As you might have probably heard bitconnect has closed its lending and exchange platform. I guess it was just a matter of time this was going to happen.
Before investing on it, I was not sure mainly due to conflicting reports on it. A lot of people didn't believe in the platform and some (mainly on youtube) were hardcore investors, who had invested over $100k.
So, knowing the risks I finally plunged into it as an experiment. I invested about $1100 and actually ended up getting good returns just under 1% daily.
I made approximately $169.05 in about 2 weeks, which I've actually taken out of the platform.
They did return the full investment, but in BCC coins. Why??? If they'd only refund it in bitcoins then would've been so much more valuable. So, I got about 3 bitconnect tokens based on 3 hundred something per BCC value.
But now BCC value has gone down 93% to around $14. Which is big plunge!
This is not great!
For some reason in their website its showing the BCC's value is $218.91.
Tried to sell it off in their exchange but it didn't work. I'm guessing it's still stuck in that amount based on few days ago!
So, at the moment the BCC coins are pretty much worthless.
For me it was just trying to venture out to create income into the crypto space. This is the money that I made investing in crypto and going into it, it was something I was willing to lose.
Valuable lesson learnt from this experience:
- Do proper research before jumping into any platform
- If it's too good to be true, it probably is
- Only invest into crypto, if you're willing to lose it all
- Any venture into crypto is not a safe investment and there will be no guarantee
- Finally, not to trust feedback based on youtube videos (so easy to get fooled)
To the people waiting for their moment to say "I TOLD YOU SO".. I hope you're happy and you've proved your point. But there are lots of people who might've lost a lot of money and I sympathise them. I'm gonna keep the BCC coins I have and who knows maybe in the future it'll go up in value. I for one, am a bit bummed out but gonna move on and find other opportunities!
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