So how does BitConnect actually work? Is this something that’s worth your time?
The financial market is undergoing a big transformation currently.
Since the introduction of internet in banking, there has been new initiatives every day.
Recently, the bitcoin boom the market and it was the talk of many financial institutions.
Globally, bitcoin has been incorporated in the economy and this has seen its growth. Initially, the financiers were skeptical about this transformation. There is a new aspect of cryptocurrency called bitconnect.
What bitconnect is
Bit connect is basically an open source that allows its users to invest their money and any other wealth in a system which is independent of government restrictions. This peer to peer system also stores the investments and with time allows it users to earn from their investments. Therefore, it is clear to say that bitcoin have the investors interests at it top core while also ensuring total security. Most government controlled financial institutions have a third party handling the investments made by their customers. To break free from such chains and have total control of your investments, bit connect has stepped in to offer solutions. There are also various ways to make money using bit connect. Such as;
•Create a coinbase account
It is important that you create this Coinbase account. With a coin base account, you can acquire bitcoins which you will later store in your bit connect account.
•Enter in the coinbase information and deposit into your account
After creating the coin base account, you are required to fill in your general information. A confirmation link is then sent to your email and you click the link to verify your account. Some of the information that coin base requires you to fill is the country or state you live in and other personal information such as your phone number. To be able to fund your account, coin base will be connected to your online bank account.
•Create a bitconnect account
To buy bitcoins, you require to have a bit connect account. It is easy to create this account. Like coin base account, you are required to fill in some personal information.
•Make an investment on bitconnect
After creating your bit connect account, you then sit down and draw your investment plan. Decide on the amount of bit coins to acquire in coin base. Investing using this platform is also a risky step. Therefore, it is important that you are deliberate on the amount of money you like to invest.
Be sure to check out other reviews of BitConnect before you invest. This is an honest BitConnect review.
•Buy bitcoins on coinbase
Having deposited your investment in your bitconnect account, you can then purchase bit coins from coin base. The standard minimum amount of bitcoin to deposit is always $100. However, depending on your plan, you can deposit as much bitcoins as you acquire.
•Transfer the bitcoin to bitconnect
Coin base has an offer of $10 to any customer who buys either $100 bitcoins or more. After acquiring your bit coins, the next step is to transfer them into your bit connect account.
•Use the bitcoin to buy bitconnect coins on bitconnect
After transferring the bit coins to your bit connect account, you will then buy bit connect coins using the bit coins. This is also referred to as acquisition of bit connect tokens. Your bit connect coins is dependent on the amount of bit coins you deposited.
•Lend your bitconnect coins
To start earning from bit connect, you are required to lend the bit connect coins you acquired. You earn an interest every day you lend your bit coins.
•Re invest the daily interest you get
To increase your earnings, you are advised to re-invest the interest you acquire every day. It will add up onto what we call compound interest.
•Take your money out of bitconnect
This is the last step where you are withdrawing your earnings from your bit connect account. Withdrawals are only done once the investment period you chose has ended. At this stage, you are required to change your money into bit connect cons which you will then change into bit coins. However, to benefit from the compound interests, you can make a choice to re-invest your money again.
Summary & Conclusion
Since the induction of cryptocurrency to the market, most of its users have experience financial freedom that they have long needed. BitConnect aims to bring more of this to people and yes it certainly has done that. That being said it’s not guaranteed so don’t risk anymore money than you can actually afford.