Earning Bitcoin whilst maintaining private keys

MuffinMaster

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Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

Hi everyone!

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

I do not want to risk losing my coins on centralised exchanges or anything like that.

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers, perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

Woudl love to hear everyones thoughts or advice on what solutions there might be out there now?

Thanks heaps!!!

There is no way to invest without the element of risk. Nor can you open a business or invest Bitcoin or any other form of funds without moving them from your wallet. I think that one of the least risky investments could be supporting the bank roll of casino, but before that you would have to do a very thorough research of the selected casino.

magneto

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Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

Hi everyone!

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

I do not want to risk losing my coins on centralised exchanges or anything like that.

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers, perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

Woudl love to hear everyones thoughts or advice on what solutions there might be out there now?

Thanks heaps!!!

You simply can't do this with BTC sitting inside your own wallet. BTC is not PoS obviously.

As others' said, if you're not willing to put your coins at risk in an interest bearing product (e.g., Binance offers some sort of hybrid bond, I believe), then you should start your own venture - you completely retain control as to where you want to invest your BTC in.

But that has its own risks, although it's no longer a counterparty risk where the wallet/exchange you deposit your money on goes bust. But that's what you have to realise - the level of potential rewards is a function of the risks that you take in the first place.

exstasie

legendary

Activity: 1806

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Quote from: examplens on January 26, 2021, 07:07:58 AM

Quote from: ?? on ??

If you don't mind altcoin, you could try your luck with PoS-based altcoin. You just need to setup it (stake your coin) once and you'll earn altcoin passively.
Obviously it has risks and limitation, such as inflation or you can't spend coin while it staked. Please DYOR.

Isn't the time of hype about staking and masternode gone? as far as I could see, just a few coins worth to be considered as passive earning by POS.

Ever heard of Ethereum 2.0? It just launched not even 2 months ago. The number of ETH staked has nearly doubled month over month. There is currently 2,278,436 ETH staked, or ~2% of the entire supply, and growing fast. The hype is massive and it's why ETH is outperforming BTC so much right now.

Quote from: examplens on January 26, 2021, 07:07:58 AM

In most cases, it all ends up that the decline in value nullifies all potential staking rewards. and most often developers leave the project after a couple of years, where holders stay with the dust in his pocket.

I don't see that happening with Ethereum.

examplens

legendary

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Quote from: ?? on ??

If you don't mind altcoin, you could try your luck with PoS-based altcoin. You just need to setup it (stake your coin) once and you'll earn altcoin passively.
Obviously it has risks and limitation, such as inflation or you can't spend coin while it staked. Please DYOR.

Isn't the time of hype about staking and masternode gone? as far as I could see, just a few coins worth to be considered as passive earning by POS. In most cases, it all ends up that the decline in value nullifies all potential staking rewards. and most often developers leave the project after a couple of years, where holders stay with the dust in his pocket.

Phoenix_PROG

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Activity: 224

Merit: 28

Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

Hi everyone!

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

I do not want to risk losing my coins on centralised exchanges or anything like that.

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers, perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

Woudl love to hear everyones thoughts or advice on what solutions there might be out there now?

Thanks heaps!!!

You can stake coins in your wallet, you don't have to use exchanges for earning rewards, atomic wallet and trust wallet supports staking in their very own wallet, you can stake popular altcoins and it's far safer than anywhere else

Maus0728

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Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

Apparently, there are only three possible things you can do to have a passive income -- ways that your money would work for you. It's either you

Invest in crypto (HODLING) -- which would have a lesser risk as some popular cryptos nowadays do have strong volume and support, but still DYOR before engaging with it. Investing would still not be a huge income generator as it would depend on the growth of the crypto you've invested on.
Copy-trade -- which would somehow require KYC like in E-toro but is beneficial for long term passive income. Same as with investing, but this is investing on the capability of the trader you are copying. If he is bad and just burning his money, you'll end up being the same.
Mutual-funds -- this is the safest, as it relies in Stock Market (usually) and how strong a company you are investing your funds is. Risky, but not as risky as crypto.

Overall, it would still depend on you're choices and risk appetite on which risks you think you can handle.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

You expect your coins to grow limbs and a body and work? If so then you must be high on cheap weed.

Quote

I do not want to risk losing my coins on centralised exchanges or anything like that.

If you dont take risks you dont get any reward. Sitting on your coins will not make them big but you can invest in bitcoin to buy in small amounts at every dip, which I feel is currently the most rewarding.

Quote

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers,

Because there are no straight answers in these liquidity pools. They have risks and they are not different from what staking was when it was hyped and made a fool of a lot of newbies here trying to make money by "passive income". One fine day they might decide to shut down or the ROI will no longer be enough to convince you to keep your money there.

Quote

perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

It does not work like that. Either you have to risk the change of custody from your wallet to someone else or not take part in any money making method. Either way, having see how shady this sector is, I never suggest anybody to go with such passive income methods except one which is the casino bankroll investment, and that is completely opposite of gambling on the casino, because you are investing in the house. But very few casinos are offering it now.

pooya87

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Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

Can you put your cash under your mattress and still make profit on it?
Bitcoin is not different from any other currency, holding any currency is never going to give you any profit. Investing that currency in a business does. But again like any other currency if you invest it in something scammy you'll lose it easily and in bitcoin world there are a lot of scam "investments" because of semi-anonymity and unregulated nature of this world.

squatter

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Quote from: bitcoin_azz on January 22, 2021, 10:11:10 PM

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers, perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

There is no way to lend bitcoins in a fully trustless or decentralized way.

Wrapped bitcoins carry custodial risk -- WBTC is backed by bitcoins held in BitGo's custody. The yields for WBTC lending are quite low too, much lower than BTC lending rates on BlockFi or Nexo.

mk4

legendary

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Using these "liquidity pools" and gaining interest through services like BlockFi has their own risks; and I personally really don't recommend using them if you don't like handing over your funds.

Seriously though, just start a business(online or offline), and use your earnings to buy bitcoin. Especially for online businesses, initial capital needed are mostly quite low.

bitcoin_azz

newbie

Activity: 2

Merit: 0

Hi everyone!

Just wondering what might be the best way to earn more bitcoin if you have a bit and want your money to start working for you.

I do not want to risk losing my coins on centralised exchanges or anything like that.

I have been looking into Wrapped Bitcoin and liquidity pools and earning interest but seem to be getting lost in circles trying to find the right answers, perhaps there isn't a way to do it now whilst still maintaining your bitcoin on your ledger or trezor or whilst maintaining your private keys?

Woudl love to hear everyones thoughts or advice on what solutions there might be out there now?

Thanks heaps!!!

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