Have you been following my Bitconnect journey since day 1? We are now on day 18 officially and yesterday I made a decision to change the way I am approaching this a bit. If you missed the setup for this long journey you can read my original post on Taking on Bitconnect to get up to speed. For those ready to venture forth, keep reading for my strategy change!
EDIT: Here are all my Bitconnect articles for you to follow my journey so far!
Bitconnect Challenge – Day 90 | Bitconnect Challenge – Day 60 | Bitconnect Challege – Day 28 | Bitconnect Challege – Day 18 | Bitconnect Challenge – Day 14 | Bitconnect Challenge – Day 2 | Taking On Bitconnect – Day 1
Since my last post we have seen some great daily interest rates! Especially while BCC was on the rise for the last week steady. The interest rates do seem to correlate to how well BCC is doing from my observations. As you can see in this chart I pulled from Bitconnect's website, since the 12th of August the interest rates have been consistently over 1% and this somewhat corresponds with the uptick in BCC over the last 2 weeks.
The USD Switcheroo
My plan from the beginning was to NOT reinvest my interest in to more micro loans to get more interest, but to instead just pile up the interest. The interest payments you receive are in USD, so once you receive them they just sit there if you do nothing with it. While I felt like this would be a good way to see exactly how much USD my original investment got me, but it won't help me to increase my net worth. Here are some before screenshots of my account before converting my USD lending wallet into BCC and after.
Back To Bitcoin
So thinking about this, the better plan I have not put into place is to convert all my USD interest payments into BCC each day I receive them. As you can see in the shots above 2 days ago I converted my USD to BCC at about $118. This then connects my investment ROI to how well BCC does, and while that might not be the best play long term my real destination is back into Bitcoin. I plan to leave most of my investment in BCC until we get a day like today where Bitcoin is down significantly and BCC price has remained about the same, then covert it to Bitcoin and keep it there. Here is a screenshot of the BCC Exchange (its their own in-house exchange, one of the only things i don't care for that much on this platform). I sold 1.85865327 BCC at a price of 0.002945779 BTC, which was roughly $205 USD at the time of writing this.
Cooking The Books
Now that I am going with this new strategy it does change the way I think about things a bit. I still really want to know exactly how much USD I am getting total. Luckily there is a lending wallet transactions page on Bitconnect and you can see all your daily interest deposits. Here is a screenshot of my interest payments to date.
From now on I will be converting my BCC to Bitcoin as soon as it make sense to do so. Using this screen above I can track my USD total and then at the end of my loan I can compare the 2 totals (my interest total in USD and the value of interest total in Bitcoin). This way I can truly see if I made the right decision to convert back to BTC immediately. If the value of my BTC is more then what the total of my USD payments would have been then I made a great choice (which I think it will be!). If not, then hopefully I will not have lost out on too much.
I Wouldn't Say I'm “Missing It”
Bitconnect is quite a beast of a platform so far, hopefully it stays a loyal beast through my 239 days of my loan. Would it have been better to just have held onto my BTC instead? Perhaps so… but we will see in the end. Regardless, unless something goes horribly wrong, I am on pace to turn a nice profit with this loan. According to the 6 month interest payment calculator, on my $1010 loan I will make a total of $2486.32 in profit if this keeps up! Of course I get my original investment of BTC back in USD (which is the worst part of all this!!!!) so while I put in $1010 I will get back $3496 roughly.
Being this early in the game I think the decision is still out on whether or not Bitconnect is a legit platform or just a fragile house of cards ready to be blown down. I am STILL not giving out my referral code as I am not convinced just yet (you could probably guess it, but still). Only time will tell and I will keep you regularly updated on my journey.