BitConnect – An Income UPDATE

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BitConnect – An Income UPDATE

BitConnect – An Income UPDATE

So what is BitConnect?

BitConnect is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with crypto currency education where it is entirely possible to find the independence we all desire, in a community of like-minded, freedom loving individuals who, like you, are seeking the possibility of income stability in a very unstable world.

These are the words that are directly from the BitConnect website and I am sure if you are like me, it certainly resonates with what we all strive throughout our and for our families lives.

UPDATE 19/01/2018

Well…I have had to change/delete my article as BitConnect has been forced to shut down the Investment Lending Program from their site. 

Due to regulators of the financial/legal industry, BitConnect has decided to cease their investment lending program for fear of prosecution and fear that the investors in the BitConnect community could lose their funds by confiscation by the authorities. ALL INVESTORS have had their funds refunded by means of BitConnect Coins (BCC) within the Lending Program Platform with information on their website HERE on how they will be able to withdraw the coins into either, the new BitConnectx exchange platform or other outside exchanges like HitBTC. 

Once in these platforms people are free to decide on whether to convert their BCC into cash or other crypto coins or just to hold (or hodl as described in the crypto industry). The price for BCC has plunged after the news and if people sell they will incur big loses.

I have moved my BCC out to both of the platforms mentioned above and have decided to hold some of my BCC for the moment for a wait and see position and trade some of them for the new BitConnectX coin and other coins.

It comes at a time where the whole digital coin industry is in the midst of a down turn as a few countries are tightening up regulations on the Crypto Currency Industry. Values have been wiped off the board with Bitcoin dropping to a low of under $10000 but now recovering to just over $11000, as I type. All other coins have followed suit within comparison of percentage amounts. Some are calling as a time to buy and get into the industry as they claim that the digital phenomenon cannot be stopped and is the way of the future. Governments are certainly taking note and this could be the beginning of a new era and a change in the way business will be conducted in the financial world and society in general. 

This whole scenario has given me the perception that all the hype about “decentralised, peer to peer and without government 3rd party interference” is just a fallacy as we seem never to be free from some kind of government or regulatory body of some kind.  Not that I am saying that is a bad thing but, isn’t that the whole point of what Bitcoin was developed for originally.

I see the industry as just another form of investment and currently the way it is set up, to gain any wealth benefits you will have to  transfer coins into cash or some other kind of tangible asset that will come under the eye of government/regulatory bodies anyway. Yes, means of transfer of digital coins for services are available and perhaps eventually in the future this will become the norm, but until then an investment is how I will treat the Crypto Digital Coin Industry.

Anyway, I will be deleting most of my article as it has now become obsolete with the past days events, but perhaps in the future these type of investment programs will become normal parts of our life as the digital technologies take further hold and sway in our society.

I will leave some relevant information regarding wallets that I think will be helpful for joining the industry.

Below is a link to the live Crypto Coin prices where you can keep a track on the price fluctuations of many of the digital coins.

 Coin Market Cap website. .

Important points to understand…

To participate in the the Crypto Currency Industry you will need a Digital Wallet. If you do not have a Wallet, then you can read HERE on how and where you can open a Bitcoin Wallet with my instructions.

When opening a Bitcoin Wallet, it is similar to opening a new bank account or trading account. You will need to provide proof of identity information and each wallet company will have different criteria for this process. I emphasise that you get a wallet from your country of citizenship and check that you are able to withdraw cash from your wallet back into your bank account whenever you wish.

I have 2 wallets that I can recommend that are safe and well known throughout the world.

Coin Base is worldwide but for some countries you cannot make cash withdrawals to your bank account at the moment. Such as Australia.

Coin Spot for Australians is my other wallet and allows cash withdrawals for Australians.

Details on how to sign up for Coin Base and Coin Spot HERE

I recommend that you search for bitcoin wallets “your country” to find the right wallet for you.

All wallet companies have detailed info on how to fund and buy bitcoins and other coins from their wallet platforms. You will have to verify yourself as I mentioned and if you find a wallet company that is not very stringent with the set up process, then just beware. Ask friends or colleagues that you might know that are already involved with bitcoins and cryptos. They would most likely have done the home work and have the right wallet companies already.

My Conclusion on the happening of BitConnect…

BitConnect was the pioneer or one of the first companies that had an outstanding program that had allowed normal people to set themselves up financially and had already allowed many people worldwide to become financially free when they joined early. People that joined later, as I did, didn’t quite get those benefits but we certainly didn’t lose all of our investment but still had the understanding of what the program could have brought to our life and the lives of our families.

I had always said, only invest what you can afford and live without just in case the investment product does fail and even though BitConnect has had to remove its lending interest program, the company is still alive and does have other programs like mining and stalking as investment vehicles available to the community.

They have shown that they are not a scam company, as they have refunded funds to their investors and explained on how to continue in the digital currency industry. There is plenty of information on the net and you tube with further details on how to perform these tasks.

I will continue to hold some of my BCC for the moment and adopt a wait and see position and I will continue searching for further opportunities within the industry as an investment window to improving my and my families livelihood.

There are choice for everyone to make within this world and I wish only success for people.

All the best John

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6 Comments

Gomer Magtibay

January 11, 2018 at 2:52 pm

I used to be working with a similar company, USI-Tech. I referred a lot of people there, like my upline sponsor. Although Bitconnect and USI-Tech have different investment system, both can make you money by investing via Bitcoins converted to Bitconnect Coins. So, with that, me and my people can easily comprehend Bitconnect’s program. Our only hesitation is, programs like this, when overwhelmed by a huge number of leaders and marketers like what happened to USI-Tech, get heated with authorities. Just recently, ours have been stopped operating an affiliate program in North America. So,how are we sure it won’t happen to Bitconnect?

