I became interested in Bitcoin as an investment in 2015. I opened up a Bitcoin wallet, but was turned off by the volatility, and I withdrew my initial funds after a few weeks. I left only a few dollars worth of Bitcoin in the wallet.
Then in August of this year I heard about Bitcoin's dramatic price increase. I remembered the few dollars I had left in my Bitcoin wallet and excitedly logged in.
The few dollars I had left in the wallet had turned into a few hundred dollars! Why oh why did I ever withdraw my initial investment???
Since then I have decided to accumulate as much Bitcoin and other cryptocurrencies as I can afford. I began buying more Bitcoin and I have benefited from Bitcoin's continued price increase since then. Still, I wanted a way to not only profit from the price increase of Bitcoin, but to also grow my Bitcoin balance.
I began researching companies that pay interest on Bitcoin. The biggest name in this game, by far, is Bitconnect. However many, if not the majority, of the reviews I found for Bitconnect were calling it a scam.
For those who are unfamiliar with Bitconnect this is how it works: To invest in Bitconnect the user must first purchase Bitconnect Coins (BCC), the user can then "stake" BCC in their wallet by holding them, and they will receive some earnings from staking. They can also "lend" the BCC. Lending the BCC pays the user back approximately 1% per business day for the length of the lending period, and at the end of the lending period the user is paid back the initial investment based on the US Dollar amount. The smallest loan a user can make is $100 and users can reinvest the earnings from that loan in increments of $10.
Bitconnect claims to profit from Bitcoin "volatility software" and claims to pay users with those profits, however users cannot see this software, and have no access to it. There is no proof that Bitconnect is actually investing the BCC put into the loans. Skeptics of Bitconnect claim that Bitconnect is not profiting from Bitcoin volatility software, but simply paying users with the investments of new users. If the majority of Bitconnect users are reinvesting their earnings it's quite possible for this to be the case. In addition users can earn commission on other users investments through referrals. Skeptics compare this to a ponzi scheme.
Swayed by the skeptics, I began searching for automated Bitcoin trading software that I could use on my own. What I discovered was that all of the available options required either thousands of dollars for a license fee or vast amounts of technical experience. One option that stuck out, however, was USI-Tech (United Software Intelligence).
USI-Tech is a company that has existed for years trading in the foreign exchange market (FOREX), and in March of 2017 they started trading in Bitcoin. USI-Tech packages are purchased in Bitcoin. The cost of a package is 50 EUR (about $60) worth of Bitcoin, and it runs for 140 business days. Much like Bitconnect, USI-Tech will pay you back 1% of the Bitcoin purchase price per business day. Unlike Bitconnect loans there is no lump sum payout at the end of a USI-Tech package, but the compounding effect of reinvesting the earnings is still significant. USI-Tech users can also earn commission from referrals just like Bitconnect users do. Also like Bitconnect, USI-Tech tells users it invests the money spent on packages with it's own automated Bitcoin trading software.
The reason this claim is more credible coming from USI-Tech than Bitconnect is because USI-Tech has been offering similar software for the FOREX market for years. Users can even purchase a license for the FOREX trading software from USI-Tech for $600, and use it to make trades in FOREX directly, without using USI-Tech as a middle man.
I felt that USI-Tech was a safer bet because the company has existed longer than Bitconnect, and because they offer their FOREX trading software for purchase. That is why I was willing to invest the profit I had made from my Bitcoin with USI-Tech.
I may still invest in Bitconnect, even though I consider it a higher risk. What gives me hope for Bitconnect, despite the growing criticism is that its cryptocurrency, Bitconnect Coin, continues to rise steadily in value against the dollar even as I am writing this article.