Let Me Tell You About Bitconnect
Hey everyone! I've recently been using something that I think is awesome, and I want to tell you about it.
I'm always looking for ways to earn residual income without having to put forth a lot of effort. I know, it sounds lazy, but I've always held that working smarter is always better than working harder. If I can invest my money into something that earns me a regular return, why wouldn't I use it? As it so happens, there's a way I've found that I can make my bitcoin work for me: Bitconnect.
How's it work? Well, bitconnect is an exchange that hosts its own wallet. Now it only allows you to exchange from BTC to BCC (bitconnect coin, not Bitcoin Cash, despite what Bittrex would have you believe). However, once you swap your BTC to BCC, you can accrue interest on the amount deposited. This can be accomplished in two ways:
- Lending - The bitconnect.co platform allows you to invest BCC in your wallet to lend it out. Using an automated trading algorithm, the lent BCC accrues a percentage daily based on the volatility of the BTC market. The capital you invest is locked up for a certain period (299 days or less, depending on the size of the investment), but the interest you accrue can be withdrawn and exchanged back into BTC. The percentage accrued can vary, but I've consistently been earning 1% every day. Given that most investment portfolios as low-risk as this don't provide nearly that kind of return daily, this is enormous.
- Staking - If you download bitconnect's software wallet, you can move your BCC into the wallet and it will earn additional BCC through a proof of stake (PoS) system. This is especially appealing to me, since I run a witness node and I earn Steem (as Steem Power) here on Steemit, so I'm already familiar with that system. The more BCC you store in your wallet, the more BCC you accrue!
You can also mine BCC directly. I haven't given this particular avenue myself (because my laptop is poop), but there are three different methods to increase your holdings in BCC without having to expend any particular effort on your part aside from setting up your wallet and your exchange account. You can also earn a percentage via their referral system by bringing more people in.
If this all sounds a little too good to be true, I'm with you. I'd heard that bitconnect was a scam from a few people. Still, I decided to give it a shot with $100 I had lying around in BTC that I was hodling to increase in value. So far? I've lent it out over the last week or so and I've earned closed to 14$ in BCC.
So give it a shot if you have some BTC to spare. It's not going to make you fabulously rich any time soon, but it's a great way to have a continual source of crypto added to your wallet daily. If you want to check it out, click through my referral link. A little self-serving, but I wouldn't mind the extra boost :D
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Like what you read? Follow me, @anarcho-andrei! You can also find me on PALnet and the Fiction Workshop on Writer's Block:
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Oh my goodness, another cryptocurrency? I can't even keep up with the ones out there now. Well I'm not into them enough to worry about it, I don't think anyway.
And how. The alt coin market has grown by leaps and bounds since people started to realize they could fund their projects via their own coin. It's an exciting time. Think of it like corporate shares, but without the need to go through the SEC or suffer the government red tape.
I just hope it turns out good for the country and for the world and not plunge us into the depths of debt with no hope of recovering. Oh wait! That's where we are now with the dollar.
Nice part about crypto is it's decentralized by and large. With so many competing currencies and no one central authority, there's no way to inflate it like the dollar. I suspect the reason BTC keeps climbing is because its reflecting the actual inflation within the petrodollar system.
Can I also run a witness node and earn Steem like you do ?
You certainly could, but don't expect any kind of ROI without an enormous amount of work. It's not for the faint of heart.
Lol. Show me how and I’d be very grateful.
This is the sort of job you need to spend quite a bit of time here and fully understand before you take it on. It requires tech wisdom, and a solid and fairly well built out social network and many, many relationships on the platform to do it.
Further, your question, can I earn steem? Is the absolute last reason to become a witness. You will likely being paying around $100USD per month for a server for many, many months before you might even earn 1 sbd back for your time and investment.
To actually break even and pay for the server you will need to be in the top 75 witnesses and there are currently around 1400 witness servers thought to exist, though only the top 400 are usually seen on tracker sites.
Unless you completely understand how the block chain works, how steem, sbd and sp work and how witnesses operate, both socially and technically, you will throw away thousands of dollars before you ever earn one.
Its the kind of job, where if you have to ask what it is and how to do it and you think its about earning money, you are no where near ready or experienced enough on steem's ecosystem to take it on.
Thanks for the advice. I think i understand now. I'd go no where near that thanks to you. I think i'd follow you for more educative stuff.
Just telling it like it is. There are people on this platform who will try to tell you that you can get rich being a witness. And there is income "at the top" but to get there? Well, its a bit like becoming a high ranking government official. Sure, "any man" can run for office. But do you really believe he can get there?
Couldn't have said it better myself.
:) Yeah, well, it's just the truth, so we would tell it the same way, right? :)
Heelllppp me set it up. XD
Interesting idea. I might look a little deeper. Thanks.
Scam Alert!
What's the scam? They haven't not paid according to the terms I agreed to.
It is a ponzi. There are some posts here in Steemit which showed it.
Link me?
You can search it here. You know how. Just click the search icon and fill the field with "bitconnect ponzi".
Ooooor you can link me, since you seem to be much more knowledgeable about it than I am. Point me in the right direction with credible posts, as opposed to posts that are just FUD about bitconnect; you know, that sort of thing. I'm asking for your help.
Hi there! I've made a couple posts regarding my experience with BCC. On aug 31st, I invested $140, simply because the BCC token at that time was $135, I wanted to try BCC out and do so with a small amount of money. It has been totally worth it. Since then and as of earlier this month I made close to $100 of that capital back.
In early November I "took the plunge" & invested 1010 for that extra .10 nothing but pleased. I am saving spare change for anther ten ten.
(PS in case you forgot this is @chelsea88 & I now remember you commenting on my most recent post that demonstrated how mathematically challenged i am) join us on discord if you wish
https://discord.gg/6vQK7Ca