I think the only way would to be to lend bitcoin person to person while receiving some kind of collateral from the borrower, preferentially without any third party platforms or middlemen involved on the negotiation. It's not easy to execute though, because it's hard to find personal customers with so many well established lending services operating already on the crypto universe.
Anyway, KYC isn't an issue if you are doing legit business. Actually, it's an extra safety measure as these lending services are regulated and working accordingly to the rules of the countries where they are registered, what means people behind them can't hide themselves on the anonymity, being possible to track them if something goes wrong with the services they offer.
Topic: IS it possible to let your BTC work for you ? - page 8. (Read 1149 times)
It is possible to lend your Bitcoin to a third party and in return you will get interest.
ledn.io
blockfi.com
are the 2 best known sites for this unfortunately you need to do KYC.
Also as many have mentioned, as soon as you send Bitcoin to your LEDN or BLOCKFI
account you lose control of them, yes you will be able to login and check the progress etc.
but they have the power to lock you out of your account as an example
You will not need to use private keys, private keys are just that PRIVATE.
ledn.io
blockfi.com
are the 2 best known sites for this unfortunately you need to do KYC.
Also as many have mentioned, as soon as you send Bitcoin to your LEDN or BLOCKFI
account you lose control of them, yes you will be able to login and check the progress etc.
but they have the power to lock you out of your account as an example
You will not need to use private keys, private keys are just that PRIVATE.
More interesting than logging into the account is to import the address they give you as a watch-only wallet. You can use blue wallet for this for example.
That way you're able to see the exact real movements on your account that are not visible from their system.
You'll see them moving funds away from your account to pay other users withdrawing, and when you withdraw it comes from another user's account, not yours.
I wouldn't leave my coins there, feels like a game of musical chairs.
It is possible to lend your Bitcoin to a third party and in return you will get interest.
ledn.io
blockfi.com
are the 2 best known sites for this unfortunately you need to do KYC.
Also as many have mentioned, as soon as you send Bitcoin to your LEDN or BLOCKFI
account you lose control of them, yes you will be able to login and check the progress etc.
but they have the power to lock you out of your account as an example
You will not need to use private keys, private keys are just that PRIVATE.
ledn.io
blockfi.com
are the 2 best known sites for this unfortunately you need to do KYC.
Also as many have mentioned, as soon as you send Bitcoin to your LEDN or BLOCKFI
account you lose control of them, yes you will be able to login and check the progress etc.
but they have the power to lock you out of your account as an example
You will not need to use private keys, private keys are just that PRIVATE.
is it truly possible that my BTC works for me , without revealing my private keys
Unless you send your coins to a custodian, which may or may not scam you, this is not possible with Bitcoin.
As the others said, with enough patience BTC does work for you, but it's not the amount of BTC that's increasing, it's the value of your coins that's increasing. (But keep in mind that bitcoin price can go up and down too.)
Lending?
I don't know what you mean by lending in a wallet where KYC is not required that would be extremely *careless* if you are lending your coins then you have to understand that the wallet needs a lot of security checks for both parties and that's the only way to go.
Other than that there are general wallet which are functional without KYC but they do not really have lending options available for example : Samourai.
Plus do not lend your coins at a place which does not require any KYC it's not really safe!! It might be a scam as well.
I don't know what you mean by lending in a wallet where KYC is not required that would be extremely *careless* if you are lending your coins then you have to understand that the wallet needs a lot of security checks for both parties and that's the only way to go.
Other than that there are general wallet which are functional without KYC but they do not really have lending options available for example : Samourai.
Plus do not lend your coins at a place which does not require any KYC it's not really safe!! It might be a scam as well.
There is not an embedded mechanism in the bitcoin network that would allow you to stake in the way you can stake some of the Alts, as the bitcoin network's safety is based on PoW. Any respectable thrid party will ask you for a KYC and it is certain that if you are to lend them, you will need to provide access to them either by deposit or keys. I am afraid that you would need to choose either a different crypto or accept KYC.
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.
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.
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.
BTC works best for you if you hold your bitcoin in your private wallet and do not store it in the exchanges so you do not have to do KYC and you can avoid the hacker that can attract the exchanges and steal the funds.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.
I only have experience storing my bitcoin in Jaxx and converting my bitcoin to other coins. But still, if I want to sell my coins at the exchanges, I will need to follow their rules such as verifying my account by doing KYC.
We do not suggest you send your bitcoin to any exchange and stake your bitcoin to earn rewards because there is a risk that you should face it. If you are okay with the risk, you are free to do that. Binance will suit you.
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.
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.
There are Defi projects to which you can lend your wrapped BTC, this will make your BTC work for you without compromising KYC and seed. rBTC and wBTC and the likes are not the real BTC but it's close to being BTC.
Do not expect high APY through but altcoin lending has more APY. This is just an answer to making your coins work for you but certainly not a very recommended way to make money. Holding your BTC is even better than these methods. Staking your POS coins could be good but its price usually drops.
Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
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.
Also, never reveal your private keys to anyone, and never trust anyone that asks you to reveal your private keys.
Does anybody have any experience with a non-custodia platform/wallet /swap which does not require KYC but supports BTC ?
I don't know of any non-custodial Bitcoin wallets that require KYC.
As far as Decentralised Finance goes, Bitcoin is not really suited for that. It has been lagging behind for a while now. We may see some changes in the near or far future that might change that but as things are now, Bitcoin does not have the smart contract capabilities for DeFi in the same way as some altcoins and blockchains like the binance smart chain. I would just hodl the Bitcoin and not panic.
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.
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.
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.
One of the risks that you would really able to bare it out if you are really serious on getting some interest out of your coins but in general and sensible speaking then volatility alone would really be enoughWhoever 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.
on making those coins you have stored would earn significant interest but well its not an assurance since it could go on to other side of things even though it wont really be that much preferred for those
who do like on earning interest on fixed manner but you would need to entrust these funds on a third party which I would say a risky thing to be done.
As much as I know, most of them will require you KYC.
I don't know what's the catch with that if they're fully aware that bitcoin is decentralized. But they're all businesses platforms and they're required to be registered and they're mandated to ask their clients/customers for KYC.
The closest one that I can think of what you're thinking is about lending it in P2P just like in the forum.
--> https://bitcointalk.org/index.php?board=65.0
I don't know what's the catch with that if they're fully aware that bitcoin is decentralized. But they're all businesses platforms and they're required to be registered and they're mandated to ask their clients/customers for KYC.
The closest one that I can think of what you're thinking is about lending it in P2P just like in the forum.
--> https://bitcointalk.org/index.php?board=65.0
Well if there are platforms that bitcoin or some part of it can be staked to gain more bitcoin or Satoshi, I'm sure many more people will be interested with that. I'm not aware of such for the moment and would be interested but as to staking some altcoins, that is very much available.
You can stake some altcoins with you having your keys with you but this will not possible for bitcoin.
Yes, that works for altcoins which are run on the PoS - Proof of Stake algorithm. That is quite different from third party staking which is only what can be run on bitcoin. 
Hey, I am wondering is it truly possible that my BTC works for me , without revealing my private keys and also without KYC ?
I do not think so, if you are privacy concerned, hold you bitcoin on noncustodial wallet and make passive income if the price of bitcoin rise. I wish bitcoin can be used for noncustododial staking.To make active income with bitcoin, you will depend on third party or you use altcoins that are pegged with bitcoin, but these are not bitcoins, they are altcoins.
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.
You can stake some altcoins with you having your keys with you but this will not possible for bitcoin.
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.
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.
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.
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.
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