IS it possible to let your BTC work for you ? - page 7.

Mahanton

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Quote from: teosanru on January 14, 2022, 03:12:51 PM

Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

A privacy concerned BTC fan.

The only legit mechanism which obviously is not possible in btc but is possible with other Cryptocurrencies is Staking. You can easily add your holdings in some staking pool and enjoy staking rewards. But yes it's important you get in or buy that Crypto on a minimal cost because if the price of the coin you staked went down you technically are losing in dollar terms on your value rather than making money on it. But yes Staking is the only option for you

You shouldnt forget about the risks involved with staking since this do particularly talks about those platforms or 3rd parties which would held up your coins which means you dont possess those things unless
if it was staked on some decentralized or from wallet itself but if not then i dont really recommend for putting it just for getting some small % in return per year and rewards or interest
do even go lower as people would come in and doing the same thing thats why im not really convinced with this kind of option but if you could
able to bare the risks then go ahead.

teosanru

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Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

A privacy concerned BTC fan.

The only legit mechanism which obviously is not possible in btc but is possible with other Cryptocurrencies is Staking. You can easily add your holdings in some staking pool and enjoy staking rewards. But yes it's important you get in or buy that Crypto on a minimal cost because if the price of the coin you staked went down you technically are losing in dollar terms on your value rather than making money on it. But yes Staking is the only option for you

The Cryptovator

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Isn't BTC working for you currently? Think deeply, if you can just hold then it has been working for you. No matter sometimes price got dumped, it recovers again if you can hold with patience. You are concerned about privacy or KYC, so there are no good options for you except hold it tight. Otherwise, you have to trust their party which would lead scams or damage your privacy eventually.

Lucius

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Quote from: Poker Player on January 11, 2022, 02:57:02 AM

Quote from: nullama on January 10, 2022, 07:13:58 PM

BTC works for you by increasing it's purchasing power over the years.

If you send your BTC to any company you're taking huge risks for very small gains. You could lose it all eventually.

Think long term, and keep your BTC in your own cold storage. You'll be way better off with less risks.

This. The best way Bitcoin works for you is not by giving you interest or a dividend, it is by capital appreciation. A lot of people are fooled by this. I'd rather have something that gives me 180% annual appreciation on average than something that gives me 10% interest and makes me lose 20% capital.

It seems like a very simple option, and has proven to be very successful over the years - but it only works for those who can afford a long-term investment. Most investors in BTC are still here for short-term profit, because the idea that Bitcoin can collapse at any moment still has a lot of supporters.

However, we should be honest and say that we who have been investing in Bitcoin since 2014/15 can look at the whole thing much more comfortably than any small investor today - we are not too affected (I speak for myself) by the fact that Bitcoin loses 10% overnight or 30% in a month - because an investment of a few hundred dollars is still worth a real fortune.

Consequently, it is not difficult to understand why the average investor today is no longer enthusiastic about the "just hold" strategy, even if he knew that in about 5 years he would earn, say, 500% or even more.

pawanjain

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Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

A privacy concerned BTC fan.

As far as we are talking about BTC then no there is no "direct" method that I know of which we can use to make more money.
There are some but they require us to give them the authority of our coins which again is not a good idea for a privacy focused person like you.
I personally think just holding your bitcoins itself is like making your bitcoin work for you since the price of it is increasing in the long term.

Raflesia

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for alt maybe still can but if btc then I will not do that.
but indeed it is a return to the choice you chose when you really want to do that then maybe it can't be separated from KYC because until now they still apply KYC for that, but if you really don't want to take the risk then just keep it in your wallet which is certain to be safe there.

doomloop

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Quote from: wxa7115 on January 13, 2022, 03:31:45 PM

It is better to not take the risk, I know that the idea of passive income and getting bitcoin in return is very attractive but most of the time that would require to let go of our bitcoin and let someone else have complete control over it.

Yeah, as bitcoin world is relatively new and the interest yielding registered ventures are not available in most countries, I agree it would not be worth to risk our bitcoins with non-established opportunities. Still I do see many attractive luring promises everywhere which are paying higher interest rate than my banks.

