3 Ways To Earn Passive Income With Bitcoin

Hey guys, you’ve probably been blogging a lot more lately! For the Newbies I’m Dave I’m into all things passive income. You’ve probably heard me talking a lot about bitcoin lately. That’s because there is A LOT of pretty exciting things going on with cryptocurrency lately. Aside from new highs with bitcoin almost monthly, I have managed to scour the web for the three best ways to earn passive income with bitcoin on the web. I put hours upon research and went out on the line with my own money to test out various ways to make money in the age of digital money. I have narrowed it down to the 3 best bitcoin investments to share with you. Before we get into this post, I want to make sure everyone knows investing can be risky, never invest more than you can afford to lose, that being said I have not lost any money and have seen significant gains so without further ado here is my much-anticipated list.

bitconnect reviewBitConnect

BitConnect is a lending platform that deploys a trading bot to trade price of bitcoin taking advantage of its price volatility. BitConnect lets user lend money to the bot to leverage buying power. How it generally works is you make an investment, let’ss say $100 for example. That $100 is locked into a set term for 299 days. BitConnect rewards users with daily interest payments that start 24 hours after the loan is made. These daily interest rates can fluctuate between 0.04% to 2% however from my experience I find that it averages around 1% per day. This means that at the end of the month you are making between 24-30% ROI on your investment monthly. This means that you generally can recoupe your original investment back within around 3 months. You then get to enjoy daily interest payments for the remainder of your term. Once your term is complete, your original $100 is released to you. So let’s do the math, you originally invested $100, then you began receiving interest payments of around $25 per month for the following 10 months. That’s a total of $250, you are then given your original investment back turning your $100 investment into $350ish. Now obviously $100 isn’t going to make you they next Mark Zuckerberg, however, with a larger loan of $1000 I’m sure you can begin to see the potential. I am currently investing into bitconnect you can read about my bit connect experiment here and part 2 here. The goal here or at least the strategy I am using is to compound the interest payments into more loans to raise my monthly income to where I want it to be. You can literally decide your own income. BitConnect gives you instant access to your payments as soon as they arrive so if you don’t want to reinvest you can simply withdraw the funds and cash out.

You can sign up for BitConnect here.

genesis mining review

Genesis Mining

If your on this page you probably know that bitcoins and many other altcoins are mined. For those of you that are unfamiliar bitcoins are generated by specialized super computers known as mining rigs. These computers solve millions of complex solutions per second and are rewarded by receiving cryptocurrency. These mining rigs can be complex and expensive to build, and one of the main cost associated with mining is electricity cost. This is where cloud mining comes in. Cloud mining is when companies with many of these mining rigs sell you there computing power aka hash power to generate cryptocurrency on your behalf.

Is this profitable? Well, the answer is complicated, you see the difficulty of mining goes up over time so the amount of hash power you are mining with versus the cost of the coin you are mining is something you need to be aware of. A quick google search like “bitcoin mining calculator” should bring you to a site that can calculate the cost of electricity and relation to the price of the coin you wish to mine and let you know how much you would make at the coins current price.

I have found success mining with Genesis-Mining.com. They sell different contracts but I find that their bitcoin mining contracts are the best in the world in my opinion. This is because they are open-ended contracts. While some mining contracts may have a term of 2 or 3 years, the bitcoin mining contracts here, will mine FOREVER until it is no longer profitable. That means you have a dedicated machine mining bitcoins for your until the difficulty has gotten too high. You can hedge against this by adding hash power as time goes on. Once you break even on the investment the rest is sweet sweet passive income. The only thing bad about genesis mining is that their bitcoin contracts are no secret so they sell out for the year relatively fast. At the time of writing this, they have just opened a presale for February 2018 which is 3 months away.

If you want to check out how profitable cloud mining you can sign up here an recieve 3% off your contract price if you use this link.

usi tech review

USI-Tech

USI Tech is similar to Bitconnect and Genesis. It’s a lending platform that allows you to invest in cloud mining packages. A little background on USI-Tech they have been leaders in the forex market, and at one point created a successful forex trading bot that was exclusive to wealthy clients. Fast forward to present day, they are now getting a foot in the cryptocurrency markets. They have been making investors money for years so I’m hopeful that they will be trying to uphold their prestigious name.

How do USI-Tech Investments work?

