People mostly enter the world of cryptocurrencies with the idea of making money – but we see that not everyone succeeds in that. People either simply give up on everything at one point – or fall into various scams which are more and more common. So you have to be careful. Still, there are ways you can make money even on Bitcoin interest. Here’s how.
What Is Bitcoin And How Does it Work?
When someone mentions cryptocurrencies, the first questions people ask are usually: What is it? The main answer would be: I know, it’s Bitcoin. However, more than a decade has passed since the advent of Bitcoin. During that period, a lot of misconceptions arose – so it may be best to start from the beginning to better understand what it is. It all started with the economic crisis of 2007. The crisis started in the US but very quickly developed into an international financial crisis – with the collapse of many large banks and financial institutions. However, a group of developers soon presented a simple question: Why would a bank or a third party be needed for two people to pay each other? Thanks to this way of thinking – Bitcoin was created. It was essentially designed so that you can have paying transactions without the mediation of a third party, whoever it is – a bank, state, or some financial organization for money exchanging. So, we can say Bitcoin is a digital version of cash. Therefore, it serves as an online version of the same thing.
Interested In How To Make Money On Bitcoin Interest?
Are you ready for the time when you will want to cash in your cryptocurrencies? Then this topic may definitely interest you. Namely, Bitcoin is completely decentralized – so there is no financial institution that will manage its development and supply. Bitcoin is literally in the hands of the people. This is the basic difference between Bitcoin and standard money issued by the government. Although Bitcoin had a turbulent past – it undoubtedly has a very interesting future ahead of it. One of the main advantages of Bitcoin is that you can use it for a transaction anywhere and anytime – regardless of the country in which you are located. What is especially tempting is the so-called passive earning – that this technology offers you. So based on dividends and interest – you can make a lot of money. And how to achieve that? Among other things, numerous platforms that have been developed for this purpose will help us with this.
Earnings On Interest From Bitcoin
Many of us looked at our bank booklet – and sometimes saw nice cash interest payments at the bank. Still, try to think more rationally. Refresh your memory, and you will realize that banks basically give nothing for interest. With the change of exchange rate or inflation – your money simply sits and collects dust. In an ideal world, you can put it on the stock market – but there are always funds you can’t risk. This leads us to think about earning interest in Bitcoin and other cryptocurrencies – that some of us have owned for years but have no desire to sell. What is good in this regard, is the ability to earn interest in cryptocurrencies – by using some of the platforms on offer. Deciding which platform to use is sometimes difficult, so Bitcompare.net can help you – especially if you want to make a comparison and make a final decision. So, it is up to you to explore the benefits of each service. For the sake of clarity, we will present some of these platforms – so that you can at least have an insight into the principle on which the whole business works.
Nexo
This is probably the largest credit institution with the most confidence in the decentralized financial space – with over $ 3 billion processed transactions for more than 800,000 clients from all over the world.
What’s good about this platform?
- Daily payments – 18:00 will become your favorite part of the day
- Deposits, pick up and view funds with a help of a sleek smartphone app or website
- It will also pay the interest on other cryptocurrencies such as Ether, Litecoin, etc
- You can also take the interest in cryptocurrencies used by landlords such as Stellar, etc
- Insurance of $ 100 mil. for all custody assets
- Clear and easy-to-use website and mobile app
What can be improved?
The interest rate of 8% paid for stable coins is lower than the interest rates of some other platforms.
BlockFi
BlockFi is an American company that offers wealth management products that crypto investors need – and everything is powered by blockchain technology.
What’s good about this platform?
- BlockFi rates for Bitcoin, Litecoin, and Ethereum are excellent
- BlockFi is based in the United States, which is a large market
- Provides website and mobile app
What can be improved?
Interest is paid at the beginning of each month so that the month passes without immediate satisfaction and many popular altcoins are not supported.
Celsius
The Celsius network offers interest and crypto loans with zero percent fees. So it’s free, free, free!
What’s good about this platform?
- Supports more altcoins
- The smartphone app is perfectly designed and very easy to use
- Your interest is paid once a week
What can be improved?
This platform doesn’t have a control panel for investors – where they can do actions such as depositing, withdrawing, etc. – but everything needs to be done via the smartphone app.
Conclusion
When you try some of these platforms, you will find out for yourself how easy and useful they are. Each of them individually has its advantages. Nex’s mobile app and website are really well done, accepting the most cryptocurrencies, and their daily payouts instill confidence that I’m actually earning something. BlockFi feels more mature, but their website really needs work – so many are hesitant about laying the funds themselves. Celsius accepts more cryptocurrencies than some other platforms, but the inability to manage funds and one website can shake us. However, no matter which service you choose – earning interest in your cryptocurrencies is an opportunity you must not neglect.