Quote from: GEMIN_M4 on January 13, 2022, 03:40:54 PM

Lending BTC requires a centralised platform with KYC verification are you up for this? About staking I haven't seen staking BTC before not even on big exchanges like Binance and Kucoin only alt staking are available

I remember there were a lending platform in the name of BTCjam which was too famous by the times of 2013/2014 but their business model was not sustainable hence anything may happen with currently available lending platforms hence acting with cautious will help you. Staking is possible only with few altcoins as of now and you may earn only negative growth over the weeks.

GEMIN_M4

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Lending BTC requires a centralised platform with KYC verification are you up for this? About staking I haven't seen staking BTC before not even on big exchanges like Binance and Kucoin only alt staking are available

wxa7115

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Quote from: Upgrade00 on January 10, 2022, 05:14:27 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.

It is better to not take the risk, I know that the idea of passive income and getting bitcoin in return is very attractive but most of the time that would require to let go of our bitcoin and let someone else have complete control over it.

And this is unacceptable, it is better then to learn how to increase the size of our holdings ourselves, and probably the most popular method to do this is with trading, the success rate is low but that is because the majority of the investors never take the time to actually learn how to trade and protect their money when they make a bad trade.

justdimin

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Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

I have to say the passive income methods is possible in most other coins but BTC is not really one of them. The biggest one I know and the most trustworthy one is freebitco.in and they have a 4% yearly return stuff. If you buy a bunch of fun token which is quite cheap these days, you could get that 4% to become like 5% yearly. That may sound very little, but the reality is that we are talking about something like bitcoin which already goes up itself and you are earning a passive income from it from one of the most trustworthy places in the world.

If you could live with 1k dollars a month, that is 12k per year, and 20x that (for 5% return) is 240k dollars, that is like 6 bitcoins. I know not that many people have that kind of return, but we are talking about literally living off from the free return and not even touching your bitcoins in this scenario. If you could keep working and reinvest your earnings, you do not even have to have that much and grow it.

Wawa2013

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Quote from: kaya11 on January 12, 2022, 07:43:25 AM

It is not possible as far as I know. Unless you stake it to their wallet or use an agent to manage your btc and earn from them. If there are people trying to reach and tell you it is possible at the they will be getting your ok I am very sure of that. Also I am letting you know that even do you don't do stupid things and just hold on you will see your BTC's value increase as years go by, just sit and add more and enjoy. That is all you ever have to do, wait, I guess it is working on it's own for you to get you desired profits, and not from people you don't know telling you to give them you credentials.

Most platforms that can provide interest if we lend our Bitcoins usually require KYC procedures. So if we want Bitcoin to work for us without the need
to do KYC, maybe as you said we just need to hold Bitcoin in our wallet. Then wait for the price to go up, after that we can sell it and get a profit.
We can entrust our Bitcoins to unknown people to get interest from that person, but it is very risky to do that, especially in the online world a lot of
scams happen. I don't think it's a problem to do KYC, because we also use banks in the real world to do KYC.

Oceat

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Quote from: cheezcarls on January 12, 2022, 08:57:08 AM

Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

A privacy concerned BTC fan.

It works if you just simply hold it in your non-custodial wallet. No need to send it to others for some kind of a lending scam or so. BTC is already working by just holding because it keeps up to the actual market price. So if you’ve profited, that would be great at least.

Holding won't give you profit unless if you sell those coins and holding almost forever doesn't give you actually the idea thinking your Bitcoin would work you while you are living a leisure life. If that's how easy to do it we wouldn't be seeing poor people or an average person working their asses all day.

And also, Bitcoin is not meant to grow always, it has a traders who constantly make a trade even if it's a bear or bull market that's why the price always fluctuate.

lixer

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Quote from: odolvlobo on January 10, 2022, 09:23:21 PM

Consider an analogous question: is it possible that $1000 cash in a safe at home can "work for you" without opening the safe or revealing your identity or address? I think the answer is probably no.

That is right, you don’t just keep your money and be expecting it to work for you and you’re also at the same time trying to stay private or something like that. When you are ready to make sure that your money starts working for you, then you would be ready to do what is necessary for you to ensure that your money is actually working for you.

Unless we are going to say that whoever is looking for this kind of opportunity would take advantage of the fluctuating price of Bitcoin, and just hold it in their wallet which would be a non custodial wallet, and when the price increases or decreases, they will be standing a chance of either making profit or losing.

