It seems that the steemit community is torn about bitconnect. You can find a number of articles calling it a ponzi scheme and some that claim you can make money each day by referrals and reinvest. One of the main proponents of bitconnect is @craig-grant and he as received a fair amount of flak for promoting the platform.
With all of that into consideration I treat each cryptocurrency that I invest in as a high risk. I only invest what I'm willing to lose and i try to do as much due diligence as possible. Given the extreme volatility sometimes you just need to go with your gut instinct and get out when you feel that you have made enough on the trade. So in order to test out the hypothesis on bitconnect I decided to try it out.
Simple Experiment
Back in June I used some bitcoin to buy $500 dollars worth of bitconnect tokens to see how long it would take to get back my original investment.
Bitconnect was trading for $41.70 per token so I decided to get 11 tokens. At the time Bitcoin was trading for $2,782.
Two months later Bitcoin is trading for $4,293.90 and Bitconnect is trading for $124.11. Was investing in their platform a good choice?
Well as you can see I have gotten $357 back from my original $500 dollar investment so I still have about $143 to go until I'm able to recover my orginal dollar value investment. Also the only way to get money out of bitconnect it to buy BCC tokens and trade them for bitcoins which is what I did so the $357 might be a little more based on the rise in bitcoin prices recently.
Results
If I had just kept the 11 BCC tokens that I used to "invest" in their platform I would be at $1,486.83. (11.988 X 124.11). So I'm glad I only choose to invest the $500 that I did and not try a larger amount. I do wish I bought more actually bitconnect tokens as the gains at this moment would have been pretty good. Most of the volume comes from their platform but there are other exchanges that trade BCC.
Conclusion
I'll probably have to wait another month before I get the last $143 back out of bitconnect. After that I might just set it on reinvest and forget about it or I might configure my C.A.T (Cryptocurrency Automatic Trader) to connect to livecoin and trade some of the BCC that I earn. Since I'm a trader more than an investor I most likely won't be putting anymore BTC into bitconnect. If you made it this far thanks for reading!!!
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