Hey guys,
I'd like to present you my findings regarding BitConnect and what I have concluded after doing my research, I hope it'll save you some time and you'll be able to make an educated decision whether to invest in it or not.
Some of you may have heard or stumbled upon BitConnect, a platform where you can buy BitConnect coins with BTC and lend those BitConnect coins to the platform itself, which in return promises you daily profits (around 1% daily).
When you have gathered 10 USD you can reinvest those in order to get more profits.
In theory, you will earn a bit less than 49.000 USD a year if you start with 1010 USD (and not 1000 in order for you to get more 0.1% daily), your daily profit would be around 1%.
To me, this sounded like a Ponzi scheme and a lot of people on the internet were also very critical of it; however, some facts did strike my attention and I'd like to present you both sides.
Let us begin with the
critical points:1. Approximately 1% profit a day is a VERY high amount of profit
2. BitConnect is stating to use a trading bot to make those profits daily; however, such a trading bot would be revolutionizing and probably they would not share it that easily
3. BitConnect does only exist since February and is thus not yet totally approved
4. The company is not very transparent on where they are located and how exactly they function
5. The 24h trading volume is very low (around 5000 USD according to Coin market cap)
6. Your capital will be locked up for a certain amount of time based on the amount you invest
On the other side, we have also
positive points:1. BitConnect has a current market cap of more than 700 million USD, this makes it very unlikely for the people behind the platform to disappear and it would be one of the biggest Ponzi schemes in history
2. BitConnect is based on a block chain and everyone can mine it
3. BitConnect is really currently giving around 1% profit on a daily basis and it is possible to retrieve this money every day (tested it myself with an investment of 130 USD)
4. You actually get your money back after the stated amount of time (Experience of a good friend of mine)
I am personally a risky investor; however, I do of course like to lower the risk, which is why
I recommend the following strategy.
Invest your chosen amount of money and use the daily profits to receive your capital back, this will take based on the average daily profit around 85-100 days, which is only 3 months. If you want to minimize your risk further, I'd recommend withdrawing everyone or two weeks; however, keep in mind your the transaction fees.
After you have your capital back, you are free to reinvest as often as possible, to actually get those high profits.
I decided for myself to invest 1100 USD tomorrow; however, I have to admit that BitConnect is probably one of the riskiest methods of investing your money/BTC.
In case you have any further questions I would like to hear those and of course I'd love to discuss with you about this topic, just like I'd be interested in any further pro and cons you might have.
If you decide to invest in BitConnect I would appreciate it if you use my referral link (
https://bitconnect.co/?ref=Coronam) or name me as your sponsor (Coronam), I'll get a small percentage to buy more equipment for my YT channel and you won't have any disadvantages.
Cheers,
Coronam