IS it possible to let your BTC work for you ?

Joshapat

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Quote from: Leo on March 23, 2022, 04:37:58 PM

Quote from: ?? on ??

Possibly, Binance offers staking with your bitcoin although at a really low rate for annual so it's not that worth it putting in but if you're a hodler and you have nothing better to do with your bitcoin, you might use it to store your bitcoin to earn yourself daily satoshis. I put mine in those and it's been almost 2 months since then and I am happy with the interests that I have earned even though it's not a lot.

Staking bitcoin does not really worth it, because the ROI is nothing to write home about, better still look for a coin like $Cake and other good ones to Stake, and I guess OP would have gotten answer to his topic , if anyone wants to make bitcoin work for him or her, do your research because there are lots of ponzi out there waiting to rip off people

I suggest when you stump using metamask then lock immediately when closing the browser, I lost 105 cakes a few days ago because there are programs on the PC and hack my metamask, or better are staking on top exchanges like binance, Kucoin or the other, Small income but security is better than we staking in Dex like pancakeswap.

Leo

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Quote from: ?? on ??

Possibly, Binance offers staking with your bitcoin although at a really low rate for annual so it's not that worth it putting in but if you're a hodler and you have nothing better to do with your bitcoin, you might use it to store your bitcoin to earn yourself daily satoshis. I put mine in those and it's been almost 2 months since then and I am happy with the interests that I have earned even though it's not a lot.

Staking bitcoin does not really worth it, because the ROI is nothing to write home about, better still look for a coin like $Cake and other good ones to Stake, and I guess OP would have gotten answer to his topic , if anyone wants to make bitcoin work for him or her, do your research because there are lots of ponzi out there waiting to rip off people

Quidat

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Quote from: Sir Legend on March 18, 2022, 11:53:13 PM

Bitcoin is the same as other types of investment such as deposits, stocks, gold or other types of investment, we only buy and then store in the wallet and if we feel profit then immediately sell, there is nothing else we can do, even if we want a target price certain, then we set the selling price according to our wishes and see what happens later.

BTC investment could really be dealt on both ways neither you would really be going after for long term which you could only just simply hold or would go on active manner which you
could really make out some active trades and everything would really be depending on someones preference since we know that each one of us does have different interest and approach
when it comes BTC investment.It doesnt matter on where you are involved into as long it could benefit out and make you money then that what matter the most or important.

bearexin

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This is the exact reason why I invest into Cake so much. I know that it hasn't been good for a while and it may keep not being so good for a while longer, but as long as people use the swap part, it will keep on making money. By the looks of it people are not really making enough money as it is currently, but if you keep doing it, it will probably keep on bringing you more than what SP500 could give you.

Just holding bitcoin would do that but passive income from BTC is not simple and the methods are either very low like 5% if it is a trustworthy place, or it is a shady looking business that offers a lot more which I am not entirely sure if I would trust to begin with.

Emitdama

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Quote from: newdevices on March 18, 2022, 03:49:41 AM

Many people make the mistake of buying Bitcoins without knowing what to do with it and by doing so we end up losing money.
what you say is true and that's why we have to really prepare everything as well as doing research and any information related to Bitcoin,
decide to buy after we learn it is important

It is all about making money while you are sleeping, it always comes back to that. If you could end up getting bitcoin and that goes up when you are sleeping that is income for you enough. That is enough "bitcoin working for you" because you just made fiat profit without actually doing anything.

I understand that some people want passive income but you going to pick another coin for that, not impossible to do with bitcoin and can get some money but at the end of the day it is not going to be as much as other coins. However, if you could make like 5% per year on bitcoin itself which is possible, then we are talking about a huge return from it for sure when the price of bitcoin goes up.

boyptc

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Quote from: ?? on ??

Investment is to let the money work, we only control so this is a smart work system, and let Bitcoin on the wallet without being disturbed is a good thing,

But as an investor, you'll be disturbed no matter how good you are emotionally to handle such issues, you'll still experience that.

Quote from: ?? on ??

we sell if the price target we have got.

Many forget that when it's about to sell at the right time, they're feeling that they shouldn't sell. It's part of working our btc's for us when it's already in profit.

That's the time that you should start selling and take the profit, don't be too greedy and make another day of profits as soon as you're able to get those profits.

Sir Legend

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Bitcoin is the same as other types of investment such as deposits, stocks, gold or other types of investment, we only buy and then store in the wallet and if we feel profit then immediately sell, there is nothing else we can do, even if we want a target price certain, then we set the selling price according to our wishes and see what happens later.

Falconer

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Quote from: Smartvirus on March 18, 2022, 03:55:27 PM

This is apparently one of the best responses to OP.

