Bitconnect explained - How they take your BTC and give you less

in #bitcoin7 years ago

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Let's say you start with a $1,010 loan for 239 days:

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Bitconnect does not accept any form of payment except Bitcoin, so you need to first acquire that amount in Bitcoin. Had you started your loan in April of this year, you would be getting your capital released back right now!!

So how much did you really invest back in April? That $1,010 loan would have cost you an entire Bitcoin back in April:

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By the time 239 days comes you will be getting your $1,010 back in the form of 0.15 BTC:

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Now all along the way you get about $10 a day for 239 days = $2,390

Total - 2,390 + 1,010 = 3,400, and that will come in the form of 0.52 BTC:

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YOU JUST GOT JACKED FOR HALF A BITCOIN!

With the lesson learned here you might discover it's better to have your holdings denominated in BTC. Had you just held your Bitcoin it would be worth.....well, check the market. So there is a trick to Bitconnect to not leave your earnings in the lending wallet and get it over to the Bitcoin wallet ASAP. Here come the transaction fees!!! And the Bitconnect creators are not noobs like their investors, they made sure to keep THOSE denominated in Bitcoin. So as the price of Bitcoin rises, so does the price of the exchange and withdraw fees.

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Also notice there is a 0.005 MINIMUM withdraw, so if you just put in the minimum investment like I did to get a dollar a day, you have to build up for a month to even withdraw.