Bitconnect Week One, Is It Sustainable and My Current Results
For any steambots or folks out there that wants to down vote this. I'm have not included my referral link or a link to Bitconnect in the article. The whole point of this blog is to long my experiences.
It's been almost a week since I deposited $490 in Bitcoin. Since then I have deposited $1980 and another $1000. While that seems like a lot please note that I was an early adopter of Bitcoin back in 2013 so my actually costs deposit is significantly low. I purchased Bitcoin at way under $100 back then.
Here's what my account currently looks like.
Here's what my lending wallet started out with this week.
I did transfer $27 to my own Bitcoin wallet (one under my control, not under an exchange) just to make sure I can successfully convert my earnings.
After that I continued to reinvest the interest earned.
This week has actually been exceptionally good week for interest and not one I would expect on a regular basis.
My initial Bitcoin investment was $3470.00. So far I have gained $137.33. Out of that I have reinvested $110 and transferred $27.00 to my Bitcoin wallet.
While it was a good week for me, I personally don't think this is sustainable. They are making money via the volatility of the Bitcoin/Cryptocurrency markets. I do believe it will remain volatile but as more folks adopt cryptocurrencies that volatility will decrease.
If all the friends and family asking me how to get into Bitcoin is an indicator, I think we will see great adoption in the next 2 years which will decrease volatility as more Bitcoin will be in the hands of everyday users and not investors and speculators.
In my opinion services/programs like Bitconnect have a short life span. I'm willing to go for the ride since I have very little to risk. I could be wrong and part of me hopes I am (the recurring interest is such a lucrative though) but I highly doubt it.
Bravo for putting forth a honest look into bitconnect. You presented the facts then gave a opinion. You give the impression that you really don't want to be doing this. I can say this is honest because I've been in for a month and have made back 1/3 of my investment. Except for one hickup they always pay and it does pay relative to volatility, either up or down in btc price. But I'm still hesitant to invest more, but am torn thinking "what if it is legit and I miss out not going more in". Find a balance and make a plan to stick to.
Thank you for the kind comments. I'm in for a week and I've already made over $177.00. It's not a bad first week. I don't expect it to be this good though. I'm thinking once I'm a good daily I'm going to to a percentage reinvest and the remain percentage as a payout.
hey mate I'm the same as you I'm a little sceptical but had to go for it to make sure I don't miss the boat just in case this is as good as it looks. I did an article the other day with my concerns particularly regarding the liquidity of the program if everyone keeps reinvesting and becoming millionaires lol
https://steemit.com/cryptocurrency/@cryptoozzie/bitconnect-is-it-a-scam-how-long-can-it-last-and-strategies-for-those-already-invested
Great article. I think the affiliate part of the program will extend the life of it to certain extent.