CryptoBuddies#2: Introduction to BitConnect

After several days, to be exact: On October 26th, we discovered BitConnect.

BitConnect is a platform from Vietnam, which is supposed to spread cryptocurrency and blockchain knowledge over the entire world. The system is as simple as profitable:

You deposit Bitcoin to your BitConnect account. with BTC you can buy BitConnectCoins (BCC - do not mix up with BitcoinCash which is BCH) on their own exchange. Those BCC can be lend to a trading bot and generate daily profit. The return is calculated by the BTC volatility algorithm. Actually there is not much said about the TradingBot, but we expect that BitConnect themselves use your BTC and BCC to trade against alternative currencies.
They pay a profit from 0 to roundabout 2% daily, which is quite a lot. Sure it might be better buying and keeping your BTC or BCC and bet on it's value to rise and in the past this would have brought more return than average 0.9 % per day. But you buy a bit of security. In 2017, there were 5 days, when BTC lost 25% or more of its value. The average payout on BitConnect on these days was 1.07%. So we fully agree if you say "I might earn more by just keeping my BTC", but you would also have had to suffer those bounce backs which you definitely avoid when lending your money to the BitConnect trading bot as the daily profit cannot get lower than 0.0%.

When lending your money, you can lend bigger packages to get some extra daily profit. Furthermore by lending bigger sums, you will get your capital back after a shorter period of time. Here's the table which can also be found at BitConnect.co :

So for sure, we decided to do our first lend with some extra profits: Our first lending was a loan worth 1070 USD

This was just a first try to check whether everything works as expected and so did it.

You receive your daily profits into a third wallet called the "lending wallet". The balance of this wallet is stated in USD and you can decide on your own whether you convert it into your BCC wallet and bet on rising value or whether you take the safe way and just keep the USD and stay secure. Investments can be done from both wallets. We reinvested our first profits directly from the lending wallet. Reinvests from this wallet can be done form 10 USD whereas your invests from the BCC wallet have to be at least 100 USD.

So this was the beginning of all our BitConnect investments, which actually grew a lot during the last 2 months. So stay tuned, upvote our posts and share our blog with whoever might be interested in it to keep it running!

PS: If you already are interested in lending your cryptos at BitConnect, please use our referral link to support us and our blog. Thanks a lot for doing this! The link is: https://bitconnect.co/?ref=BunchofBCC

Cheers,
CryptoBuddies