Coinbase giving Bitcoin holders interest ?

HarryKPeters

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Quote from: BsaveSteven on February 08, 2016, 07:48:49 PM

Hello,

We here at Bsave are using our own wallet and not the wallet of any exchange (although this situation may change in the future). This wallet uses Bitgo's security apparatus and we will implement 2FA within the next two weeks. Please go to www.bsave.io for more information on your services, follow us @bsave_io for updates, and email us [email protected] anytime! Thank you!

Good to hear.
Honestly I am waiting for some more reviews before i step it. My experience with new bitcoin related companies is not very good.

Bitinity

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Quote from: BsaveSteven on February 08, 2016, 07:48:49 PM

Hello,

We here at Bsave are using our own wallet and not the wallet of any exchange (although this situation may change in the future). This wallet uses Bitgo's security apparatus and we will implement 2FA within the next two weeks. Please go to www.bsave.io for more information on your services, follow us @bsave_io for updates, and email us [email protected] anytime! Thank you!

How if you create an announcement thread in this forum about your service. I think that would be useful for you to gain more users and it is useful to your users as well to discuss anything about your service.

BsaveSteven

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Hello,

We here at Bsave are using our own wallet and not the wallet of any exchange (although this situation may change in the future). This wallet uses Bitgo's security apparatus and we will implement 2FA within the next two weeks. Please go to www.bsave.io for more information on your services, follow us @bsave_io for updates, and email us [email protected] anytime! Thank you!

The Sceptical Chymist

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Quote from: phreaky on January 25, 2016, 06:25:17 PM

Quote from: onlinedragon on January 25, 2016, 09:04:01 AM

Even when they give interest I'll never use them when they keep blocking people when they gamble. Don't like it when they ban people without any legit reason.

Why is that? If that's their business model and if it's in their TOS, how can that be bad?
I am very interested if they are a reliable party, if yes, I will make sure to deposit some coins for testing.

I actually trust Coinbase and have used them in the past. They closed my account, not for gambling but for a stupid mistake I made with a bank account that was closed--it's a long story, but it's more or less my fault.

If they're paying interest, I'd totally go for that. But from what funds are they paying it? Banks lend customers' deposits and make their own interest and can thus pay a smaller amount back. I don't think Coinbase does any of that. Perhaps they're paying out of their profit?

phreaky

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Quote from: onlinedragon on January 25, 2016, 09:04:01 AM

Even when they give interest I'll never use them when they keep blocking people when they gamble. Don't like it when they ban people without any legit reason.

Why is that? If that's their business model and if it's in their TOS, how can that be bad?
I am very interested if they are a reliable party, if yes, I will make sure to deposit some coins for testing.

prodigy8

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Quote from: OmegaStarScream on January 24, 2016, 06:42:35 AM

I was reading this Bitcoin Holders Can Now Receive Daily Interest Payments On Coinbase article on Cointelegraph : http://cointelegraph.com/news/116125/bitcoin-daily-interest-payments-coinbase and I was wondering who tried this ?
I can't seem to understand how it works exactly .

I haven't received any email from them about this new feature.

Maybe they are planning but not yet released for the whole public.

Personally i would not take the interest, but if i get i would give to charity or giving away here

Bitinity

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Quote from: bitbaby on January 25, 2016, 01:42:05 AM

I don't have an account at coinbase and I don't plan to have one now either. I wouldn't want to risk losing ALL of my coins for a few penny's worth interest. I'll keep mine in my cold storage, thank you.

Yap that's even better idea to hold our own bitcoin and wait till he price is up then sell it, we can get more interest/profits than the interest offers by BSAVE and coinbase.

onlinedragon

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Even when they give interest I'll never use them when they keep blocking people when they gamble. Don't like it when they ban people without any legit reason.

Kidmat

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Quote from: crazyivan on January 24, 2016, 10:18:53 AM

That s really too low interest rate to risk my coins. I ll pass on this offer.

The interest rate is really too low. I will keep my coins in my own wallet.

bitbaby

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I don't have an account at coinbase and I don't plan to have one now either. I wouldn't want to risk losing ALL of my coins for a few penny's worth interest. I'll keep mine in my cold storage, thank you.

The Sceptical Chymist

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This would be great and I'd love to try it, but 1) Coinbase closed my account months ago, and 2) I'd never hold any significant amount of bitcoin on an exchange. Can't trust exchanges.

But I think if someone can pull off this one very important bank function--the paying of interest--then it'll be huge. At least if someone can do it without running away with the funds. Tongue

European Central Bank

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Interesting. I hadn't heard of this before. What's the link between bsave and coinbase? Is coinbase vouching for them in any way or is this a totally external thing?

crazyivan

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That s really too low interest rate to risk my coins. I ll pass on this offer.

xdrpx

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Quote from: OmegaStarScream on January 24, 2016, 09:24:50 AM

100 bits don't worth that much If you ask me so It doesn't worth to store huge amounts of bitcoin in an online service for just that. In case things goes wrong ... we will get screwed once for all .

Exactly, the earnings are about 2.6% per annum, I'm also not sure whether this is compounded monthly or annually. All of these factors would still affect the ROI we get at the end of the year. Also the minimum withdrawal amount is 0.001 BTC according to their help site.

Kevin77

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Even I get interest for the bitcoins I save with them, I do not want to have an account with them. I always prefer to have my bitcoin within my control which is highly missing with Coinbase. For web wallet I prefer only blockchain.info, because I have the privatekeys of my own bitcoin addresses.

