What I like about Crypto.com is that they offer a lot of services for their clients! Among these are buying crypto within their app and you can earn interest by staking your crypto (you have 3 term options: Flexible, 1 Month, and 3 Months), plus they also have a debit card that you can load up and spend your crypto with. While Crypto.com has simple interest, blockfi.com on the other hand offers compound interest and the payout is every month. A cool feature they offer is allowing you to choose what currency you want to earn interest in. (For example, stake Bitcoin and earn interest in Ethereum or USDT (stablecoin).
Cool list, OP! This kind of thing is relatively new so there's not much info about it but it seems like this is thing now so you see them booming everywhere along with DeFi.
Topic: [List] Bitcoin Savings Accounts Providing Interest - page 2. (Read 449 times)
The problem with all of these services is that you are giving up control of your private keys.
Agreed. In this case, the only reliable indicator of whether to trust a website with your money is the track record they have, which many of the websites in the list above have is practically spotless. Furthermore, most, if not all of them, assure a risk-free return on your balance in spite of lending it out the second it lands in their wallet. As someone else said, they've got collateral in place. I don't know about you guys, but I myself wouldn't look twice after giving them my BTC.
But it's still much better rates than most traditional banks are paying.
Right? Like, it's almost as if the bank is giving the finger to their customer base as they update their measly interest rates table topping at 0.08%, when you could purchase a stablecoin that could net you 100x that insulting rate. It makes me wonder why people aren't more aware of the potential of cryptocurrencies as a whole.You should include the "domain extensions" for those you've missed
Very good compilation, maybe someone has a source where I can see something similar for other coins. Thanks in advance
Done and done. Thanks for the input!
Banks are highly regulated, while it is the Wild West when it comes to the above companies accepting crypto deposits. In the US, bank deposits are also insured against loss due to the bank being unable to pay their deposit holders up to certain amounts, and this is not true for the above companies.
Do you think a bank might have enough to refund all the customers if something bad happens? Nah, the "insured funds" is what I call a marketing trick to make people believe they're safe while in fact, they're not totally.
Also, I don't know how it works in the U.S. in such a case but if it's like in my country, the funds are insured by the government not the bank.
So imagine a bank going bankrupt, it's the government that will inject some money to make this insurance works. And from where will this money come? Taxes or borrowed money from banks.
I see your point and it's surely available for most of the websites listed but there are exceptions like Nexo.io or Bitwala. The company is licensed and regulated and manages 4 or 5 billion in assets, so I would say it's not a 'wannabe lending platform like freebitco.in. Bitwala has a banking license in Germany.
I have always found it funny to see people using freebitco.in as a saving account. It's like if you have money to invest and instead to visit your banker you visit your baker.
I'm sure we will see more websites like Nexo.io, with licenses and regulations, like IRL. The time of BTCJam is gone long ago
Very good compilation, maybe someone has a source where I can see something similar for other coins. Thanks in advance
If there is an error, or would like me to add more information, kindly let me know. Thank you!
Personally, I'm not a big fan of such platforms [due to obvious reasons] but you should include the "domain extensions" for those you've missed [7 out of 11] in the list...- A lot of newbies out there, tend to just click the first few google results when there's no domain extension [most of the time, they'll be visiting a similar-looking fake platform instead].
The problem with all of these services is that you are giving up control of your private keys, so you are trusting the service not to run away with your coin, or let a hacker run away with your coin. If you are receiving interest for your deposit, the service is also obviously lending out your coin to other customers, which means you are also risking that borrowers will not repay the service in large enough quantities that the service cannot repay you.
It's the same with the banks when we receive our salary on a deposit account. We are giving up the control to them. Yet we still use these banks. Something bad could happen like a hacker infecting your app successfully, the bank goes bankrupt, etc.
The problem with all of these services is that you are giving up control of your private keys, so you are trusting the service not to run away with your coin, or let a hacker run away with your coin. If you are receiving interest for your deposit, the service is also obviously lending out your coin to other customers, which means you are also risking that borrowers will not repay the service in large enough quantities that the service cannot repay you.
