Bitconnect is a controversial crypto lending site to get high interest. I just want to experience it myself and have registered and lent them $410 for a locked period of 299 days. After 5 days, I got $13.16 interest or say 13.16/410=3.2%.
If everything remains unchanged during the 299 days, I will finally get 410+(13.6*299/5)= 1196.
However if I re-invest my interest every 5 days into the principal, the compound interest calculation will be as follows:
Total value
= P(1+r%)^n
=410(1+3.2%)^(299/5)
=2697
After the calculation, I decide to use the latter method to see how it results in future.
However I always bear in mind that I just put something I can lose in view of the following risks:
- Interest rate may change from day to day.
- Maybe one day it turns out to be a scam before the locked 299days.
- The whole crypto world collapse.
- Hacker attack.
5,6,7....
While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..
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