OmegaStarScream

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Quote from: xdrpx on January 24, 2016, 09:12:21 AM

Quote from: sishendaoye on January 24, 2016, 09:08:40 AM

Quote from: OmegaStarScream on January 24, 2016, 08:48:39 AM

Quote from: xdrpx on January 24, 2016, 08:41:14 AM

When you say "Coinbase giving Bitcoin holders interest?" did you mean that BSave was a sister company or a partner with Coinbase? or is BSave an independent company allowing users to link their coinbase wallet to access users funds and provide interest on them? I mean if that's the case then BSave and coinbase would typically have no relatino, and coinbase wouldn't be giving its users interest.

I'm not saying anything , Cointelegraph is . As I said I didn't fully understand how things are going to work but I suppose they are not related companies .

It's an interestng concept, however i do not trust BSAVE, but if they are directly affiliated with coinbase,
then I would not have problem trying this out.
Maybe someone here who tried this can elaborate it.

Thanks for letting me know. I noticed on their help page about them answering a question about how to determine the interest rates

Quote

What determines the interest rate?

The interest comes from the loan margin market and paid by traders for borrowing saved bitcoin. The volume of trading activity on various Bitcoin exchange platforms is a major contributing factor in the interest rate you will receive. Savers can expect higher interest rates when Bitcoin’s price is volatile and lower interest rates when the price is stable.

How often is interest paid?

Payments are made every 24 hours at a set time. These payments will be made directly to your Coinbase wallet linked to your BSAVE account.

The daily payment shall reach the minimum of 100 bits per day, in the event the daily interest earned was less than 100 Bits, it will be paid the following day or when the cumulated interest earned reaches the minimum of 100 bits.

But yeah I think you connect your coinbase account, they transfer those funds from coinbase to their savings account and you still don't have control over your private keys. So I guess users will be a bit suspicious unless they gain popular interest over time.

100 bits don't worth that much If you ask me so It doesn't worth to store huge amounts of bitcoin in an online service for just that. In case things goes wrong ... we will get screwed once for all .

WhatTheGox

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Quote from: OmegaStarScream on January 24, 2016, 06:42:35 AM

I was reading this Bitcoin Holders Can Now Receive Daily Interest Payments On Coinbase article on Cointelegraph : http://cointelegraph.com/news/116125/bitcoin-daily-interest-payments-coinbase and I was wondering who tried this ?
I can't seem to understand how it works exactly .

If you can get interest but still have open orders that would work good especially if they add LTC. Currently i leave many open orders with bitcoin on exchanges and get nothing for it.

xdrpx

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Quote from: sishendaoye on January 24, 2016, 09:08:40 AM

Quote from: OmegaStarScream on January 24, 2016, 08:48:39 AM

Quote from: xdrpx on January 24, 2016, 08:41:14 AM

When you say "Coinbase giving Bitcoin holders interest?" did you mean that BSave was a sister company or a partner with Coinbase? or is BSave an independent company allowing users to link their coinbase wallet to access users funds and provide interest on them? I mean if that's the case then BSave and coinbase would typically have no relatino, and coinbase wouldn't be giving its users interest.

I'm not saying anything , Cointelegraph is . As I said I didn't fully understand how things are going to work but I suppose they are not related companies .

It's an interestng concept, however i do not trust BSAVE, but if they are directly affiliated with coinbase,
then I would not have problem trying this out.
Maybe someone here who tried this can elaborate it.

Thanks for letting me know. I noticed on their help page about them answering a question about how to determine the interest rates

Quote

What determines the interest rate?

The interest comes from the loan margin market and paid by traders for borrowing saved bitcoin. The volume of trading activity on various Bitcoin exchange platforms is a major contributing factor in the interest rate you will receive. Savers can expect higher interest rates when Bitcoin’s price is volatile and lower interest rates when the price is stable.

How often is interest paid?

Payments are made every 24 hours at a set time. These payments will be made directly to your Coinbase wallet linked to your BSAVE account.

The daily payment shall reach the minimum of 100 bits per day, in the event the daily interest earned was less than 100 Bits, it will be paid the following day or when the cumulated interest earned reaches the minimum of 100 bits.

But yeah I think you connect your coinbase account, they transfer those funds from coinbase to their savings account and you still don't have control over your private keys. So I guess users will be a bit suspicious unless they gain popular interest over time.

sishendaoye

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Quote from: OmegaStarScream on January 24, 2016, 08:48:39 AM

Quote from: xdrpx on January 24, 2016, 08:41:14 AM

When you say "Coinbase giving Bitcoin holders interest?" did you mean that BSave was a sister company or a partner with Coinbase? or is BSave an independent company allowing users to link their coinbase wallet to access users funds and provide interest on them? I mean if that's the case then BSave and coinbase would typically have no relatino, and coinbase wouldn't be giving its users interest.

I'm not saying anything , Cointelegraph is . As I said I didn't fully understand how things are going to work but I suppose they are not related companies .

It's an interestng concept, however i do not trust BSAVE, but if they are directly affiliated with coinbase,
then I would not have problem trying this out.
Maybe someone here who tried this can elaborate it.

OmegaStarScream

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Quote from: xdrpx on January 24, 2016, 08:41:14 AM

When you say "Coinbase giving Bitcoin holders interest?" did you mean that BSave was a sister company or a partner with Coinbase? or is BSave an independent company allowing users to link their coinbase wallet to access users funds and provide interest on them? I mean if that's the case then BSave and coinbase would typically have no relatino, and coinbase wouldn't be giving its users interest.

I'm not saying anything , Cointelegraph is . As I said I didn't fully understand how things are going to work but I suppose they are not related companies .

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