BTC is money and the idea that entails your investments working for you is mostly describing money. With Bitcoin being a cryptocurrency that exists on a digital field, the rules plays out differently and that implies, either you handling your bitcoin yourself in whatever investment or having a third party site handle it for you through lending or staking but that's not without risk. Your safest means to being your own owner of bitcoin is having it in your own wallet. Not your keys, not your coins.

Owning an establishment and having some staff work for you while you pay them in BTC could be considered having your BTC work for you. Although, it all have to play out in a way that, it would increase your BTC hodling.

People can lend or stake their bitcoins just to earn interest, but of course that is a risky thing. Just like many people say, not your keys then not your bitcoin. It's a slogan that really works for anyone who owns bitcoin where they are the primary person in charge of their funds.

I would not risk too much to stake or lend my bitcoin only for 0-10% interest, although some people think it is profitable but in fact it is very risky. The best financial management is when we do it ourselves, for ourselves with all the consequences.

Smartvirus

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Quote from: Upgrade00 on January 10, 2022, 04:14:27 PM

I do not have much experience about staking or lending bitcoin, but I think all of those processes would involve you handing your assets over to a third party.
Whoever owns the keys, owns the coins, and it would be impossible for a third party to pay you interest for coins you still hold. You will have to give up self custody, if you wish to gamble on the possibility of earning an interest.

This is apparently one of the best responses to OP.

BTC is money and the idea that entails your investments working for you is mostly describing money. With Bitcoin being a cryptocurrency that exists on a digital field, the rules plays out differently and that implies, either you handling your bitcoin yourself in whatever investment or having a third party site handle it for you through lending or staking but that's not without risk. Your safest means to being your own owner of bitcoin is having it in your own wallet. Not your keys, not your coins.

Owning an establishment and having some staff work for you while you pay them in BTC could be considered having your BTC work for you. Although, it all have to play out in a way that, it would increase your BTC hodling.

lombok

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Quote from: iv4n on March 13, 2022, 06:09:32 AM

Yes, many exchanges offer the same thing now! One of the places I know (without KYC) is Freebitco.in:
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The annual interest rate is 4.28%, lower than on Binance, but it can be higher if you decide to buy and stake some FUN tokens, which will bring some other benefits as well!

That's right Freebitco.in does not require KYC only requires email and 2 factor authentication.

But there only provides savings for FUN coins with an APY of 25 percent, and has no other coin saving options.

LogitechMouse

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Quote from: Raj Sri on January 10, 2022, 03:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?

Letting your BTC work for you is possible but to just hold it and do nothing? I don't think that it will happen. In the end, BTC will help you give profit but you must exert some effort like trading maybe. With regards to no KYC, I don't know if there is some exchanges or platforms that supports BTC that also doesn't support KYC as well.

Quote from: _act_ on January 10, 2022, 04:46:57 PM

You can stake some altcoins with you having your keys with you but this will not possible for bitcoin.

I agree with this since there are many altcoins that are offering staking to their holders.
With regards to Bitcoin, there is no direct staking to it but there are some exchanges like Crypto.com and BlockFi that offers a small percentage of interest when you are holding Bitcoin into your account.

newdevices

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Quote from: Emitdama on March 17, 2022, 12:18:35 AM

Quote from: bhooscream on March 13, 2022, 05:47:40 PM

Quote from: vd309 on March 13, 2022, 04:41:45 AM

My philosophy is when you convert fiat to Bitcoin its already started to work for you.

Yes, which means when we buy Bitcoin, it is the first step to make Bitcoin work for us. Then, the next step is to think about how to manage Bitcoin to work effectively and properly for us. Wink

The first step must be researching on how to manage your btc and on what strategy you will be using, you shouldn't buy first because you do not have any idea what your buying. When all those things are done, that's the time for you to say that btc is doing the work for you. It is true that we can keep money on btc just like what we are doing in the banks and in fact it is more safer in terms of inflation.

Fluctuations and price decline won't be a problem because we are not selling it early anyway. Price can surely recover and increase in the long run. When someone hold money in the bank for a long time, do you think they are doing it for the profit? I guess not really.

Many people make the mistake of buying Bitcoins without knowing what to do with it and by doing so we end up losing money.
what you say is true and that's why we have to really prepare everything as well as doing research and any information related to Bitcoin,
decide to buy after we learn it is important

vd309

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Quote from: bhooscream on March 13, 2022, 05:47:40 PM

Quote from: vd309 on March 13, 2022, 04:41:45 AM

Look it as a long term way to protect your money and just HODL.

It is not the way to protect money, but the way to multiple money. No one wants to hold Bitcoin for a long time without expecting profits, holding Bitcoin for a long time is our way to gain more money. If we only want to protect our money, we don't need to buy and hold Bitcoin, just store money in the banks.

