EARN interest with your Cryptos while you HODL.
Overview
Did you know that you can earn interest rates with your crypto while you HODL? There are three companies that I can think of that do this right now. You lend them your crypto and they will handle the whole procedure. You just have to sit there and watch your portfolio grow.
This is a good thing if you’re HODLING and don’t trade on a daily basis (which is totally not recommended, I learned it the hard way, lol). Day trading this market is pure gambling in my opinion. Swing trading does make more sense in this current scenario and the volatile market.
Lending out your Crypto’s can be very effective if you already have a shit ton of BTC’s and other Cryptos. Small amounts also do the job, but as you know, in a capitalistic world, the guy with more capital can earn more capital. Some services also require a minimum deposit to get going. Some pay you daily, others pay you monthly.
Celsius Network
This is the best one when it comes to rates compared to other projects. Additionally, you don’t require a minimum deposit. Deposit how much you want and start earning!
Interest Rates on Cash Loans:
4.95%+
Earned Interest:
Up to 7.5%
There you go: https://celsius.network/
BlockFi
I think BlockFi is a little bit more popular than Celsius. They also offer pretty decent rates. Not as good as Celsius but still good. However, they require a minimum deposit of 0.5 BTC or 25 ETH.
Interest Rates on Cash Loans:
12%+
Earned Interest:
6.2% up to 25 BTC/500ETH
There you go: https://blockfi.com/?ref=a4242649
Nexo
Nexo is currently working with standard currencies and stable coins. They will offer loans and earned interest with BTC and other Cryptos in the future. Their rates speak for themselves.
Interest Rates on Cash Loans:
8%+
Earned Interest:
Up to 6.5%
There you go: https://nexo.io/?u=5d1d8f2fcb3d9c09a70f8ae0
Capitalism
How many of you guys use these services? Does someone have experience with one of them?
I probably will go with Celsius soon. I’m swing trading currently so I won’t deposit everything but a small deposit for a little extra money won’t hurt I think.
I assume this is a honey pot for hackers though? Breaking the golden rule of keeping your crypto offline.. Trust in an unregulated uninsured world is a big ask..
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Well, I think they store your Cryptos offline (Not sure tho, I'll investigate and figure it out. Good point you're making here). However, I don't think it is that easy to hack those guys due to their rep. Furthermore, I think that they would compensate you if something like this is happening.
Yea I heard binance did this when they recently got hacked, which also people said "it's safe" if I ever have any substantial assets my wife and my cat will have access 😂
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You're right. Nothing is safe when it comes to exchanges and things like this. Nevertheless, you got to risk something if you want to make something. I wouldn't trust someone blindly. I do some research and go with the feeling I always go with.
I do know some big whales that use these platforms and they're successful for now. No hackers, no spaghetti, no goats. But maybe they will come in the future. Especially the goats. They like to capitalize on that for sure.
Storing your Cryptos offline is the safest way. 100%. There's nothing to argue about that.
Dear @aaronhawk
Just checked your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
I will follow you closely. Upvote on the way.
Cheers
Piotr
Thank you! I as well checked your profile and followed you! You seem like a cool dude!
WOW ! Thanks for the information dude.My crypto currencies has been lying in my account doing absolutely nothing.
But what happens when i lend my coins today and alt season starts the next day? will it affect the transaction,will i get more for my loaned money or no?
That's a pretty good question! I am not sure about that. However, I think that you deposit a specific amount of BTC and this will go up and down like the current market value.
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You didn't tag steemleo 🤑
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Shittt, forgot about the new one!! :PP
Lol soon many tags soon little time! We got a frankensteem going don't we
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Soon we won't be able to tag all the tribes because there are so many of them! Also, won't be able to tag the topic are talking about haha!
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