What Is Bitconnect Lending
Bitconnect is a self-regulated, peer-to-peer platform; they allow users to lend their bitcoin by using the blockchain technology. They offer a few ways to make money with their platform which include mining, staking the coins, trading, and lending. This blog will talk about the lending portion of the business, which means investor’s lend their bitcoin to the platform to trade daily and receive an interest rate each day. Bitconnect was released in 2016 and has seen tremendous growth in their lending platform as well as the price of their Bitconnect coins. The price of their BCC coins went from a few cents in 2016 to now being worth $400 a coin. The Bitconnect lending platform is also growing at a quick rate, month over month the search volume for “Bitconnect” is just about doubling. This means more people are looking for information about the company or looking to sign up and make money with their bitcoin.
If you are interested in lending your bitcoin you will need two accounts:
Depending on what you on your search results on Google you may see articles saying “Bitconnect is a scam” or “Bitconnect is a Ponzi Scheme”. The truth of the matter is these people would rather bash the company then make money and invest. Often people say the 1% a day is “too good to be true”, however the platform does not guarantee a payment every day; you can expect to make 0%-2% a day but the average is about 1% daily.
Bitconnect lending acts like a bank CD (certification of deposit), you lend x amount of dollars in the form of bitcoin and you are locked into a contract for a certain amount of days/years. In the case of Bitconnect the maximum lock in period is 299 days for any investment under $1,010. The main difference here is that bank CDs tend to give you 1% interest on your money as a reward for loaning your money out for a year; Bitconnect will give you about 1% a day. A bank CD is FDIC insured where as Bitconnect or anything on the blockchain is not insured (there may be some exceptions such as the exchange Coinbase which is insured up to $250,000). Normally when you lock your money in with a bank CD you cannot touch the principle or the interest until the lending period is over, with Bitconnect you cannot take the principle out but you can take your daily interest out as long as it is equally to or greater than .005 bitcoin (To figure out the minimum amount to transfer out take the price of bitcoin and multiply .005). Another benefit of Bitconnect lending is the ability to reinvest your daily interest, as long as you have $10 or more in your USD wallet you can reinvest this are start to compound your money. If you start with a $100 Bitconnect loan this is the best way to compound your money and have your money really start working for you.
Which Bitconnect lending tier is right for you? With any investment whether it’s stocks, bonds, cryptocurrency, or a business there are some risks. If the worse thing imaginable happens such as a company closing in this case if Bitconnect closes you can lose your investment. That’s why I always recommend only investing the amount you can afford to lose. The benefits of a high risk investments are that there usually is a high reward and Bitconnect overs that by helping you earn 1% interest a day or up to 40% a month on your money. If money is tight I would recommend only doing the minimum $100 loan, I recommend doing about $120 because when you exchange the bitcoin from your exchange such as Coinbase to Bitconnect the value of bitcoin on the two exchanges can be different which potentially would cause you to lose money. Example: The price of bitcoin is $16,000 on Coinbase you buy .00625 ($100 worth), you then transfer that .00625 of bitcoin to Bitconnect where the price of bitcoin is trading at $15,800 that bitcoin is now worth $98.75. This would not reach the minimum investment of $100, so always do a little more to make sure you will definitely have enough for the loan.
How To Buy Bitcoin
The first step to joining Bitconnect is to own bitcoin. You can purchase bitcoin on any cryptocurrency exchange but I personally use Coinbase. If you use Coinbase you have to be a resident of the United States or Canada and be at least 18 years or older.
I use Coinbase because it is super user friendly and if you use my link you will earn $10 extra worth of bitcoin once you buy $100 or more worth of bitcoin. Below are the simple steps on how to buy bitcoin.
For a more in depth step by step guide to buying bitcoin on Coinbase you can check out my blog here.
Once you own bitcoin the next step is to send your bitcoin to Bitconnect so you can lend it. This can be difficult at first, but once you read the steps it will make the process very simple and easy to follow.
Bitconnect lending is a great way to earn a passive income, and an even better way to leverage yourself in a bear market. The more volatile bitcoin is either up or down, the higher the interest payouts are.
Here are the steps to set up a successful Bitconnect loan.