You buy whats called BTC cloud mining packages or bitcoin packages. USI-Techs prices is in euros but these packages rougly translate into around $59 usd. Once purchased, your investment begins to pay you 1% daily for a term of 140 days. These packages are active only between Mon-Fri and are not active on the weekend. USI tech says that they will earn you 140% ROI for the package you purchase.

To sign up for USI-Tech click here!

The Tech Coin

At the time of this post, USI Tech is also in the pre ICO stages of token sale. I know people hate ICO’s but I think if you do your research and diligenceence you can decide for yourself. For me, just seeing how this site was already making people money, then seeing them get a coin and a blockchain was enough to sell me. The tokens are approximately $60 for 100 or 60 cents each. My logic is if this company is already making people money, and Bitconnect’s coin is $250 as of today…if tech coin even reaches half of that I stand to make a small fortune. I will be getting some more of these tokens before the pre ICO is over as well.

If you are interested in tech coin you must be a member, its free to create an account just click here.

I am so glad that I found cryptocurrency. I have always been fascinated with generating passive income, and with the crypto revolution, I am so happy to see new ways to generate it. There are other ways to earn passive income from bitcoin as well but there is also a lot of scams. The same beauty that attracts millennials to cryptocurrency also, unfortunately does attract a few scammers. I have taken the guess work out of these sites and have been paid from each of them. The best part is that with these methods you dont have to wait to see the result. Once you invest money starts trickling back to your account right away.

The BitConnect Experiment: How Much Did I Make Lending on BitConnect

lending on bitconnect

This is part two of my BitConnect experiment. Start by reading part 1 here.

So when we left off I had $1120 invested, maybe I should have stopped there, but everything had been going well so I decided to put up another loan out of pocket. I wanted to see what it would be like if I hit tier 3 interest payments so I decided to go ahead and put up $5,300. I had already invested $1120 so this would give me a total of $6,420 in loans.

You might wonder what made me choose the amount of $5300…well honestly its because I was playing with the BitConnect profitability calculator and I saw that  $5300 loan would generate me a little over $1700 in monthly income.

bitconnect review

The numbers were so good I would be doing my self a disservice if I didn’t give it a shot. Don’t get me wrong the thought of losing this money was heart-wrenching but the risk vs reward on this for me highly favored the reward side. On one hand, the loss of $5300 would be something that I would have to work hard to bounce back from but if these returns were real…well let’s just say this is life changing stuff then.

Depositing The Money

So I had my mind made up I was going to do it. I opened up my Coinbase app(by the way if you sign up for Coinbase here, they will give you an additional $10 in bitcoin when you buy over $100 worth) I noticed something that would put a wrench in my plans. Coinbase has a maximum weekly limit, I had seen this before but somehow forgotten about it. I had a max buying limit of $1250. I would still need to buy $4050 worth of bitcoin but from where? I hopped online to tap into many of the popular online marketplaces such as Craigslist and OfferUp, maybe I could buy bitcoin from someone willing to sell. Listings were scarce and the people I called did not answer the phone. I knew there had to be another way so I did what I always do when in doubt…I Googled. After some research I found out that there were a few BitCoin ATM’s in my area. BitCoin ATM’s look similar to regular ATMs except that convert your USD into BitCoin and send it over to your wallet. I decided to go check one out, my GPS led me to a gas station. I walked inside and asked the guy at the counter if he had a bitcoin ATM. The guy points over to the far corner and low and behold, there it was, my ticket to easy bitcoin. There was only one problem, the fees were astronomical. This BitCoin ATM was charging 20%….Shit! I did the math I needed $4050 that would $810 in fees alone…Yikes.

I left immediately there was just no way I was going to pay $810 in fees, I knew there would be some fee but we were talking about close to $1000 here. I drove home and did some more research. I was able to find a coinatmradar.com.  This site listed the various locations around my city with BitCoin ATM’s and also shared what the interest rate was. After a few seconds of scrolling I located an0ther BitCoin ATM that charged 10%…still expensive but I was willing to pay after all this was all in the spirit of finding new revenue streams and it takes money to make money. That and the fact I was tired of trying to figure it out caused me to go ahead and pay the 10%. There may have been other places cheaper but I found that most of the people who have these BitCoin ATM’s at their business have no idea about anything about them. None of the owner of the stores I had been to could tell me the percentage rate over the phone.

