Hi everyone,
Before I a start, please note I am not a financial adviser and please do your own research, I am just giving you my feedback on Bitconnect platform.
Even tho I have active account with Bitconnect I dont think it's a good investment and let me explain why:
The only way you can make a good profit from this platform is if you promote it hard and get a lot of people under your account (referrals).
Let's take an example: Assume you had $1,010 in Bitconnect back in April 13, 2017, the price for 1 BTC was $1,201.02 USD
Bitconnect loan for $1,010 and 239 days = Profit with principal : $3,520.46 USD
BTC 0.8409 (1BTC price divided by your investment $1,010) and 239 days = $13,526.44 USD
I took April as an example so that you have your payout from Bitconnect today.
Meaning if you were to buy $1,010 USD worth of BTC back in April and just simple hold it, you would of had $13,5K USD today + you wouldn't had to worry about Bitconnect being Ponzi Scheme, I am not saying Bitconnect is a Ponzi but at the same time I can't denied it.
A lot of YouTubes and people who made a lot of money with Bitconnect had to promote it really hard, and that's the only way you can make a good money from it. Have a look at Trevon James on YouTube - he started like everyone else by lending $100USD then make videos about it and after a few months you can see that he made $100's of thousands of Dollars - you can't make that amount of money by simply reinvesting and lending to the platform.
Bitconnect is a good platform if you have lots people signed up under your account or Bitcoin price would of stayed the same at the time of loan.
You might be asking what if you were to invest right now, how do you know that the price of Bitcoin wont drop or rise? The short answer is I dont know but I would feel more "secure" by holding my Bitcoin rather then landing it to Bitconnect and praying that it wont turned out to be a Ponzi or hacked, dont you agree?!
One last thing, because of the "massive"BTC fees at the moment to send $360 from your wallet (Exodus as an example) to Bitconnect wallet you would have to pay around $40 worth of fees.
Thank you :)
Great Post! Did you get involved with Bit-connect for long PS do you or have you used CoinJar?
yep, i have like $1K in loans there, should of invested in BTC tho, oh well. Its ok I guess :)
I haven't used CoinJar but I know about it, why did you ask?
Hehehe, shuld have been in BTC since 09! Now its SBD Turn to go all the way up!
Asked About CJar just trying to find users for underwater stones... it looks like a quality Exchange. Im trying to cash out a few BTCs...
I wish i would of bought some back in 09! Oh well, I guess there is a chance to make money on alt coins :)
its really hard to cashed out because of the massive fees!
Steem is the coin of the future bro and you are in the first row for it, and you are not alone! Make it work! We are here for the support!
http://blocktivity.info/
PS there is a ICO happening now 2 check it out! ( :
https://www.nagaico.com
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STOP@Skif Well done Mate! PS Awesome Nick Name!!!
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STOPInteresting post! Thank you! ☺
no worries :)