Please do your research before investing
One of the many youtube videos of bitconnect being a scam. Example
Bitconnect is an ICO. "Here comes the ICO, a wild new way for cryptocurrency start-ups to raise money"1 said a CNBC article I recent read. On bitcoin magazine article said "An Initial Coin Offering, also commonly referred to as an ICO, is a fundraising mechanism in which new projects sell their underlying crypto tokens in exchange for bitcoin and ether. So basically a Company that created a so called Coin that suppose to have value and is exchanged for bitcoin which is then changed for cash."2
The First thing I realized was the Fee on Coinbase. With a 100 dollar credit card purchase I can instantly get one hundred worth of bitcoins for a fee of $3.99 sent to my accounts. With this bitcoin I exchange it for Bitconnect Coins and then lend it to the Bitconnect Bot. "So, what is a bot exactly? Imagine texting a number to order pizza and having it delivered without ever talking to a real human -- that's what bots are all about. Specifically, a bot is an application that performs an automated task, such as setting an alarm, telling you the weather or searching online." 3. So basically The creator of Bitconnect made this bot "The Bitcoin Price Volatility Software calculates interest in real-time for you."4 .
So I been in this bitconnect program for about a month now. Over the period of the month I spent $1332.91. From that amount I spent $86.25 in fees and Capitol loss cause bitcoin price was falling. I've gain $202.73 dollars in interest. by the end of the month I've had $1450 in the system making me interest everyday.
Bitconnect Referral system is a "pyramid"7. I've have no referrals because I'm not the type of person to go on YouTube and do tutorials. For example "Cryptonick"5 and "Trevon James"6 on YouTube made a lot of money from referrals.
You can also mine and get staking for bitconnect coins. "The moment you acquire BitConnect Coin it becomes an interest bearing asset with Up to 120% return per year through PoS minting."8
Capital release and how Bitconnect pays everyone. From the many capitol release videos I'm not sure if people realize what they getting. For example lets make this easy. so you bought bitcoins, then purchased bitconnect coins, Then lent the Bitconnect coins at a value of 100 dollar over a period of 30 days at a rate of 1 percent interest per day. at the end of the month you get your capitol release back which is 100 dollars, you get your daily interest payout, and your happy. But what happen to the coins you bought that increased 20 times in value. The bitconnect bot keeps the coins to pay everyone their interest. you have to think about this in the big picture. it's only been one year. a steady stock increase everyday. and Bitconnect has all the coins. they sell the coins to pay for the interests. so at what point can the bot not pay everyone. if it has everyone Bitcoins, everyone Bitconnect coins to sell at what ever price the bot wants to. meaning who ever controls bitconnect control the supply and demand of coins.
Did anyone notice Bitconnect increased it's withdrawal fee over the past month. When I joined it was .0004 BTC and now it's .0005 BTC. Taking about fees who controls how much bitconnect charges?
Where are the White papers? cause I cant find it. I heard from a YouTube post they gonna release it next year.
So after a month of being into Bitconnect. This is what I learned. Don't invest any money you are not willing to lose. Don't invest without doing your research. who Is the creator?
So after all this information I learned over the month. I still feel like I made a good choice with my money if I can pull most of my original investment out and try and get some referrals. Btw I don't feel like I should give out my referral link because I don't want to be the one that influenced you.
Well thank you reading. and Upvote me if you like it. comment if you didn't like and tell me what I need to do to make it better. Thank you all.