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Monday, July 31, 2017

Way to my first 1 BTC by lending Bitcoins

Hi all,

I want to start a new topic which I will be updating regularly to document my journey to first earned BTC by lending BTC.

So this topic won't include any numbers from other online investment programs I'm in. It's solely focusing on my progress while lending BTC.

The platform is called Poloniex, it's a cryptocurrency trading and lending platform. As I'm not into trading yet, maybe in the far future, I'm only focusing on lending bitcoins to others and making my profits there.

I started a while ago, but I started today documenting my progress, so I consider today as the starting point. I have 0.015 BTC in my Poloniex lending account and I'm offering my bitcoins for loan to others for a specific interest rate. 

The rate for today's loan is 2% and the loan is valid for two days. So after two days I'll have 60k satoshis more. 

The whole idea reaching 1 BTC is to compound the profits and work my way up to 1 BTC.


I've made a very rough calculation of the estimated time until I'll get my first BTC. It's a very simplified calculation with the assumption that the interest rate is fixed. I know for a fact, this is for sure not the case, but it gives me a rough indication where I am. As time will pass by, I'll get much better view where I am and how long does it take.

Starting point is 0.015 BTC with the interest rate of 2% daily. At first sight this isn't much, but with compounding the growth is exponential. So keeping the fixed interest rate and starting point at 0.015 after 212 days I will be having 1 BTC on my account.

I will keep you up to date on the progress for now it's 212 until my first BTC

Cheers!

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