It's the same with the banks when we receive our salary on a deposit account. We are giving up the control to them. Yet we still use these banks. Something bad could happen like a hacker infecting your app successfully, the bank goes bankrupt, etc.
The problem is the same when people store their coins in centralized exchanges, despite all the warnings not to do it. As you can see people don't care
They provide a service, of course, we have to trust them a bit, the same way we have to trust the banks if we want to use their services
As for the risk of the borrower not repaying the loan, I don't all of them but some have a collateral system so if the person decides to not repay or if the value of the collateral decrease too much compared to the loan, the lender is secured because the collateral is liquidated.
And in almost all cases, the excess counterparty risks that you incur from using one of these services will not be worth it.
This is even more concerning when considering the fact that a bunch of the sites on here (Cointiply, freebitco.in, etc.) are actually faucets that are completely unregulated as investment vehicles.
Even if they have paid out consistently in the past doesn't mean that they will continue to do so in the future. They could well be running very highly leveraged fractional-reserve schemes for all that we know.
There is nothing wrong with the table itself - it is very informative. But people should understand the caveats.
This is even more concerning when considering the fact that a bunch of the sites on here (Cointiply, freebitco.in, etc.) are actually faucets that are completely unregulated as investment vehicles.
Even if they have paid out consistently in the past doesn't mean that they will continue to do so in the future. They could well be running very highly leveraged fractional-reserve schemes for all that we know.
There is nothing wrong with the table itself - it is very informative. But people should understand the caveats.
Great job, thanks for making this table. Maybe these 4%-5% APY rates isn't something amazing, especially considering how much crypto went up this year. But it's still much better rates than most banks are paying.
To get more significant interest, you have to hold a lot of money on that website. So, you have to trust your money to third party. And no matter how trusted website is, it's still risky.
About Freebitco.in, you need to have at least 0.0003 BTC in order to get interest.
To get more significant interest, you have to hold a lot of money on that website. So, you have to trust your money to third party. And no matter how trusted website is, it's still risky.
About Freebitco.in, you need to have at least 0.0003 BTC in order to get interest.
The problem with all of these services is that you are giving up control of your private keys, so you are trusting the service not to run away with your coin, or let a hacker run away with your coin. If you are receiving interest for your deposit, the service is also obviously lending out your coin to other customers, which means you are also risking that borrowers will not repay the service in large enough quantities that the service cannot repay you.
Earning passive income, particularly through Bitcoin, is something I've gotten interested in these past couple of weeks. I tried looking for relevant topics around the forum, but they seem to be scattered at large.
As any investor worth their salt would tell you, passive income is the single most important area of finances that will ultimately build your wealth reliably. Warren Buffett, the most important investor of our era, endorses passive income, and hails it as the best tool for the common man to keep themselves afloat in such a turbulent economy. With the advent of Bitcoin later came the huge (realistic) potential to make money faster than the bank would ever offer you.
Unlike investing your inflation-prone dollars in a <%1 APR bank investment, Bitcoin, and crypto in general, enjoys both very high APRs, as well as being a generally appreciative asset over the years. This is indeed thanks to its deflationary method of rolling out fresh units into the economy, as well as being decentralized. Before you is a list of services and websites providing solid APY rates, with all the relevant information as well.
It is erroneous to think that all savings account services utilize the same business model. The most popular of which is the lending out of whatever you deposit into their savings products, and making a profit upon the maturity of that loan's interest, such that the business owner receives the original amount + interest, the interest of which is split between you and the owner. Casinos, such as Cointiply and FreeBitco.in, make use of a different model, which is dividing the BTC balance into two different parts: To bankroll the various casino games, and to cover the user withdrawals. Unlike the former model, this model is unique in that the profits the casinos make, so long as users continue playing in that casino, are practically guaranteed by the house edge. Based on this conclusion, an inference can be made that the interest rate will likely remain stationary in the scale of years, whereas the former model fluctuates depending on the loan interests.