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Quote from: Raj Sri on January 10, 2022, 04:37:59 PM

Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I have read and heard about similar things but they seem more like a Ponzi scheme.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?

A privacy concerned BTC fan.

It works if you just simply hold it in your non-custodial wallet. No need to send it to others for some kind of a lending scam or so. BTC is already working by just holding because it keeps up to the actual market price. So if you’ve profited, that would be great at least.

Mauser

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Unfortunately bitcoins don't provide any dividends. Just holding the coins in our wallets is not going to earn us any interest. The only form form of profit comes through price appreciation and when we sell bitcoins for a higher price. There are companies that offer you returns for your bitcoins, but then they will have full ownership of our coins. The company can be legit or can be a scam. For me the risk is just too high to lose it all. Another form of making some returns would be through gambling. It's not passive income and also involves risk, atleast we can control the risk here.

davis196

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You can't eat the cake and keep it at the same time. Grin

Investing always involves risk,which has to be compensated by getting profits,dividends or interest from your investment(there is always a risk of losing your investment).
You cannot invest money and keep that money at the same time.Depositing money in the bank or buying stocks aren't an exception,because the bank might go bankrupt and the company in which you have a stock share might go bankrupt as well.
There are BTC lending services like Nexo or Blockchain.com,but I can't vouch for them,since I haven't tried them yet.There are some DeFi projects like BlockFI,but I don't trust them.
Other forum members are recommending Proof-of-Stake altcoins,but I've never really liked that concept.

kaya11

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It is not possible as far as I know. Unless you stake it to their wallet or use an agent to manage your btc and earn from them. If there are people trying to reach and tell you it is possible at the they will be getting your ok I am very sure of that. Also I am letting you know that even do you don't do stupid things and just hold on you will see your BTC's value increase as years go by, just sit and add more and enjoy. That is all you ever have to do, wait, I guess it is working on it's own for you to get you desired profits, and not from people you don't know telling you to give them you credentials.

barbara44

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Basically when you are holding cryptocurrency, the value for that cryptocurrency either increases or decreases as the market keeps fluctuating. And there are also lots of wallets that you can make use of that doesn’t even require you to do any KYC, and some of those wallets are like the Trust wallet, Exodus wallet,Coinomi wallet and a lot more of them.

So, if you are OK with just holding your Bitcoin in your wallet and waiting for the value to increase, then you can simply make use of any of these non-KYC wallets to hold your Bitcoin, and when the value increases, you can decide whether to sell it or not.

If you are looking for anything more than that, then you are likely to make use of platforms that will require you doing KYC. Although there are exchanges that would allow you to make use of their platform to an extent without KYC.

globalpain

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Quote from: xSkylarx on January 11, 2022, 02:05:12 PM

Quote from: Poker Player on January 11, 2022, 02:57:02 AM

Quote from: nullama on January 10, 2022, 07:13:58 PM

BTC works for you by increasing it's purchasing power over the years.

If you send your BTC to any company you're taking huge risks for very small gains. You could lose it all eventually.

Think long term, and keep your BTC in your own cold storage. You'll be way better off with less risks.

This. The best way Bitcoin works for you is not by giving you interest or a dividend, it is by capital appreciation. A lot of people are fooled by this. I'd rather have something that gives me 180% annual appreciation on average than something that gives me 10% interest and makes me lose 20% capital.

Somehow, people tend to lose their patience and want fast money, but this will end up losing all their money. It is better to have less risk. It is okay if we are moving slowly, but it is definitely since profit is the goal and not the first to finish. I really don't mind how long it takes to gain a profit as long as I am really earning a profit. We should be thinking and planning ahead rather than doing things fast as we tend to make mistakes and then end up losing a ton of money.

Sometimes it's true that when people talk about crypto, people only think about making a quick profit,
in crypto it can be like that but it must be understood that it is not always and it is not easy to make profits instantly besides that the risk is also big so think about that too

pinggoki

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I don't think so, most means of making money using bitcoin is hands on so it's not really bitcoin worling for you, maybe if you've found a way to invest in someone using your bitcoins and at the same time get paid in bitcoins then you've probably did what you really wanted which is bitcoin working for you.

Topic: IS it possible to let your BTC work for you ? - page 7. (Read 1115 times)