For a more detailed guide on how to lend with Bitconnect you can check out my other blog here.
Conclusion
Bitconnect lending is a great way to earn extra money, and an even better way to hedge yourself against a bitcoin bear market. If the price of bitcoin tanks you will still earn money each day, granted it is not a 0% day. Bitconnect is a high risk and higher reward platform. The only risk in my opinion is that if the platform closes then everyone loses their investment. As long as the price of bitcoin continues to rise and the price of their BCC coins increase as well this platform should be around for a while. So stop listening to the Bitconnect bashers and start earning with the Bitconnect lending program!
Bitconnect is a self-regulated, peer-to-peer platform; they allow users to lend their bitcoin by using the blockchain technology. They offer a few ways to make money with their platform which include mining, staking the coins, trading, and lending. This blog will talk about the lending portion of the business, which means investor’s lend their bitcoin to the platform to trade daily and receive an interest rate each day. Bitconnect was released in 2016 and has seen tremendous growth in their lending platform as well as the price of their Bitconnect coins. The price of their BCC coins went from a few cents in 2016 to now being worth $400 a coin. The Bitconnect lending platform is also growing at a quick rate, month over month the search volume for “Bitconnect” is just about doubling. This means more people are looking for information about the company or looking to sign up and make money with their bitcoin.
If you are interested in lending your bitcoin you will need two accounts:
- A cryptocurrency exchange. I recommend Coinbase.
- Bitconnect account.
Depending on what you on your search results on Google you may see articles saying “Bitconnect is a scam” or “Bitconnect is a Ponzi Scheme”. The truth of the matter is these people would rather bash the company then make money and invest. Often people say the 1% a day is “too good to be true”, however the platform does not guarantee a payment every day; you can expect to make 0%-2% a day but the average is about 1% daily.
Bitconnect lending acts like a bank CD (certification of deposit), you lend x amount of dollars in the form of bitcoin and you are locked into a contract for a certain amount of days/years. In the case of Bitconnect the maximum lock in period is 299 days for any investment under $1,010. The main difference here is that bank CDs tend to give you 1% interest on your money as a reward for loaning your money out for a year; Bitconnect will give you about 1% a day. A bank CD is FDIC insured where as Bitconnect or anything on the blockchain is not insured (there may be some exceptions such as the exchange Coinbase which is insured up to $250,000). Normally when you lock your money in with a bank CD you cannot touch the principle or the interest until the lending period is over, with Bitconnect you cannot take the principle out but you can take your daily interest out as long as it is equally to or greater than .005 bitcoin (To figure out the minimum amount to transfer out take the price of bitcoin and multiply .005). Another benefit of Bitconnect lending is the ability to reinvest your daily interest, as long as you have $10 or more in your USD wallet you can reinvest this are start to compound your money. If you start with a $100 Bitconnect loan this is the best way to compound your money and have your money really start working for you.
Which Bitconnect lending tier is right for you? With any investment whether it’s stocks, bonds, cryptocurrency, or a business there are some risks. If the worse thing imaginable happens such as a company closing in this case if Bitconnect closes you can lose your investment. That’s why I always recommend only investing the amount you can afford to lose. The benefits of a high risk investments are that there usually is a high reward and Bitconnect overs that by helping you earn 1% interest a day or up to 40% a month on your money. If money is tight I would recommend only doing the minimum $100 loan, I recommend doing about $120 because when you exchange the bitcoin from your exchange such as Coinbase to Bitconnect the value of bitcoin on the two exchanges can be different which potentially would cause you to lose money. Example: The price of bitcoin is $16,000 on Coinbase you buy .00625 ($100 worth), you then transfer that .00625 of bitcoin to Bitconnect where the price of bitcoin is trading at $15,800 that bitcoin is now worth $98.75. This would not reach the minimum investment of $100, so always do a little more to make sure you will definitely have enough for the loan.
How To Buy Bitcoin
The first step to joining Bitconnect is to own bitcoin. You can purchase bitcoin on any cryptocurrency exchange but I personally use Coinbase. If you use Coinbase you have to be a resident of the United States or Canada and be at least 18 years or older.
