How do you use BTC to generate passive income like ERC20 tokens? - page 3.

nelson4lov

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Quote from: ken1153 on August 17, 2020, 07:48:08 PM

As a bitcoin hodler, I'm just really jealous now that ETH and its token can do all the passive income generating things without give their own private keys to others.

Sadly, there's currently no way to generate passive income with Bitcoin while maintaining custodial of your assets. The only way to to get income from just holding your bitcoin would involve keeping it with a centralized entity. If you do consider, you can check out either Crypto.com 's Earn platform or Binance Savings platform. They're offering as much as >= 10% for saving your bitcoin with them and both platforms have a good track record of safeguarding user's assets.

Quote from: thesmallgod on August 18, 2020, 01:44:45 AM

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Staking isn't limited to only ERC20 tokens, You can also participate using stablecoins like Binance USD or USD tether.

thesmallgod

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Passive income? I will like you to elaborate on this and maybe give an example of how ERC20 token that are known to be generally more volatile can earn you passive income through staking or any of the other methods you have mentioned. The last time I checked, when the market started bleeding, some of these altcoins prices even drop as low as 50% so automatically you must have earned a particular token but the price will be justified by the present market price. I personally do not think you can generate passive income with crypto due to market volatility

pakhitheboss

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First of all Holding Bitcoin itself for the long term will earn you a high-interest rate if everything goes well Bitcoin will reach a new ATH in just a couple of years.

Still, if you want to earn more then you can use your Bitcoin for lending on platforms like Blockfi and Binance exchange. There are couple of Defi wallets that also provide interest on Bitcoin for example crypto.com wallet.

ranochigo

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Lending Bitcoin is really not the ideal method to earn Bitcoins. The nature of Bitcoin means that it is not recognized as a currency across many different countries. If a borrower were to default, there is little legal means to get it back.

Passive income in Bitcoin is generally accompanied by substantial risks.

Wind_FURY

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OP, there's a lending subforum in Bitcointalk, https://bitcointalk.org/index.php?board=65.0

I believe one day the Lightning Network's path to efficiency will find services be developed that would "stake your coins" placed in payment channels.

Chris!

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Earning 100% interest on a shitcoin that drops by 50% means you didn't actually earn anything.

How do I earn passive income? Hodl and sell if I desperately need to.

mk4

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Platforms like BlockFi and Celsius Network gives a certain percentage of interest when you borrow them your coins. While I'm not necessarily against such platforms, if you were to use one, take note of the risk: you're entrusting your funds to a centralized entity.

ken1153

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ETH and other ERC20 tokens can generate passive income by yield farming, staking, lending without losing their custodial.
Is there anyway for bitcoin to do any of those? As a bitcoin hodler, I'm just really jealous now that ETH and its token can do all the passive income generating things without give their own private keys to others.

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