Regarding the safety of your BTC, the sentiment of "Not your keys, not your coins" rings ever true. When it comes to deciding which service to entrust my coins to, the two ultimate factor to take into consideration is that website's security track record, and time in the market. Many of the mentioned website have been in the game for several years now, with (AFAIK) good records of security.
_______________________________________________________________________________ ______________________
*Bitcoin equivalent.
** If the answer is NO, it means that you are able to withdraw your balance freely without having to wait.
_______________________________________________________________________________ ______________________
Overall, the only services I can vouch for in this list are Nexo.io, Cointiply, Binance and, as you may have guessed from my signature, FreeBitco.in. They've paid me consistently with smooth transactions and services round-about.
If there is an error, or would like me to add more information, kindly let me know. Thank you!
As any investor worth their salt would tell you, passive income is the single most important area of finances that will ultimately build your wealth reliably. Warren Buffett, the most important investor of our era, endorses passive income, and hails it as the best tool for the common man to keep themselves afloat in such a turbulent economy. With the advent of Bitcoin later came the huge (realistic) potential to make money faster than the bank would ever offer you.
Unlike investing your inflation-prone dollars in a <%1 APR bank investment, Bitcoin, and crypto in general, enjoys both very high APRs, as well as being a generally appreciative asset over the years. This is indeed thanks to its deflationary method of rolling out fresh units into the economy, as well as being decentralized. Before you is a list of services and websites providing solid APY rates, with all the relevant information as well.
It is erroneous to think that all savings account services utilize the same business model. The most popular of which is the lending out of whatever you deposit into their savings products, and making a profit upon the maturity of that loan's interest, such that the business owner receives the original amount + interest, the interest of which is split between you and the owner. Casinos, such as Cointiply and FreeBitco.in, make use of a different model, which is dividing the BTC balance into two different parts: To bankroll the various casino games, and to cover the user withdrawals. Unlike the former model, this model is unique in that the profits the casinos make, so long as users continue playing in that casino, are practically guaranteed by the house edge. Based on this conclusion, an inference can be made that the interest rate will likely remain stationary in the scale of years, whereas the former model fluctuates depending on the loan interests.
Regarding the safety of your BTC, the sentiment of "Not your keys, not your coins" rings ever true. When it comes to deciding which service to entrust my coins to, the two ultimate factor to take into consideration is that website's security track record, and time in the market. Many of the mentioned website have been in the game for several years now, with (AFAIK) good records of security.
_______________________________________________________________________________ ______________________
| Name | APY (%) | Compounding period | Min. Deposit | Min. Withdrawal | Lock-in?** | Altcoins? |
| BlockFi.com | 4.90 | Daily | None | 0.003 | No | Ξ, Ł |
| Nexo.io | 8.00 | Daily | 0.001 | 0.001 | No | Many |
| FreeBitco.in | 4.08 | Daily | 0.0003 | 0.0003 | No | None |
| Cointiply.com | 5.00 | Weekly | None | $5* | No | Ɖ |
| Binance.com | 1.21 | Weekly | None | 0.0001 | Yes | Many |
| Gemini.com | 3.05 | Daily | None | 0.0001 | No | Many |
| Celsius.network | 4.73 | Daily | None | None | No | Ξ, ₮ |
| Crypto.com | N/A | Daily | 0.005 | 0.003 | No | Many |
| getLinus.io | 4.50 | Daily | None | N/A | No | None |
| YouHodler.com | 4.80 | Monthly | 0.1 | $50* | Yes | Ξ, ₮, LINK|
| Coinloan.io | 4.40 | Daily | None | N/A | No | Many |
| Ledn.io | 6.25 | Daily | None | None | No | USDC |
*Bitcoin equivalent.
** If the answer is NO, it means that you are able to withdraw your balance freely without having to wait.
_______________________________________________________________________________ ______________________
Overall, the only services I can vouch for in this list are Nexo.io, Cointiply, Binance and, as you may have guessed from my signature, FreeBitco.in. They've paid me consistently with smooth transactions and services round-about.
If there is an error, or would like me to add more information, kindly let me know. Thank you!
Jump to: