I make it no secret that I am a player on the “BitConnect” lending platform. Yes, I used to be a dissident. But now, I trust the platform. It would be unwise to invest in anything untrusted.
I know that BitConnect is a great platform that has changed many lives in short order, Too, it has released many from financial bondage and removed lines of stress and worry etched in the faces of that many.
Many others in BitConnect are well on their way to achieving financial independence.
I also know that BitConnect is still very much misunderstood and all of the misinformation is preventing so many – who need something like BitConnect – is prompting them not to try it.
So, what is BitConnect? BitConnect is three things. It is:
- A lending platform
- A cryptocurrency, like Bitcoin that can be purchased, held or traded
- Whatever you need it to be
Whatever you need it to be …
For some, BitConnect is a means to invest (and reinvest) and build up a nice daily and monthly income. That income can be used for whatever reason the investor on the platform determines what their particular circumstances dictate. It is no one’s business.
For others, BitConnect is a means to buy Bitcoin and/or some of the other Altcoins. BitConnect is perfect for this. On the BitConnect dashboard, there are three wallets: Lending, BitConnect, and Bitcoin.
A strategy I use is to let my “Lending Wallet” accumulate to a certain dollar amount, convert it to BitConnect Coins (BCC) so I have BCC in my BitConnect Wallet, and then exchange (buy) Bitcoin with my BCC. Then I will have Bitcoin sitting in my BitCoin wallet.
If the price of Bitcoin goes up, so will my holdings in the Bitcoin wallet. So a strategy I use is to wait for the price of Bitcoin to go down and then buy more.
That I have Bitcoin in my Bitcoin wallet I can either …
- Let it sit there until the price of Bitcoin goes up and then transfer all or some of it to another exchange to buy Altcoins.
- Let it sit there until the price of Bitcoin goes up and then transfer all or some of it back to my BitConnect wallet and lend it to the BitConnect platform.
Or, use BitConnect for all of the above: (1) Invest (reinvest) to build daily and monthly income and (2) as a means to buy Bitcoin and some of the other Altcoins.
Bitcoin Down Today. Be Happy, Don’t Worry
Many of you have noticed of late that Bitcoin (and almost all Altcoins) has been on a price roller coaster ride. It is up one day and down the next. Get used to it. That rollercoaster will still be a rollercoaster, but as the days, months, and years go by it will become a much bigger roller coaster.
For those who are holding Bitcoin, buy more when the price dips.
BitConnect Interest Is Up, Why?
For those of you, on the BitConnect platform may have noticed that in spite of the dip in the price of Bitcoin, the daily interest rates as of late are quite good. Why is that?
It is because the price of Bitcoin itself has nothing to do with what the interest rate we get each day is. Rather, it is the change in the opening and closing price of Bitcoin within a 24 hour period that does.
If the price swing of Bitcoin within that 24 hour period is great, then the interest rate is higher.
If the price swing of Bitcoin within that 24 hour period is low, then the interest rate is lower.
Let’s suppose that the price of Bitcoin had very little change within a particular 24 hour period. Then we can expect a low-interest payment for that day.
Yet lately, we have seen the price of Bitcoin swing from as high as $15,200 to as low as $13,100 within a 24 hour period! That’s about a 1.20% change! This is a big price swing so the BitConnect interest rate will be high. Anything at or above 0.9% is a good day! But always take an average of the last five days. If you look at the chart above and calculating the interest rates from December 20 to December 24, the average daily interest rate is 0.95 percent!
So what is the lesson here with regards BitConnect? That high day-to-day volatility with Bitcoin is a good thing.
For those who invest in Bitcoin itself, these price dips are good also. Why? Because a seasoned and informed crypto-investor knows (and believes) that Bitcoin will be much more in value next year than it is now. So, he/she buys Bitcoin when the price drops knowing that it will go up again and go up much stronger.
Those who panic when they see Bitcoin drop in price should not be in cryptocurrency. They will drive themselves mad. They amount to nothing but day-traders looking for a quick buck and are not true “long-term” investors.
I love going back a year ago and comparing the price of Bitcoin back then to what it is today. Wow!
That is all I need to see! I will do the same thing this time next year. I will look back at the price of Bitcoin in December 2017 and in December 2018 and know that I made a wise investment.
Yet, for those of you in BitConnect, you have made a smart and wise decision. You were not afraid to take a risk that many have not taken.
Yet, they invest in other things. That too is a risk.