BitConnect is a platform in which users may participate similar to other common cryptocurrencies, buying, selling, trading. More interestingly, the deeper value comes from their Proof-of-Stake (POS) implementation, and their unique lending platform where you’re guaranteed to get your investment back in addition to daily interest.
From BitConnect‘s documentation
You can invest BitConnect coin in Bitconnect lending platform exclusively from the BitConnect Dashboard. This investment option involves profiting from Bitconnect trading bot and volatility software. You will receive daily profit based on your investment option. Upon investment term completion, you will receive your CAPITAL BACK to take out from the Bitconnect lending platform or optionally reinvest back in lending platform to continue receiving daily profit.
Wait, we get the capital back? What does the end result actually look like? Here are the details for different loan values, and what can be expected of them.
For example, if a $100 loan were made you would receive the “Volatility Software Interest” daily, for a total of 299 days until your $100 was returned to you. Volatility Software Interest refers to their lending platforms core, which essentially is automated cryptocurrency trading. If their bots trade better, the interest rates will be higher and if the bots trade not so great, the daily rate will be lower. In the last 30 days the average interest rate was 0.98% ($0.98 USD). Even on this minimum loan amount, you will achieve a return of $293.26 at that average rate, as well as receiving your initial $100 back! That is totalling $393.26, a 293.02% ROI!
If you had 2.15 BTC, or around $5200 at time of writing, you would not only earn the daily variable interest rate, but an extra 0.20% on top of that rate. At the 30 day average, we can assume the 0.98% average again, however we add to equal 1.18% daily interest. Although the loan amount is locked, the interest is immediately usable every day and can be converted back to Bitcoin, or even re-invested! Also, referencing our chart above, a 5010-10000 loan is held for a lesser time, at 179 days. Looking below, these numbers are looking great! Atop our $5200 investment, we would look to profit $10,983.44, equaling an ROI of 211.22%, for a total of $16,183.44 when you get your initial $5200 back.
BitConnect is in it’s infancy, with it’s ICO in November 2016 it’s just barely 6 months old. In this time however BCC is worth about $20 USD, which is quite impressive for it’s age. Given the popularity things appear to be on the up and up, and early adopters are gearing up to make a incredibly sizable profit.
Click here to get started with BitConnect!
Okay, so you’ve signed up for a BitConnect account. Great! You can hold both BCC, and BTC here. BTC is accepted by the internal exchange, though you can acquire BCC at a number of other exchanges on the web as well. To get started, you’ll need to deposit BTC into your account to exchange.
Click the green button on the left to begin, at which point you’ll be given a deposit address.
Once deposited, it will be pending for a few confirmations, usually less than 30 minutes depending on the Bitcoin network’s congestion. Once your BTC is confirmed, it can be used to exchange to BCC, which is what can be lended.
Follow the on-screen prompts to complete the loan amount you’d wish to begin.
Once the loan begins, it is locked in for the “Capital release” duration, and incurs the daily interest rate based on volatility, plus bonus if you are at the upper tiers. Your $5,200 loan would have accrued $128 of immediately usable interest in the last two days alone. To the moon!!
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What do you think of BitConnect, did this guide help you get started? If you signed up through our links here, drop us a comment and we will invite you to a private chat focused on crypto-currency and BCC in particular.