Using The BitCoin ATM

Using the BitCoin ATM was pretty straight forward. It looked like a regular ATM with a touch screen. I was asked to input my phone number so I did. I was then sent a verification text in which I had to type the code that was text to me into the machine. Next, I had to verify my identity the machine asked me to take a picture of my ID front and back. After this was completed I was asked to input or scan my desired destination wallet address.  Now I was ready to insert my money I did so making sure to calculate the extra needed to cover fees. Once this was done they asked was I done and I said yes. I wasn’t given a receipt the screen went back to the start screen and I became a little concerned. I checked my wallet app that I pointed the BitCoin ATM too and saw the pending transaction in the amount I just deposited. I was relieved and left to drive home excited to make the loan. By the time I arrived home the transaction had cleared.

The $5300 BitConnect Loan

I got home transferred the remaining bitcoin to my BitConnect Wallet, the converted them to BitConnect tokens and well then this happened

What kind of returns can you expect lending on BitConnect?

I’m sure that’s what you want to know. What was I going to earn from lending $5300. Well because this loan was over $5010 I hit the third tier which gives me the base interest rate + an additional 0.20%. With daily rates averaging 1%, this translates into a monthly income of $1700 from this loan. This combined with my other loans was giving me approximately $65 per day in passive income. This allowed me to do $100 reinvestments every 2 days as seen below.

A day later I got some referrals and had enough to invest another $200 without adding any money, this thing was compounding fast.

 

After this investment, I had a total of $6820 in loans generating me passive income.

My BitConnect Investing Strategy

Now I’m sure you have heard many people call BitConnect a scam or a Ponzi scheme, and others that will defend it with their lives. Both sides have some pretty solid arguments but I’ll be the first to admit I don’t know. All I know is it works…for now. That being said I spent some time coming up with the safest BitConnect strategy I could think of. I decided that once I hit $7000 total in active loans that I will start withdrawing my original investment of $6420 out of the account. With the total active loans I have, I should be generating near $2100 per month. That said over the next 4 months I will likely be pulling at least $1700 from the profits out monthly until my original investment is paid back. I hope this platform will be around for a long time but all in all I would feel much more comfortable if I knew I was playing with house money. Any remaining money I have monthly will be reinvested but the focus, for now, is to secure the original investment as I think this is the safest BitConnect strategy.

I will continue to keep you updated on my progress with the BitConnect Experiment. If you are interested in joining my team you can earn with me on BitConnect here. I offer strategy and tips for anyone who joins using one of my links. Also, follow these videos or click here to see me on youtube. Like and subscribe and leave any questions or comments in the comments section.

 

 

The BitConnect Experiment: $1,120 Invested my journey to 100K

Hey guys Dave here, for the new readers here, I am an investor and a part-time blogger, and my goal is to educate the masses on the rewards from passive income. I primarily invest in real estate, and frequently discuss my investments that generate money passively. I currently own 5 rental properties you can read about these investments here, here, here, and here.

Now while I do primarily talk about real estate investments, it’s important for you to know that I always keep my eyes open for the next thing. That being said today we are going to switch it up a bit. In my last post, The Bitcoin experiment, I discussed how I recently got involved investing in cryptocurrency. Just a little FYI about me, when I gain an interest in something new I DIVE IN! So after days of research, I came across something called BitConnect. BitConnect is a platform that allows you to lend BitCoin for interest payments. Upon first glance I was uninterested. I looked into peer to peer lending in the past and the returns seemed slow and like a poor use of investment money, I know people who swear by them but you have to invest in things that appeal to your inner investor. So long story short, a few days I found my way back to this site. I had been seeing stories of people making a killing with it. Under further investigation it seemed almost too good to be true people were boasting of incredibly high returns on investment.

I started researching what others were saying about this online. Overall I noticed 3 very interesting things:

  1. There were quite a few people with success stories, some of these people claimed to be making some crazy incomes.
  2. There were also quite a few people during my research phase calling BitConnect a scam. After analyzing these comments I found that all of the people seemed to be speaking from a speculative point and had not actually tried it.
  3. The third and maybe most important thing that I noticed is that upon heavy searching…and I’m a world class googler folks…I could not find one single person saying that they lost money. Seriously, I checked reddit and all the places people can’t wait to complain. How is it that this site has been in existence since 2016 and not one person complained.

