The Bitconnect Review

28 Days In

I didn't just dive into Bitconnect without doing some homework first. Then I pondered and do some more research and I came to 2 conclusions. First, I could not prove this to be a ponzi scheme or scam outright. Biconnect does have some virtues that I believe make it credible and worthy of being called a crypto-currency on several fronts. This Bitconnect Post I did, followed by @jetiknight 's response to my article, found HERE should help answer any questions you have as to what exactly Bitconnect is and isn't. The second thing I concluded after my research was that at this point I would never be 100% sure that this won't turn out to be another Bernie Madoff type scam, and probably never will be sure. Nonetheless I decide to dive right in with what I felt would not make me feel too bad should this turn out to be another Mark Karpeles debacle.

I was planning on doing this review at the 30 day mark, but I will be on a short 4 day getaway on a beach in Baja in the next few days, so I decided to post early should Internet access be a problem. This review will be based on 28 days since my initial start with Bitconnect and using their Bitcoin Trading Volatility Software. In order to start with Bitconnect, you must first have Bitcoin transferred into your Bitconnect account. Once this is done, you can now buy/trade Bitcoin for Bitconnect Coin.

The Bitconnect coin is an interesting crypto-currency that uses Proof of Stake, and has a limited supply just like Bitcoin. BitconnectCoin is actually 'minted' and by the end of this year all the BitconnectCoins will have been minted. Some have already made plans to simply hold some of these coins expecting further appreciation. The BitconnectCoin has already had a fantastic run, but the run up is expected to continue as more member continue to join the Bitconnect Community.

Having Bitconnect stored in your Bitconnect wallet is great but you can also put some of those BitconnectCoins to work, gaining some great returns while waiting for the other BCC coins to go up in value too. You start by going to your Bitconnect dashboard and clicking the blue button in the middle of the screen that says 'Lend BitConnect.' Here, based on the amount you are investing, are the terms to your lending Bitconnect and what you will receive in return. You can start with as low as $100 USD worth of Bitcoin and on up. The higher the investment/loan, the better the terms and rates as usual in any other part of the world. The rates are not guaranteed but they can typically range from 0% upto 1.5% on the daily, with the average at about 1% paid out daily.

The Results

I started out with 1 Bitcoin that I dropped into Bitconnect and immediately loaned out the BitConnect coin to start earning some of that interest. I checked back in after a few days and noticed that I had some cash in US Dollars. It turned out this part of the daily payout for the loaned out BitConnectCoin. As I learned my way around the Bitconnect interface, I realized that you could trade in the interest received for BCC coin and then to Bitcoin. Since I had been keeping up with the price trends of the BitconnectCoin, I saw an opportunity to buy some Bitconnect during a market downtrend. I then traded that back and forth between Bitconnect and Bitcoin, meanwhile let the cash paid out daily accumulate until another entry point into BitconnectCoin.

As of today, July 9th 2017 I have received exactly 25% of the Bitcoin I invested/loaned with Bitconnect. That is all I did, I parked it there and that is what I received, but I did a little extra work and actually used the referral program from Bitconnect as well as traded a few times, and added an additional 11% for a return of 36% in jus 28 days. Some re-invest the daily payouts to gain higher returns via compounding interest, but I have not done so. At this point I am holding most of the daily interest received this past month in Bitcoin because I expect Bitcoin to take off once segwit hardfork/softfork issue gets resolved.

I will post more results when available. Also, as I stated earlier, I might not be available for a few days, but I will be back, so stay tuned in!!

So for this Review, since I am yet to receive my seed money I give Bitconnect 3 out of 5 Stars.

Remember, none of this is financial advise or to be considered as so.

Full Steem Ahead!
07/09/2017
@streetstyle


So You Want To Mine Bitcoin?

Code rT5ix8 =3% off + Bonus in STEEM!
I provide the bonus STEEM

Use referral link, join team,
fund a loan & You will be rewarded
with Steem as small token of appreciation.

image source

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