At the time writing this article Bitconnect is the ninth largest cryptocurrency in the world, squeezed in between Monero and Neo. What is Bitconnect about? Is it safe? Is it a scam?
It was by a coincidence that I bumped into Bitconnect a couple of months ago. I thought I was buying Bitcoin Cash (BCH), but instead I was buying Bitconnect (BCC). I did not really do anything with my purchase, but two months later I discovered that the price of 1 BCC had doubled from 80 USD to 160 USD. That is when I decided to dig myself into Bitconnect more. After reading quite a lot about Bitconnect I also decided to invest 5400 USD, and use it in the so-called BCC Lending. That is what this 180 day test is about. But, before I continue, I would like to share a few thoughts about Bitconnect, and why I feel quite afraid to actually invest money into this currency.
Why Bitconnect makes me afraid!
- Nobody has actually seen this lending robot that make the money as you invest in “BCC Lending.”
- We know very little about the people behind Bitconnect.
- The product is “to good to be true.” Often such products are to good to be true, and will suddenly “stop.”
- You can buy BCC almost one and only at the Bitconnect website. That makes it easy to manipulate for the owners of the website.
- They have big referral rewards which are nice for those referring. But, with such a brilliant product they shouldn’t really need to give away such bonuses, as the product should bring new customers by itself!
- People accuse Bitconnect of being a Ponzi-scheme, that is, the new customers finance the bonuses of those above them in the system. At the moment new customers stop coming, payments can no longer be done, and the system will fall apart.
What makes Bitconnect tempting (and why I finally gave it a try)?
The BCC Lending opportunity sounds fantastic. Take a look at the picture beneath showing what it is like.
If you take a look at the list above and do some quick math, you will soon understand why this is tempting. One number that is worth knowing before calculating is the average software interest, which has been around 0,9% for the last 6 months. What does that mean for you, if this is true?
- If you invest 200 USD
If the average interest remains 0,9%, you will have earned 90% of your amount within 100 days. After three hundred days you will have earned 540 USD. And when the time of your investment is over, you will get the inital investment back (which was 200 USD). That means, within 300 days you will have made 740 USD from 200 USD.
- If you invest 1050 USD
The math is exactly the same, but you will then get a daily 0,10% bonus. This will give you an average daily return of 1%, which means that after 100 days you will have earned exactly 1050 USD. By the time you get your money back after 239 days you should have earned around 2500 USD, and in addition you will get your initial 1050 USD investment. You have then in 239 days made 1050 USD turn into 3550 USD.
These are just some examples of how this work. I was really tempted to give Bitconnect a try, and for that reason I invested 5400 Dollar myself. You can read more about the progress of this beneath.
What made me try Bitconnect?
I was really tempted to give it a try based on the numbers above. Bitconnect has also been around for a while, and they still are, and that makes me hope that they will stick around for an even longer time. They have a real blockchain system, and so far only 7 millions BCC’s exist, but when it is final (in lots of years from now), it should be around 28,000,000 BCC’s on the market. They have a long-term plan with this, so hopefully they will stick around.
Results of my 180-day Bitconnect test (closed down after 95 days)
I placed my investment on October 11th, 2017. Since I invested 5400 USD I get the 0,20% daily bonus, and I will get my initital investment back after 179 days. I will update this from time to time.
- Initial investment: 5400 USD
- 95 day report: just went into zero