Topic: Is Bitcoin staking a thing? - page 2. (Read 451 times)
Binance had been in this staking of a thing for long. Although the staking APY do fluctuate most time based on the Market. This is the best time to stake your Bitcoin if you are not using it rather than leaving it in the wallet and waiting for price to go up. A return of 8% APY is good and that is good amount of money if you have big fund you want to stake. The market is down now and staking your Bitcoin is gonna be a good idea so you can leave there and watch the reaction of the market.
The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
Anyone who understands what Bitcoin is, would never accept any offer of this type because it nullifies everything that Bitcoin exists for. 8% is tempting given what traditional banks offer today, but with the aforementioned, the risk of an investor running out of everything is something to consider.
In addition, the chance that you will earn more just by keeping BTC in a non-custodial wallet is quite high, although here of course there is a difference in possible profit expressed in fiat - from getting your BTC + 8% more after a year using such services.
FreeBitco.in also offers a savings option, providing you with a 4% interest on your BTC deposits. I currently have a small amount of BTC and was wondering if it would be any of worth staking my BTC through Binance (8%), since I'm not actively using it.
I also have a smaller amount on that faucet and get low interest per day, and that's the only way I put my BTC at some risk. Yet it is something else entirely, and I could survive to wake up one day and that faucet no longer exists.
I don’t think it’s staking, as that would imply an on-chain action. More likely it’s the result of lending your funds. With an 8% rate, you have to assume the risk is pretty high when it comes to Bitcoin. I’m sure you probably have to agree to some terms that you could lose all of your money for participating. The thing about lending schemes like this is that they work well until they stop and your funds are gone. Once coins disappear from exchanges people might find there’s nothing to get their principle back.
Maybe Binance is able to sufficiently manage credit risk such that depositors' coin is safe.
Or maybe they don't care; simple as that. They don't care about the hacked coins, they continue to operate normally. They don't care to hand out the users' data to surveillance companies. They don't care to charge 50,000 sats, even if the transaction could be settled with 2 zeroes less. They don't care to treat bitcoin as non-fungible. They don't care as long as there's a profit. That being said, whoever uses Binance to stake is completely irresponsible and reckless.
Binance is offering fixed and flexible savings when it comes to BTC. Since binance is a reputable exchange with SAFU, I am more confident to have my idle BTC to put under their savings services. They may not have the government insurance but Binance has SAFU in place.
Binance claim that funds are "safu", but we have no proof of that, one may only hope that's true. We've seen so many exchanges (even the top ones) turning to shit so just because Binance is at the top at the moment it doesn't mean that one day things won't go south and then the fun will start.I already tried that before but I entered my BTC under flexible savings, because you can withdraw anytime your BTC, if in case you need it.
I wonder what would happen if everyone tried to withdrew their bitcoin at the same time, would they have enough bitcoin on their hands to do that? I am not so sure.Just made a little meme for this occasion
I wouldn't call it "staking" because it is also misleading since we have staking shitcoins (eg. PoS coins). It is more like an investment and I personally hate centralized exchanges and any kind of options they provide. It is just too risky, they can be hacked or shut down at any moment. Not to mention that historically CEX has had a short life when they remain on top and when they fall, all their options fall in profitability too.
On the other hand, the rest of businesses that accept investments (like gambling sites) are better in my opinion. Like freebitco.in specially since it is old and the profit is reasonable not something crazy big! There is also the benefit of lack of KYC which is going to always exist in CEX.
On the other hand, the rest of businesses that accept investments (like gambling sites) are better in my opinion. Like freebitco.in specially since it is old and the profit is reasonable not something crazy big! There is also the benefit of lack of KYC which is going to always exist in CEX.
Hello there,
A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
You are not actually "staking" your coin. It is more reasonable to say that you are lending your coin to Binance, so that they can lend out your money. This is not unlike how traditional bank deposits work. A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
As with traditional bank deposits, there is the risk that the bank will make a sufficiently large number of bad loans that prevent the bank from paying their deposit holders. However unlike most traditional bank deposits, there is no government insurance mechanism to step in to protect depositors in the event of a bank failure.
Binance is offering fixed and flexible savings when it comes to BTC. Since binance is a reputable exchange with SAFU, I am more confident to have my idle BTC to put under their savings services. They may not have the government insurance but Binance has SAFU in place. I already tried that before but I entered my BTC under flexible savings, because you can withdraw anytime your BTC, if in case you need it. But you need to wait for few hours to reflect on your account. If you think you don't have urgent needs for your BTC, you can very well put it in fixed savings, just select the duration.
I think it is most important for anyone considering to deposit money in the product that Binance is offering to understand what they are doing, and the risks involved. If they understand the risks, they can make a decision based on their own personal risk tolerance.
Bro it is up to you to decide if you are ready to take the risk of trusting a centralized exchange to put your btc up for staking. Many forum members are against centralized exchanges and leaving your funds in their hands so obviously you won't get the response you are looking for.
However, leaving your btc idle in a wallet waiting for the next bull market is not profitable but safe, additional 8% to your stack is not bad only if you can find a decentralized exchange which offers this service, perhaps you have to look at decentralized exchanges and what they offer.