 

So how does BitConnect work anyway?

I began researching and found out that this wasnt peer to peer lending at all. This was something much different. After some digging, I discovered BitConnect works by allowing user to lend their bitcoin to a lending bot for a fixed period of time. This lending bot is allegedly very good and takes advantage of the volatility involved when trading bitcoin, and uses your loan to increase buying power.  While your loan is being held, you are rewarded with DAILY interest-only payments, which can be cashed out daily if you want. After your capital has been invested for the designated time you get it back and are able to cash it out or reinvest it. The period that your money is held is based on your investment, the investments have several tiers as seen below.

bitconnect interest tiers

BitConnect interest tiers

As you can see higher loans not only get shorter hold times, but they also as additional percentages as your tier increases.

 

The BitConnect Experiment

How much can you make with BitConnect?

The base percentages paid seem to vary between 0.04% – 1.9% this fluctates daily. Because of this, they implement an ROI calculator that averages the last 7 days to give you a pretty good idea of what kind of ROI you will get, I decided to figgure what kind of return I would get if I invested the bare minimum $100. In 30 days BitConnect claimed I would make $24.30 giving me a 24.30% ROI…what! That’s super high this means that it would take me less than 5 months to get my investment back, in addition to getting my capital released in 299 days. I HAD to try this.

the bitconnect experiment

At this point I was conflicted, we are taught to believe if something is too good to be true it probably is, I believe that…but the word probably is NOT 100%. I decided to give it a shot. The minimum investment was $100, I figured worst case scenario I lose $100.

Investing in BitConnect

The first thing I needed was bitcoin. Since I downloaded Coinbase when I started the bitcoin experiment I was good to go! SIDENOTE: Coinbase is an app/cryptocurrency exchange where you can buy bitcoin using a bank account or credit/debit card. You can Download Coinbase here and if you click this link you get an additional $10 in bitcoin when you spend $100.

Once the $100 worth of bitcoin was in my Coinbase bitcoin wallet, I then had to transfer this my BitConnect bitcoin wallet, and exchange them for $100 dollars of BitConnect tokens. I know this is a lot I’m going to try to post a tutorial on this soon. Once this done I was ready to lend. I eagerly submitted my $100 loan and received instant confirmation. My loan was locked in and I would soon find out if this was something worth being involved with.

The next day I checked my account I had been credited $0.60 not to bad, the next day had an even higher interest payment this time $1.73 this was lining up perfectly with the projection of the 24.30% ROI.

As someone who invest in real estate I can tell you this number is scary that it’s so high. Let’s look at these numbers and see what this REALLY means.

With these interest rates:

$100 = $24.30 per month in monthly interest

$1000 = $243.00 per month in monthly interest

$10,000 = $2430.00 per month in monthly interest payments

Getting excited yet….Ok one more

$100,000 = $24300.00 per MONTH in monthly interest payments….That’s NASTY BRO!

I’m from the real estate game where 100K will gross you around $1400-1600 per month my area. This above example doesn’t even factor in the additional bonuses given for investing in higher tiers.

That’s when it hit me “oh shit….this is real” I had no problem transferring these balances the interest payments were mind, but I needed more so then I started what was later dubbed the BitConnect experiment.

My goal with BitConnect:

My goal is to snowball this thing, first thing first though. I had to at least invest $1010 to get to the second tier. I ran the numbers through the calculator once more

the bitconnect experiment

$278.46 projected profit in 30 days off $1020…again this is insane. Notice the higher ROI due to being bumped up to the second tier.

Here is a video of me making my first $1020+ loan.

so I put my money where my mouth was and waited for the result the next day which I posted below

As you can see the profit is getting larger. With both loans, I am projected to earn close to $300 this month in passive income. I can dig that!

My BitConnect goal is to add loans in $1000 interest over the next 4 months until I have $5000 invested, at this point I should be averaging $1,250 per month in passive income, I plan to reinvest the monthly interest payments until my account reaches 100K…is this realistic….I don’t even know, but I’m gonna damn sure try and I’m gonna document the whole process for you guys to see.

I plan to do a video every 7 days to show updates and profits. I’m calling my goal the 100K challenge, and challenge you guys to go out and see how this works for you as well. I tell everyone don’t go crazy, try it with a $100 and sit back and see how you feel about it. If it works then increase your investments accordingly.

