My BitConnect Lending Journey Has Begun - From Zero to Hero! Testing The Compounding Method
At first the videos everywhere about BitConnect were annoying me as I thought it was a scam.... Recently I gave in to the torrent of people showing their BitConnect earnings still being received and I started wondered if I was missing the boat again. For over a week I was torn between the Pro-BitConnect and the ItsAScam-BitConnect articles and videos everywhere. One minute I thought it was the best idea ever (apart from Steemit of course!) and the next I thought I'm a fool thinking this is real. Apparently we're lending money to a trading Bot who is way beyond and by far more intelligent than any of us mere human traders as we have emotions which get in the way of it all (specially during full moon) and the Bot does not have emotions but only performs mathematical calculations (I should hire him to deal with my relationships lol).
So this started to make sense to me at last thanks to @craig-grant and @trevonjb showing how long they have been using this platform and how successful they have been with it.
I did some more research and realised that there are many promising things coming up as BitConnect have just opened an office in Jakarta and are now commencing a roadshow. I asked myself "Would they be doing all this if they were planning to run off with the money and what's the point when they could make much more keeping it going, not to mention the possible lynching and jailing of them if they did"?
But what are the different methods for investing in BitConnect?
Firstly you will get all your investment back within a certain number of days according to how much you invest. The longest is 299 days, but in the meantime you are paid around 0.8 interest daily on average. With the interest paid you can either:
- Withdraw it daily (Take My Money & Run Method)
- Reinvest it (Safer Compounding Method)
- Use it to buy BitConnect Coins (Risky Investing Method)
I will be using the Compounding Method as re-loaning the interest earned daily can grow the initial investment very quickly, increasing the amount of daily interest earned in the long run. To put it simply, if you started with $100 (the lowest initial investment) and re-loaned the daily interest, by around day 92 you would have $200 invested. Then its up to you if you want to start cashing out your daily interest or if you want to continue lending. If this company continues as it is then by day 299 (which is when you get all your initial investment back if you started with $100) your investment will be worth around $1,020, paying you around $8 daily interest (over $50 per week).
Do you want to go further? Well if you continued re-lending for 2 years from the day you started (730 days) then your account would be worth around $32,000 and your would be paid $250 interest daily. All for starting off with $100 risk? I'm in!
So I took the plunge and started my account after much haggling from potential Sponsors in Telegram Groups (always sign up under a Sponsor of your choice, someone like me ;) as otherwise the downline percentage they get will just go to BitConnect and a Sponsor will try to help you if you want to build a downline - not everyone does or needs to) and will usually talk to you directly if you need help.
So far I'm on day 3 and its going well. The payouts have been:
Day 1 - 0.86%
Day 2 - 0.77%
Day 3 - 1.77% :)
There are going to be days when its 0% but I guess that's to be expected as it all averages out over the month. Seems like the bot does well when the market is going either way! Its been nice to look at when everything else in the Crypto World is going down.
Hoping to keep you updated on how its going. If anyone has questions please ask!
I recently saw this on Coinmarketcap and am wondering what's the fuss. My first impression is its a scam or a ponzi scheme. I'll reserve my judgement as BTC and ETH even STEEM are perceived scam or ponzi by outsiders as well. Thanks for the introduction.
I'll look further but if you would answer my main question that would point me to the right direction.
So it's a trading bot? What's the best place to look at its performance.
Is it opensourced?
If both of those answers are overwhelmingly positive then it's more likely to be legit :)
I felt exactly the same in the beginning but like you realised that most of my friends think BTC and Steem are scams too!
You can look at the Bot's performance here:
https://bitconnect.co/learning-center/bitconnect-bitcoin-price-volatility-software/
Github says it is open source:
https://github.com/bitconnectcoin/bitconnectcoin
The only thing is there is not much known about the Bot but apparently details are going to be released soon (hmmm sounds a bit scammy but that's the only thing which remains a mystery). Still worth the $100 risk
if you reinvest your earning , is it still tied for 299 days ?
Yes it is, every time you reinvest, its another 299 days
finally earned $10. I see they did not add 299 days to the original investment
Ok I misread the question. Only the new investment has a new 299 days. Congrats on the 1st reinvestment !
I created this BCC chatroom. I'd love to hear your opinions. I’d like to avoid making mistakes. Positive or negative information, I want to hear it all. Please visit
Thanks for joining, cool insight. I like hearing the pros and cons :)
Yes each reinvestment is for another 299 days but you can stop reinvesting when you are getting daily payouts that you are happy with
Yes 😁 Thanks👍
I hope u dont put a lot of money in there its a scam, read my post to find out why its a scam.
I just read your article but I'm only talking about risking a small amount and how it can grow over time by compounding the interest. I don't see where you got that it starts with .25% for 1day and the other figures?. I have listed the interest I got over the last 3 days and I could have withdrawn that or re-invest it as I choose.
You have to leave your money in there and cant take it out if u only invest $100, u have to leave in there for 299 days.
Correct :) But in the meantime you can draw the interest out daily so according to their calculator currently averaging 0.81% you could have drawn out $100 by day 125 and still get your other $100 back on day 299
Just wondering how your Bitconnect journey has taken you so far? I'm doing pretty good in it right now. All I keep hearing is scam scam, but I'm getting good daily profits from it. Did a post the other day on it, and the steemit admin called it spam.