    John

    January 12, 2018 at 5:26 am

    Hi and thanks for dropping by. I have seen USI-Tech but didn’t invest in that program as I found BitConnect around the same time. From my understanding USI -T is a little different as your investment is locked away and don’t receive your interest earned until the expired time period where with BitConnect you receive daily interest that you can withdraw any time when the minimum is reached. I have seen people receive their monies from USI-T on videos as well. I have not withdrawn from BitConnect myself as I wish my balance to grow until I earn approx $100 a day but I have seen on You Tube of people withdrawing as I explain on my article. 

    Although you are right, it could all go belly up and as I write this I have seen that there is a Cease and Desist order in the state of Texas for BitConnect operating in their state. I also read on twitter and in the news that Brazil and Venezuela is adopting BitConnects technology for launching their own coin/token in their country. I am not sure on the details but I am sure if you search you will find the info.

    I believe the affiliate program has been adjusted from it’s originality of a 7 level down to a 3 level program as well from previous reviews that I studied before joining.

    How can we be sure that it wont be stopped in America, well we can’t be sure of anything these days in our ever changing world and I don’t profess to be an expert on these type of businesses. I have seen that there are at least another 5 interest paying companies the same as BitConnect already operating in exactly the same way as BitConnect and some paying a little higher interest daily and there are more launching each day. They all use some kind of Trading Robot as what BitConnect uses but use different trading algorithms from each other.

    So far BitConnect has been operating since Feb 2016 and they have been paying out since day one. So far it is working well for me  and as I always say to anyone/everyone, “if you want to invest in anything, do your homework and research and only risk what you can afford to live without”  

    Just look around and see the people that risked a few dollar on bitcoin all those years ago….

    Well these are my thoughts and I am certainly not an expert. The decision is for the individual to make…I am already in with my investment and if it goes belly up than I will be a loser as well.

    Thanks John

Michael

January 15, 2018 at 2:44 am

Wow this sounds very interesting indeed. I know people have been making a lot of money through bitcoin — but I never knew you could invest it somewhere and get daily returns on it.

Don’t you think you could buy and sell the coin though daily and be making much more then doing this?

Also how safe is this website? lets say you invested 30,000 dollars into the program then they for whatever reason shut down and don’t give you your money back?

This seems good, but at the same time seems kinda risky too in my opinion.

    John

    January 15, 2018 at 1:32 pm

    Hi Michael and thanks for reading my article and commenting. All comments are valuable and just give other readers great info to research and think about.

    It has been a great investment for me so far but as at this very moment that I write my reply, BitConnects website is under attack by whats called a DDoS which is a denial of service attack, it means that someone or some group sends a very large amount of request to the home page computers and overloads them – hence denying legitimate users getting access to the servers. This is what has been reported and the BitConnect team are trying to get the issue solved. Whether this is the case or not, only time will tell, or perhaps, are they using this as an excuse to close the site down and run away with every-bodies money? There have been quite a few you tube videos already with varying statements and discussions and even on the BitConnect twitter they have reported as my above comment. Some are calling the whole organisation are scam and others, like myself are holding hope that they are telling the truth and that things get settled. Only time and patience will be the answer for now. 

    I was aware of the risk and put in money that wouldn’t dent my financial situation and I always say only risk what you can afford for any investment, not only in the crypto currency industry but any investment product in general. Anyone wishing  to invest a large amount of funds needs to make their own research, study and minds up on what to invest in and test the waters if possible, so to speak, to discover if the product is for them. 

    As mentioned in my article I have seen people make enough money from BitConnect to pay off their mortgages and I hold hope that the issues do get settled. If it does get sorted it will just legitimise on what a great investment product the BitConnect program is and if it doesn’t for what ever reason then I will pull my article off the net. 

    To your comment on buying/selling the coins, it is a valid one and I do that as well, but I also never stop looking for what I deem possible investments as well. I have been taught to always keep your options open and don’t be afraid of trying different things as there are opportunities around us every where.

    Thanks again for stopping by and my message to everyone is just do your research and try to gain knowledge on products or topics that sound good or bad so that you can make as best an informed decision on what to do.

    John

zebra36

January 18, 2018 at 4:54 am

I have been thinking for quite some time. I keep chickening out when I encounter programs that tell explain how to invest. Mostly because some appear to be bad deals or kind of scam like. Others want you to put in a ton of money to get started. Putting in $100 to get started seems pretty realistic to me. I think this is the most realist one I have seen with a pretty nice plan set forth. Just $100 and just keep reinvesting all your earnings for 2 years. Are there any fees for withdrawing the money you earn?

    John

    January 19, 2018 at 6:11 am

    Hi and thanks for taking interest in my article. Unfortunately as I write this comment, BitConnect has decide to cease the Lending Program on their site. They have sited outside pressure of which has forced them to make the decision to stop the program and work on other parts of the business to participate in the Crypto Currency Industry.  All of the money that they have collected, they have returned to their investors so it at least proves that the company is a real company which had real intentions for their BitConnect community. Many people are still calling the organisation a scam but if they were scammers they might not have handed the money back to all of the people already invested.

    Perhaps the world is not quite ready for a program like BitConnect has put in place and are afraid of from previous experiences, so for the sake of a perceived majority, the regulators have forced a shut down.

    It just proves something to me about the Crypto Digital Currency Industry…we are never free of our Government control. So the idea of freedom from government intervention that this industry portrays, will not be the case, in my opinion. As with all new technologies, it will take time for people to get their heads around. 

    I will be making adjustments to my article as an update is required.

    Thanks for stopping by…John

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