You can sign up at BitConnect here. Its free to sign up and if you use this link I get a referral bonus so that would be super cool 🙂

I encourage you guys to check back to follow my progress!

You guys can also check my progress on my youtube channel here!

How To Make Money With Bitcoins

the bitcoin experiment

Hey guys Dave here…I know, I know its been forever since my last post but what can I say life is BUSYYYYYYY! For those of you that are new, I am all about passive income. Aside from being a great idea, passive income has grown into hobby of mine. I mainly invest in rental properties, you can read about them here, here, and here, today, however, we are going to be discussing bitcoin.

What are Bitcoins?

Bitcoin is one of those things you wish you had a time machine to go back and invest from the bottom. Bitcoin is a new currency that was created in 2009 by a mysterious person under the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.

How the heck do you make money with Bitcoins?

Buy and sell them like a stock trader!

Well think of bitcoins like a stock on the NASDAQ, the price vs the USD is ever changing. Meaning you can potentially make money by buying low and selling high. The best thing about bitcoins is that lately,they have skyrocketed in value. When first introduced in 2013 bitcoins maintained a value of around $20 each, as of today October 8, 2017 the bitcoin has a value of approximately $4600 dollars. Let’s think about that for a second. If someone would have purchased 100 bitcoins at $20 each they would have invested 20K which at todays value would now be worth $460K in just 3 years. But since hindsight is 20/20 and we don’t have access to time machines, we can only move forward. Check out the current price of Bitcoin for today here!

Make your own bitcoins.

how to make money with bitcoins

Yea you read that right you can make your own. I mentioned this a while back in my previous post on 25 side hustles you can start today. The processed is called mining. The mining process requires the use of specialized computers that solve complex equations on the bitcoin blockchain extremely fast. You are rewarded by this with fragments of bitcoin. This process can take a while and is power intensive meaning that one of the biggest expenses after purchasing this hardware is going to be electricity. Most people who invest in this hardware and electricity consumption are usually able to turn a decent profit by mining and then selling their bitcoins. I will go more in depth with this process in a later post as it can get complicated. Here is an example of a mining rig on the right! If you set up a few of these, it can be a nice source of passive income.

Buying Bitcoins

Where do you buy bitcoins? Well before you can buy bitcoins you need a program or app called a bitcoin wallet. A bitcoin wallet is how you save your bitcoins or other cryptocurrency. There are many out there but I use Coinbase. It was the highest rated app in the app store and works well on my phone. The cool thing about Coinbase is that you can also purchase bitcoins directly through the app at market price. I know what your thinking…But Dave, didnt you just say bitcoins cost about $4600? Well heres the beauty of bitcoin, you do not have to buy a full bitcoin. exchange any amount of dollars for its value in bitcoin.

Think of bitcoin like a large pizza, lets say you have $2300 you want to invest, you simply type in the dollar amount and then you are given the equivalent slice of the pie. In this example you would be getting half or 0.5 bitcoins.
If you sign up at Coinbase here you can get $10 worth of bitcoin FREE, and then they give me $10 for referring you so hook me up 🙂

The Bitcoin Experiment

the bitcoin experiment

I bought myself some bitcoin 🙂

I’m not gonna lie..I’ve known about bitcoins for quite some while but had never taken time to really understand it until recently. After much research, I believe that the bitcoin is going to continue to raise in value. Some analyst think that the price will reach a million dollars usd. While I’m not sure about that I definitely feel like its the wave of the future and as of the last few

While I’m not sure about that I definitely feel like its the wave of the future and as of the last few months the price has made some fantastic gains. That said, I’ve put my money where my mouth is and have invested a small $500 investment into bitcoin. I am going to let this sit for 365 days. At the time of writing this I am 1 day into this challenge because bitcoin prices are changing 24/7, even though i purchased these on a saturday the price has already increased $10 higher than my initial investment. I challenge you if you can afford it to also invest $500 into bitcoin. I suggest checking out price charts like this and buying when the price dips.

Final Thoughts

I personally feel super confidently about this investment and I don’t like to throw my money at investments with low probablity of success. That being said, this is an investment so its possible to lose money. Never invest more than you can afford to lose. Not only here this is just a good life principal when it comes to investing. I will keep you guys updated on my journey.