Bitconnect lending - is it legit?
Bitconnect is a relatively new blockchain backed service that allows you to lend USD$ to an automated trading bot and get a percentage of its trading profits.
This service comes with its own crypto currency, the BCC token, which is one of the best performing coins of 2017.
There are no guaranteed profits but the recent average daily returns have been in the 0.88% to 1.08% range.
On top of that, the initial capital lent to the bot also get returned back to you after a variable time (from 299 days down to 120 days) depending on how much you invest.
At first I was suspicious of this service and kind of agreeing with all those youtubers saying Bitconnect is a scam, a Ponzi scheme and pointing out that there's no way a legit service could produce an average 1.00% daily returns.
I am a software engineer working in the financial sector and I know how much money is possible to make in volatile markets with the right tools and softwares so I did a lot more research, I tried the service myself and after 3 months I'm investing more.
The average 0.9% ~ 1.0% returns per day might seem unrealistic in traditional stock markets but crypto markets are so volatile that they are easily achievable. On top of that, this year crypto markets have been raising at an incredible pace and you might get better gains simply buy buy and holding coins.
Also remember these daily profits are not guaranteed, there are days with low volatility where the bot returns 0% or a little more.
Keep in mind is that since May 2017 the value of the BCC token has appreciated more than 700% so it would have been much better to just buy and hold BCCs rather than lending them to the trading bot!
I decided to continue to invest in the lending side of Bitconnect to hedge against the risk of crypto markets staying in a bear/consolidation phase for the rest of the year but if you believe the bull market continues it makes more sense to just buy and hold crypto.
I'd be very happy if one of you guys will use my referral link and try the Bitconnect service :)
While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..
Some things that can be considered spam:
I'm new to steem and I appreciate your feedback but I don't see how these apply to my post.
I haven't included banners or ads, links to scam or phishing sites and the content of this post is original, i wrote it myself.
In this post I wanted to highlight how the Bitconnect service can be used to hedge against the risk of bear market and Bitconnect loans are a good investment in volatile markets whereas buying and holding coins is more profitable in bull markets. I also highlighted that Bitconnect does not guarantee profits and it's been working well for me.
I edited and slightly reworded my post to make these points more clear.
Could you take me as sponsor on your bcc account @bigash ? =) balesch
I already have a Bitconnect account. Do you have one?
@bigash yes me too, but you can type in a sponsor on the left side under "profile" =) would be very cool! Thanks!
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