A better future for my children
As a father, I want my kids to have all the best opportunities. I want them to go to the best camps, have the coolest new toys, be able to attend the best university, and never have to hear their mother and me talking about how “we can’t afford that right now”. I have a good job, and it keeps the lights on and food on the table, but I want to be able to do more for my kids.
Old school investing
To make some extra cash, I’ve been trading stocks for a few years now. I do okay, but there’s no Lambo in my driveway. Most of my investments are long-term. Day trading is fun, but the volatility of the market for penny stocks means you’re just as likely to lose as to gain, so I’ve pulled almost everything I have out of that. In my search for what to invest in next, I came across a number of articles and YouTube videos that talked about people taking as little as $100 and turning it into millions by trading in cryptocurrencies. My interest was peaked, but with a major grain of salt. In order for people to have gains, some people need losses. For every success story, there’s a dozen failues.
The $100 investment got me thinking though, so I started playing on the Binance exchange with $100. That $100 became nearly $300 within a week. Now, your results may vary, and the fact that I started investing at the end of a calendar year meant that I caught some really big gains as some of the coins were pumped up while others were dumped. It’s a lot of work to get those gains though. I was on the site all day trading between currencies as I saw them rise or fall. It’s also extremely easy to lose your money trading these currencies, or at least have it tied up for a while before it’s really economically viable to withdraw it back into cash.
A lending platform peaks my interest
So I went back to the drawing board and started searching for more long-term crypto investments. Due to crypto’s nature as a non-centralized, unregulated currency market, there are a lot of shady looking investment sites on the internet. I looked into a few of them and decided that they were either likely scams or Ponzi schemes, but I eventually stumbled across a site called BitConnect .
Now, I’ll admit, this site also raised some red flags initially. The English grammar on the site is only slightly better than Google translate; but by searching through the internet and YouTube, I found that there’s a pretty solid community on this site (about 1.5 million people, as of the end of 2017). The way the site works is like this:
So yes, you’ll need some Bitcoin to get yourself started. I bought mine through QuadrigaCX, a Canadian Bitcoin retailer. After setting up my Quadriga account (which required me to provide them with photo ID and proof of address), I was able to transfer funds from my regular bank account to their exchange and buy some Bitcoin. I was then able to transfer it over to BitConnect to start my investing.
Bitconnect promises daily compounding interest on whatever amount you invest (minimum initial investment is $100 USD in the form of Bitcoin). So far, they’re doing exactly what they promised. I’ve been earning about .8% interest each day on my $300 investment (remember that $300 I made day-trading crypto?) So far, I’m up $22.48 in my account. To make sure that the site is legit, I withdrew some of that and put it into my investment account with Binance. No problems. my initial investment is locked in for 299 days, but the daily interest is mine to do with as I wish. I can reinvest that interest in $10 increments, or move it out of Bitconnect and invest it elsewhere, or even send it back to Quadriga and cash it out into my regular bank account.
Here’s what my account looks like right now:
The “lending wallt” is where all of my daily interest is placed. As you can see, I’ve only got a little over $4 in there right now, as I’ve converted some into Bitconnect coins which are located in the Bitconnect wallet. The rest has been moved out into Bitcoin and transferred either into my bank account (to prove to myself that it works) or onto exchanges.
But Mike, how can the site afford to pay that daily interest? Well, when you invest on the site, you’re actually lending your bitcoins to an algorithm (or “bot”) which trades that bitcoin 24/7 on the various exchanges. The bot then gives you a small daily cut based on your investment. The interest amount changes each day, as the volatility of the bitcoin price fluctuates and the number of trades changes.
Wait, is this a Ponzi scheme?
Now there is an element to the site which made some label it a Ponzi scheme. There is a referral program. Essentially, if someone were to sign up and name me as their “sponsor”, I would get 5% of whatever investment they make. At the time of writing, I have zero people under me, and I’m still up about 12% after a few weeks. I’ve never had gains that great on the stock market. So the referral program isn’t needed to make money, but it does accelerate the growth of your investment portfolio.
If you’ve got about $150 and are willing to take a bit of a gamble, I’d suggest that you join me on Bitconnect. You can use my referral link (https://bitconnect.co/?ref=MikePBitCoin13) to join my “team”. If you decide to join under me, my plan is to wait until I have about 20 people directly under me (there are people with thousands under them already, so 20 is a pretty reasonable number) and then start placing new folks under you. That way you’ll be able to have that additional 5% on their investments without having to do what I’m doing (blog posts, YouTube, twitter, mild begging, looking like a bit of a schmuck, etc. :)).
We all want a piece of the pie, and Bitconnect is one way to passively earn some each day. The wider world of crypto currency is still in it’s infancy and this presents a great opportunity for anyone willing to take a bit of a risk and jump in. Personlly, I don’t want to be the guy who’s sitting around in 20 years and saying “Man, if I’d only jumped on this sooner, how different my life could have been…”