However, leaving your btc idle in a wallet waiting for the next bull market is not profitable but safe, additional 8% to your stack is not bad only if you can find a decentralized exchange which offers this service, perhaps you have to look at decentralized exchanges and what they offer.
8% does not sound so enticing to me. And knowing that you will have to lend your Bitcoin to them for a year, that is too risky for me.
I think the same. The extra interest does not justify losing my private keys for a year. If we expect Bitcoin to give 50-100% average annual returns over the next few years, an extra 8% is nothing for the risk of not being in control of it. So for me staking Bitcoin is not a thing.
Binance is offering fixed and flexible savings when it comes to BTC. Since binance is a reputable exchange with SAFU, I am more confident to have my idle BTC to put under their savings services. They may not have the government insurance but Binance has SAFU in place. I already tried that before but I entered my BTC under flexible savings, because you can withdraw anytime your BTC, if in case you need it. But you need to wait for few hours to reflect on your account. If you think you don't have urgent needs for your BTC, you can very well put it in fixed savings, just select the duration.
Can you predict when Binance will be hacked, so you can withdraw your funds before the hack happen? No. Can you make sure SAFU amount can recover all entire Binance's clients? No.
Can you know how much the possible amount the hacker can stole? No.
No matter what the reputation is, how old the site and how popular it is, any centralized platform which offering so called Bitcoin staking or lending is 100% not safe.
8% does not sound so enticing to me. And knowing that you will have to lend your Bitcoin to them for a year, that is too risky for me. Since you mentioned that you have a small amount of Bitcoin, how much is that? Is it as small as 0.5 BTC, 0.1 BTC, or 0.05 BTC? How much is 8% of your BTC? Is it worth risking for one whole year? And is the 8% fixed or is it 'up to' 8%?
Notwithstanding Binance's SAFU, what I know is that any centralized exchange cannot actually guarantee your Bitcoin's safety.
Notwithstanding Binance's SAFU, what I know is that any centralized exchange cannot actually guarantee your Bitcoin's safety.
Binance is offering fixed and flexible savings when it comes to BTC. Since binance is a reputable exchange with SAFU, I am more confident to have my idle BTC to put under their savings services. They may not have the government insurance but Binance has SAFU in place. I already tried that before but I entered my BTC under flexible savings, because you can withdraw anytime your BTC, if in case you need it. But you need to wait for few hours to reflect on your account. If you think you don't have urgent needs for your BTC, you can very well put it in fixed savings, just select the duration.
Have you just read the post I made above?The risk warning even says that Binance acts as a platform to showcase the products, they are not responsible for any losses due to some vulnerabilities. Losses due to Binance exchange hacking aside. Do you think the SAFU you so much talk about will help out in case there was a DeFi vulnerability leading to losses?
Hello there,
A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
You are not actually "staking" your coin. It is more reasonable to say that you are lending your coin to Binance, so that they can lend out your money. This is not unlike how traditional bank deposits work. A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
As with traditional bank deposits, there is the risk that the bank will make a sufficiently large number of bad loans that prevent the bank from paying their deposit holders. However unlike most traditional bank deposits, there is no government insurance mechanism to step in to protect depositors in the event of a bank failure.
Binance is offering fixed and flexible savings when it comes to BTC. Since binance is a reputable exchange with SAFU, I am more confident to have my idle BTC to put under their savings services. They may not have the government insurance but Binance has SAFU in place. I already tried that before but I entered my BTC under flexible savings, because you can withdraw anytime your BTC, if in case you need it. But you need to wait for few hours to reflect on your account. If you think you don't have urgent needs for your BTC, you can very well put it in fixed savings, just select the duration.
Hello there,
A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
FreeBitco.in also offers a savings option, providing you with a 4% interest on your BTC deposits. I currently have a small amount of BTC and was wondering if it would be any of worth staking my BTC through Binance (8%), since I'm not actively using it.
I'd appreciate any advice from more experienced users, thank you in advance.
Supposedly, Binance offers this staking option through the platform of Venus, we're not talking about the Savings section of Binance.
I have seen Binance exchange introduce this type of system a long time ago. Those who have Bitcoin BNB and USDT will get interest instead if they keep staking without keeping it in their account. Those who want to buy and invest in Bitcoin or Others Coins, instead of buying and staking, we will get more profit.If you think risk is here, you can do USDT, you will get more APY here. A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
FreeBitco.in also offers a savings option, providing you with a 4% interest on your BTC deposits. I currently have a small amount of BTC and was wondering if it would be any of worth staking my BTC through Binance (8%), since I'm not actively using it.
I'd appreciate any advice from more experienced users, thank you in advance.
Supposedly, Binance offers this staking option through the platform of Venus, we're not talking about the Savings section of Binance.
Hello there,
A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
You are not actually "staking" your coin. It is more reasonable to say that you are lending your coin to Binance, so that they can lend out your money. This is not unlike how traditional bank deposits work. A friend of mine reached out to me yesterday about Binance's staking options. I knew that Binance offered such an option, however, I never bothered to investigate much further. My friend wanted to opt for the BUSD vault, with a current APY of 13.3%, which isn't too bad, although, what caught my attention is the option to stake Bitcoin. The APY it's offering is at 8%, supposing you're not using your Bitcoin, and it's just sitting in your wallet, would it be something that you'd opt for?
