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.
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.
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