I mean to 'keep the value' of the money. Staying in the bank is already losing value through inflation. Also its not your money as we already seen in Canada, they can freeze bank accounts instant and without any legal ground I am keeping the bare minimum in the bank system to pay my bills and have some cash.

Emitdama

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Quote from: bhooscream on March 13, 2022, 05:47:40 PM

Quote from: vd309 on March 13, 2022, 04:41:45 AM

My philosophy is when you convert fiat to Bitcoin its already started to work for you.

Yes, which means when we buy Bitcoin, it is the first step to make Bitcoin work for us. Then, the next step is to think about how to manage Bitcoin to work effectively and properly for us. Wink

The first step must be researching on how to manage your btc and on what strategy you will be using, you shouldn't buy first because you do not have any idea what your buying. When all those things are done, that's the time for you to say that btc is doing the work for you. It is true that we can keep money on btc just like what we are doing in the banks and in fact it is more safer in terms of inflation.

Fluctuations and price decline won't be a problem because we are not selling it early anyway. Price can surely recover and increase in the long run. When someone hold money in the bank for a long time, do you think they are doing it for the profit? I guess not really.

sunsilk

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Quote from: bhooscream on March 13, 2022, 05:47:40 PM

It is not the way to protect money, but the way to multiple money. No one wants to hold Bitcoin for a long time without expecting profits, holding Bitcoin for a long time is our way to gain more money. If we only want to protect our money, we don't need to buy and hold Bitcoin, just store money in the banks.

Saving would just let your money lose through inflation and that's why putting your money in the bank will make it lose its purchasing power.

But storing your money and converting it into bitcoin and holding it, this is the most common strategy. You don't have to do many things just for you to let your money/btc work for you.

This method has been proven by everyone and that's why many are recommending to just hold.

Oasisman

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Quote from: Raj Sri on January 10, 2022, 03:37:59 PM

~snip~

So, there is 2 different questions here that you're asking.

Btc can actually work for you and earn good profit by not doing anything, and that is called holding. May it be a long term hold or mid term hold, depending on your profit range preferences.
I also am in favour for long term hold because you can maximize the profit as Bitcoin tends to be increasing each and every year.

On the other hand, the safest way to store your Btc is using cold wallet. I don't want to store Btc in any custodial wallet no matter how trusted it is. It would be better to just keep your Btc on a non-custodial wallet like Electrum.

Pamadar

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Quote from: bhooscream on March 13, 2022, 05:47:40 PM

Quote from: vd309 on March 13, 2022, 04:41:45 AM

Look it as a long term way to protect your money and just HODL.

It is not the way to protect money, but the way to multiple money. No one wants to hold Bitcoin for a long time without expecting profits, holding Bitcoin for a long time is our way to gain more money. If we only want to protect our money, we don't need to buy and hold Bitcoin, just store money in the banks.

Its investment, and the expectation is to grow your initial and enjoy your benefits.

Holding for long time and wait till it reaches your set target is most usable strategy to allow Bitcoin to work for you.
Not all have that patience to wait, but those who understand this industry have that certain amount to hold knowing
that it will pump along the way.

bhooscream

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Quote from: vd309 on March 13, 2022, 04:41:45 AM

My philosophy is when you convert fiat to Bitcoin its already started to work for you.

Yes, which means when we buy Bitcoin, it is the first step to make Bitcoin work for us. Then, the next step is to think about how to manage Bitcoin to work effectively and properly for us. Wink

Quote from: vd309 on March 13, 2022, 04:41:45 AM

Look it as a long term way to protect your money and just HODL.

It is not the way to protect money, but the way to multiple money. No one wants to hold Bitcoin for a long time without expecting profits, holding Bitcoin for a long time is our way to gain more money. If we only want to protect our money, we don't need to buy and hold Bitcoin, just store money in the banks.

LUCKMCFLY

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I think that the only way for BTC to work for oneself is to have it in Hodl mode and in a safer way in a personal wallet and to have even more security in a ledger, I think that is the safest way, and to have a guarantee One of this is to wait as long as necessary, because at some point BTC will reach a price of $100k or more, and the other way is that you can trade, but it would be putting you at risk of losing a part of BTC because if you don't get it right in the movements it is difficult to recover the money, since the trader's vision has to be correct and being this profitable is something very difficult that even professionals do not have that rate of return.

Crypt0Gore

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If you already have BTC and you want that BTC to work for you why don't use consider mining BTC? Buy a bettet ASIC miner and mine BTC till you make back the first BTC you sold to buy the ASIC miner and start making free BTC from there, in months your BTC will grow.

Topic: IS it possible to let your BTC work for you ? (Read 1149 times)