I am writing this post because bitconnect has a lot of publicity in the crypto space. Some of the videos and articles I have seen are calling it one of the biggest ponzi schemes in the world and to stay away. The other videos and articles I see are people attempting to get you to sign up under their affiliate link so that they make money off of you.
In this post I want to walk you through my thought process for signing up, and what I believe to be the most intelligent and effective way to invest. In no way is this article meant to promote the use of Bitconnect, but rather to educate people who are planning on investing. I do not know if this is a scam or not.
With that said, if you are still thinking of investing, then please read below. I have detailed my progress and my thought process along the way.
I started my Bitconnect investment on September 27th. I invested $10,240 which offered me the additional .25% daily payout. I did this because with an investment greater than $10,010 you receive the capital back in 120 days and receive an additional bonus daily payout of .25% (aka $25 a day for a $10,010 investment).
Below are my tips for what I believe you should look for in this platform before putting any money into it. Before reading this please note that as a disclaimer, I truly believe the best investments right now would be to put money into Bitcoin or Ethereum. I also want to note that If I had decided to hold the bitcoin I used to invest, I would have made almost 1.33x the money I've made with Bitconnect.
ONE: The only way to invest in this platform is to assume it will shut down any day. With this said, before investing make sure you look up Bitconnect events in the future. When I signed up, I saw that there were two conferences in which Bitconnect was a part of and they were in October and November. So before I invested I decided that since there were events, that the platform must last at least until those events. This would bring me to about day 60 which would give me back 60% of my investment.
TWO: Decide what you are WILLING TO LOSE!!!! No money invested in bitconnect should be money you expect back. If you invest $100 then expect your wallet to be $100 lighter. This is important because this is the highest level of speculative investing you can participate in. If you don’t think so, then pleaseeeee avoid this at all costs.
THREE: There are two ways to proceed once you have lent Bitconnect your money. The first way and the way that I personally proceeded with, is to invest your money and transfer your money into bitcoin every day. Once in bitcoin I would generally wait 2 weeks to transfer that bitcoin into my personal ledger wallet. So, for a $10,010 investment, I would pull out my daily payouts for approximately 90 days until I have made back my initial investment. Proceeding this way, I made back my initial investment in exactly 91 days.
FOUR: The second way is to invest your money and for 60 days reinvest your gains. After 60 days, start taking daily payouts until you’ve recouped your initial investment. This generally takes an additional 60 days. You can search on Youtube for the bitconnect 60/60 rule and find the video. I have no experience with this personally, and I do not like it as much, because it gives 60 days in which you would lost everything if this platform shuts down.
FOUR: After approximately 90 days you should have recouped your initial investment. Now Bitconnect gives daily payouts of FREE money... I don’t know about you, but I’ve never in my entire life received free money. At this point, you will have daily payouts until the platform either dies or it comes to light that the platform is everything it promises to be. This is the best feeling I have ever had in my entire life. Below step five provides my future plans for this platform and how I plan on handling it.
FIVE: Now that the platform has generated my initial investment, I now make about 1% a day. I am going to live out the 120 days and reinvest ALL of the money it generates from now until I get my capital back.
So I originally invested $10,240.00. I now have made 10,240.00 back in 91 days. At 120 days I can potentially reinvest about $14,000. Now I’m set for another 4 months of daily payouts averaging $140.00 a day of FREE money!
Once I am making $140.00 a day I will continue my procedure of transferring into bitcoin daily, but now the first time I hit $1,000.00 I will first transfer that to my bitcoin wallet, and the second time I hit $1000.00 I will reinvest into Bitconnect. I will continue this process for as long as it lasts.
I will continue to think of this platform as if it would crash tomorrow. First, I made back my initial investment, then I will allow it to make me free money until it ends. I will reinvest 1/2 back in and I will take out 1/2 until the platform either dies out or becomes a legitimate investment platform.
I hope this helps anyone thinking of investing. My affiliate link is below. If you are already planning on investing and this article helped you then I would really appreciate it if you used my link, but please do not feel obligated.
I invested 10k in Bitconnect back in July. The way I played it was to transfer the “earnings” back into BTC every couple of days and send it to a wallet outside of Bitconnect.
I also got the payments like clockwork and at the 120 day mark (which happened in October) I received the initial investment back. I immediately put the money into BTC and said farewell to Bitconnect. I made $14k profit in Bitconnect. Here are some observations of my own:
I’m lucky to have pulled everything out just before that parabolic rise of BTC in November. That worked in my favor, had that not happened I’d have been better off putting the money straight into BTC.
This is the big one. Bitconnect WILL shut down abruptly, some day. Maybe tomorrow or maybe a year from now. But anyone with money in their system will lose it. It isn’t mathematically sustainable for them to give that kind of money away. Their entire system is designed to keep your BTC in their system. You get lending payments, receive payment in THEIR coin, and can make additional coin by staking in their wallet. What happens in their coin were artificially devalued to nothing? Anyone holding their coin has nothing and they keep your BTC.
So as soon as they have more people pulling money out than are keeping it in, they will disappear. My advice is to take your money out periodically and not look back. Just hope you aren’t the one left holding the hot potato!
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I completely agree with everything you just mentioned. My thought process is that now that I have made my initial investment back, I am treating the lended amount as if it is not mine and will crash with the program.
However, I would love to know your thoughts. I was reading about this Gunbot trading bot that you can buy and set up on Bittrex. I do not know much about the trading bots and must admit that I am still an amateur invester as far as reading charts and trend lines. However, I was reading a good amount of reviews stating that people can get anywhere from 1-3% daily when they set up their bot correctly.
Is it at all possible that Bitconnect is using something similar to this and set up their platform based off this type of trading bot? If not, have you had any experience with this type of trading?
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I don't know enough about those bots to really have an opinion on them. However, when it comes to Bitconnect: I've done a lot of thinking on their model. And I've watched them very closer over a 4 month period.
The thing that stands out to me, as an indicator that they are not actually using a bot is their % payouts, which are supposed to be based on their "volatility software." When I began getting worried about my investment was when I noticed a clearly defined fluctuation of their software's performance based on the DAY. What I mean is that every day on midnight their software performance is set fresh. It will go from 1.75 to 0.05 for example, exactly at midnight. If it were just passive software running, why would it fluctuate like this? Instead, I'd expect to see it have gradual fluctuations throughout the day and night.
I may look into that bot you're speaking of. I believe it's possible that with the right software you can make some substantial gains. It just doesn't appear that way with Bitconnect unfortunately.
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Thank you very much. This was very inciteful.
It makes me wonder if I could create something very similar to bitconnect except with much more transparency, where people lend me a token and I show them the trading bot and show them exactly what was made that day and what the payout is. If it takes a loss that day, then its a 0% payout. If it is 3% then the person lending would benefit off that to an extent that allows the company to continue to run while making profit.
I am going to look into it more as well. I believe I would much rather have a trading bot working for me rather than putting $10,000 to some uknown entity that looks and acts like a ponzi scheme.
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Agreed! I would rather do that as well. Good luck to you!
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How did you come out on this?
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