higher initial capital the less time it is locked in. They have all that info and the various categories of investment readily available on the site
I tried it as well i started also with no referral and invested 1 bitcoin amount in dollars last sept 19 its been over a month and so far i had 1500 out of my 4000 investment, not bad. But the thing is bitcoin now is almost 6000 so thats like 2000 gain if i left it alone, plus theres going to be another hardfork on november. And im just planning to have my ivestment returns first then i would invest every 1010 i get as compound interest. Thanks for sharing,
Glad to hear your experience as well, less money than I invested but from the same perspective
Thanks for this very exciting post, @chelsea88! There are so many ways you can invest into crypto, and out of all things I haven't even looked at bitconnect. Now, thanks to you, I feel like I should! Normally I don't find it too interesting to just lean back and wait for your money to grow, but my success at day-trading cryptos has been rather moderate (compared to all the missed opportunities), in which light your story sounds amazing. 18 months is a pretty long time though. But during that time I'm sure I would have at least that much just hanging out in a bank account, slowly growing moldy. So no reason I shouldn't try bitconnect...
That's why i put a small amount in. At the smaller end of the capital investment amount, it is 299 days. For those who can safely afford a much larger initial capital investment (I think 10,010+) the loan is only 30 days. It is worth checking into. As i said I've only been pleasantly surprised so far. Let me know if you have any questions. No expert here but i may can help =) I plan to continue blogging about my experience with bitconnect