I use Coinbase because it is super user friendly and if you use my link you will earn $10 extra worth of bitcoin once you buy $100 or more worth of bitcoin. Below are the simple steps on how to buy bitcoin.
- Create a Coinbase account, you will have to enter some information such as your name and email address.
- A verification email will be sent to your email address, open it and click the confirmation link.
- You will be redirected to the dashboard on Coinbase. Scroll towards the bottom of the page and add your phone number.
- Once your phone number is added every time you log on to Coinbase you will need to enter a 7 digit confirmation code. The security code will be different each time.
- Next click on “Add payment method” I recommend you add your bank account because the limits are higher and you pay less in commission fees. You can buy bitcoin with a credit/debit card if you prefer.
- Next go to the “Settings” tab and click on “My profile” you will need to add your birthday, address, and so other information to verify your account.
- Fund your account with your bank account. To do this go to the “Accounts” tab and on the left side navigate to the “USD Wallet”. Click on deposit and enter the amount you want to send to Coinbase from your bank account. The money should be there in about 4-5 business days.
- Once your money arrives to Coinbase head to the tab “Buy/Sell”. Once you are there select bitcoin and enter the amount in dollars you wish to purchase. If the order looks right click “Buy Bitcoin Instantly.
- To confirm you can click the “Accounts” tab and look at your “BTC wallet” you should see a fraction or however much bitcoin your purchased in this wallet.
- Wait about 5-10 minutes and Coinbase will send you that free $10 worth of Bitcoin for using my link!
For a more in depth step by step guide to buying bitcoin on Coinbase you can check out my blog here.
Once you own bitcoin the next step is to send your bitcoin to Bitconnect so you can lend it. This can be difficult at first, but once you read the steps it will make the process very simple and easy to follow.
Bitconnect lending is a great way to earn a passive income, and an even better way to leverage yourself in a bear market. The more volatile bitcoin is either up or down, the higher the interest payouts are.
Here are the steps to set up a successful Bitconnect loan.
- Create a Bitconnect account. (jdarcio02 should be your Bitconnect sponsor)
- Decide on the amount of money you wish to lend.
- Transfer bitcoin to Bitconnect. To do this go to the dashboard on your Bitconnect account scroll about halfway down on the page and you see “Deposit Bitcoin” slick that and you will see your bitcoin address. Copy that address it should consist of numbers and letters both capital and lower case.
- Head back to Coinbase and go to the “Accounts” tab locate your bitcoin wallet and click on send. You will see a recipient section this is where you will paste that bitcoin address that you copied from Bitconnect and then enter the amount you wish to transfer over.
- Your bitcoin should arrive in Bitconnect in about 20 minutes. Once the bitcoin is there go the “BCC Exchange” tab. Scroll to the middle of the page and find the buy BCC coins area. Click on “All” which means that you want all of your bitcoin to be used to purchase the BCC coins.
- Once your order for the Bitconnect Coins fills, you will want to head back to the Bitconnect dashboard tab.
- This is where you will lend your bitcoin. You will see a blue button that says “Lend Bitconnect” click that button and then enter the amount you wish to lend in dollars. Keep in mind it can only be up to the amount you have in your account and has to be divisible by 10. You will have to confirm the loan.
- (Optional) As an extra bonus you can reinvest your daily interest as long as it’s $10 or more. This is a great way to earn more each day and to compound your interest.
For a more detailed guide on how to lend with Bitconnect you can check out my other blog here.
Conclusion
Bitconnect lending is a great way to earn extra money, and an even better way to hedge yourself against a bitcoin bear market. If the price of bitcoin tanks you will still earn money each day, granted it is not a 0% day. Bitconnect is a high risk and higher reward platform. The only risk in my opinion is that if the platform closes then everyone loses their investment. As long as the price of bitcoin continues to rise and the price of their BCC coins increase as well this platform should be around for a while. So stop listening to the Bitconnect bashers and start earning with the Bitconnect lending program!
Disclaimer: This is not investment advice; these are just my own opinions. Only invest the money you can afford to lose.
Disclaimer: This is not investment advice; these are just my own opinions. Only invest the money you can afford to lose.
