I first heard of Bitcoin in 2013 as the price was exploding towards $1000 and didn't understand what it was , I just knew it sounded like a scam. Internet money! How crazy is that and the charts proved it to me as the crash came shortly after.
It wasn't until 2016 when trying to buy another car to replace my old Vauxhall Vectra that I realised that everything is Internet money and worse than that the banks own the money in my account not me.
The penny dropped for me when I went to move the cash from my savings account to my current account so that I could pay for the new car when I picked it up a few days later. To my complete frustration I found that not only was the money not moved as requested that all my accounts had been locked out due to suspicious activity. To say I was furious was an understatement. After contacting the bank they told me this was for my protection and that they couldnt unlock my accounts until the issue had been investigated. Investigated! INVESTIGATED! I passed all security checks yet they still need to investigate. After several complaints I managed to get the money through to my current account the same day I was picking up the new car but for me this was the catalyst to look into controlling my own money.
Looking into Bitcoin I started to understand how it worked and that it was based on Blockchain technology that could not be hacked. The single main issue I could not understand was that Bitcoin addresses are simply generated.
I kept trying to understand how this could be secure. How can it be secure when addresses are just generated?
It wasnt until I found that there were over 1461501637330902918203684832716283019655932542976 possible addresses that I realised the chances of someone creating the same address as mine was nearly impossible.
That was it, I was in. Well it took me to January 2017 before I created a Coinbase account and bought my first £50 of bitcoin and also created my first batch of paper wallets using https://www.bitaddress.org/ as I realised that it used mouse and keyboard input to create extra randomness.
It also gives you a nice paper wallet to print out, which I like. Dont worry thats not my wallet 😀
Well here I am 10 months later with a portfolio that includes some Bitcoin, LiteCoin, Ethereum, and ERC20 tokens such as OMG. After taking just over 3 years to buy my first bitcoin I am now loving the technology and controlling my own Internet money.
On the way Ive also seen lots of YouTube videos on passive income and high yield interest programs such as BitConnect.
Ive always been very skeptical of pyramid schemes and potential scams which is why it took me way too long to get into Bitcoin and why I missed out on those cheaper Bitcoins back in 2016 when I was investigating into how they work.
So as to not miss out again being skeptical ive bit the bullet and joined Bitconnect with the minimum $100 loan and also made my first $10 reinvestment. The investment is locked in for 299 days and then you get the principal back.
BitConnect uses a trading bot to trade Bitcoin and then pays a daily interest rate of approx 0.9% on any investment amount with bonuses if you invest more.
Not only did I join Bitconnect I also started a riskier investment with BitPetite which is a lot newer than BitConnect and uses a money tumbler service to generate money.
This pays a daily interest rate of 4.5% Monday to Friday and 1% at the weekend. You can choose either a 6 week or 9 week investment period and your principle is paid back as part of the interest and is not released at the end of the investment like Bitconnect. After 6 weeks this should return 47% interest. So using the profit from the riskier BitPetite I can quickly invest more into BitConnect.
As with all these programs reinvesting to create compounding interest and time is the key to making the real money.
From watching Youtube videos a lot of people have become wealthy through Bitconnect and quit work which is why I decided to give Bitconnect ago and also try the riskier BitPetite as becoming free from the daily grind is a goal im sure most people would like to achieve.
Now im thinking of selling half of my Bitcoin in November and investing into Bitconnect to enable this to become a closer reality. Its not a lot of Bitcoin but with compounding interest working for me I can hopefully make those Bitcoin profits work for me.
Im watching other YouTube vidoes for more programs to diversify and spread any potential risk.
If you want to take a look at either Bitconnect or BitPetite you can use my referral links below:
https://bitconnect.co/?ref=smitterton
https://bitpetite.com/?aff=smithers
Please don't take this as any advice it is only my blog of what ive done so far and what im going to do in November.