As with traditional bank deposits, there is the risk that the bank will make a sufficiently large number of bad loans that prevent the bank from paying their deposit holders. However unlike most traditional bank deposits, there is no government insurance mechanism to step in to protect depositors in the event of a bank failure.
Why should you hand over your precious Bitcoin to get "staked" in some other platform in the first place when you can just securely and secretly Hodl your coins?
Those protocols you think are safe usually end up with vulnerabilities too. I have seen a number of them. Even Binance put up a warning on the staking page because they know it. It means your Bitcoins are not safe and not worth the 8% APY. Bitcoin price growth alone got you covered if you want to earn something.
Those protocols you think are safe usually end up with vulnerabilities too. I have seen a number of them. Even Binance put up a warning on the staking page because they know it. It means your Bitcoins are not safe and not worth the 8% APY. Bitcoin price growth alone got you covered if you want to earn something.
Quote
Risk Warning
Binance strives to offer its users only the best DeFi Mining projects. However, Binance only acts as a platform to showcase projects and provide users with related services, such as accessing funds on behalf of the user and distributing earnings, etc. Binance does not assume liability for any losses incurred due to project on-chain contract security issues.
Source: https://www.binance.com/en/defi-staking?asset=BUSD_Flexible_VENUS Binance strives to offer its users only the best DeFi Mining projects. However, Binance only acts as a platform to showcase projects and provide users with related services, such as accessing funds on behalf of the user and distributing earnings, etc. Binance does not assume liability for any losses incurred due to project on-chain contract security issues.
Yes, loaning money increases liquidity for the bank/casino/whatever, so staking is a thing as long as money is a thing.
You misinterpreted what I mean, the reason I never bothered to check Binance was because I haven't used a decentralized exchange in the past 1.5 years, my Bitstamp account even got blocked for inactivity and failure to verify my account. Binance on the other hand, used to have 0.10% in trading fees, I don't know if that changed, but 1.5 years ago, that was way lower than Bitstamp's.I knew that Binance offered such an option, however, I never bothered to investigate much further.
What you've neither bothered to investigate is which exchange you should use. Even if you had no idea what's a decentralized exchange, neither of the disadvantages one does have with centralized exchanges, why don't you use another exchange? It is known that Binance charges extremely high fees, about 100 times more than it should, for no fucking reason. They're perpetually ripping you off. And there's more than money; read the link.I'd appreciate any advice from more experienced users, thank you in advance.
There's nothing serious to be said in here. If you hand out your money, they're no longer yours. Sure, 8% APY is a sweat profit, but that's until the casino/exchange bankrupts, disappears, gets hacked, pretends to have got hacked etc. This doesn't sound a good deal to me. I'm only using DeFi platforms to stake, such as Beefy, and decentralized exchanges such as 1inch, Bisq or Pancakeswap.
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Bitcoin staking doesn't exist! It is not a POS coin so technically bitcoin staking isn't possible. The website you are talking about is basically taking out loan from you and paying an interest against it. If anything bad happens to that website, then you money will be gone! That's not the case with staking. So rather than calling it bitcoin staking, it can be called as P2B loans with all sorts of risks associated with it.
The platform you have mentioned is quite old. But I personally wouldn't recommend you to save your bitcoins with them unless it is a very insignificant amount and you will be all ok if the bitcoins are lost forever. otherwise, please stay out of such investment plans.
The platform you have mentioned is quite old. But I personally wouldn't recommend you to save your bitcoins with them unless it is a very insignificant amount and you will be all ok if the bitcoins are lost forever. otherwise, please stay out of such investment plans.
Staking is a way to earn small portion of interest from your staked coins within a certain period of time ,
so since you said you have Bitcoin currently on Binance exchange and you aren't making use of it anytime soon according you,
it's wise you stake it and Earn the 8% interest While it's still on the exchange than leaving it in the exchange just like that.
so since you said you have Bitcoin currently on Binance exchange and you aren't making use of it anytime soon according you,
it's wise you stake it and Earn the 8% interest While it's still on the exchange than leaving it in the exchange just like that.
Yes, loaning money increases liquidity for the bank/casino/whatever, so staking is a thing as long as money is a thing.
I knew that Binance offered such an option, however, I never bothered to investigate much further.
What you've neither bothered to investigate is which exchange you should use. Even if you had no idea what's a decentralized exchange, neither of the disadvantages one does have with centralized exchanges, why don't you use another exchange? It is known that Binance charges extremely high fees, about 100 times more than it should, for no fucking reason. They're perpetually ripping you off. And there's more than money; read the link.I'd appreciate any advice from more experienced users, thank you in advance.
There's nothing serious to be said in here. If you hand out your money, they're no longer yours. Sure, 8% APY is a sweat profit, but that's until the casino/exchange bankrupts, disappears, gets hacked, pretends to have got hacked etc. This doesn't sound a good deal to me. Jump to: