In November of 2017 I stumbled across a site called BitConnect. I came across this site by doing research on how to earn Passive Income... you know, the whole making money while you sleep fantasy. I started by putting $400 dollars into the platform and was soon making a 1% return on my investment every 24 hours... as advertised. $4 dollars a day wasn’t bad and after a month I put in over $4,000 dollars which then kicked my 1% daily earning up to over $40 dollars a day! I’m now earning between $60 and $100 dollars every single day... including weekends! This puts my income up to about $1,800 dollars a month which is absolutely phenomenal. This is a lending platform, nothing more and nothing less. You buy BitCoin and then send it to your wallet in the platform, you exchange your BitCoin for BitConnect coin and then you lend out your BitConnect coin in the form of a loan to earn an average of 1% daily compounded interest, just like a bank. Think of this as a sort of credit card where you are granting the borrower a line of credit and your capital is then locked in for a certain number of days, and in return you receive a 1% daily interest payment back into your wallet on the platform. You can then choose to pull it out by purchasing BitConnect Coin with it and then exchanging back to BitCoin and finally sell the coin to get your USD back. Or you can let it accrue until you’ve reached a desired goal and then pull it out... or you can reinvest the daily earning in the form of a new loan in increments of $10 dollars. This is the most profitable option as it then becomes a snowball effect.
Lets say you start off with $100 dollars, the 1% daily average is constant so you’d earn about $1 dollar a day. If you reinvest the $10 dollars earned after 10 days (remember you can only reinvest in increments of $10 dollars) then you’d have $110 dollars as active loans and you’d then be earning $1.10 daily at the daily average of 1%. You get the idea... reinvest to grow your loaned capital and earn more daily as you will have a growing capital earning interest. Make it to $10,000 dollars as working capital and you’ll be earning an average of $100 dollars a day or $3,000 dollars a month.
You can see on the graph above that it is quite literally a snowball effect and that you should view this opportunity as a two year investment while reinvesting your earning every time you’ve got $10 dollars to reinvest in your digital wallet. After about 300 days or so the snowball is in full effect and your earnings start compounding very quickly. If you were to start with $100 dollars, after two years or 730 days you’d have $134,470 dollars. YOU COULD PAY OFF YOUR MORTGAGE WITH THESE EARNING OR SEND THE KIDS TO COLLEGE.... IN ONLY TWO YEARS!!
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Good write-up, I'm highly skeptical of bitconnect, if it sounds to good to be true...but so far most reviews I've read have been positive. Good luck with it, I'll be interested to see how you do over the long-term!
Thanks! I'll be sure to write about it frequently. I was cautiously optimistic about it as well at first, but after doing many many hours of research on the web, not a single person could PROVE that they had been scammed or couldn't pull their earnings out... and it was then that I realized that these folks spreading FUD (fear, uncertainty and doubt) have active accounts on the alternate crypto investing platforms and are simply drawing people to their side. Anyways.... SO FAR SO GOOD. I'll publish an updated post shortly.
Yea everything I've read has been good, main worry is that it will eventually come crashing down. That same concern can be applied to almost anything crypto though, to greater or lesser extent depending on the risk vs reward. For now I'm content running a single mining rig, low-risk, low reward :-)