My head hurts from all the platforms out there, how do you pick?

Stanlo

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Quote from: slaman29 on April 14, 2021, 03:41:11 AM

Don't stake or farm them.

When you choose to do this, you either have to stake it with a company and trust that they'll keep your BTC safe and return it to you if you ask for it (we all know exchanges won't do that in worse case scenarios).

Or you have to "wrap" it with one other network and use the wrapped tokens to yield farm BUT you have to trust the smart contracts are secure. And I don't trust anything except BTC network.

Most staking events happens on crypto exchanges, it's always within centralised platforms and there is nothing anyone can do about it, if I have to stake it will be on platforms that are capable of refund if anything wrong happens, my best pick for that is binance exchange

stomachgrowls

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Quote from: asbani on April 13, 2021, 01:42:18 PM

My story with bitcoin is that I bought a little bit back in the old days and now it has flourished, however I've not work on them or invested. I also see people talk about farming/staking which can increase your portofio. Some people told me why do you just sit on your bitcoin, you could actually work them to get extra cash out of them.

With that said, which platform do you use? I'm new to crypto here! My head hurts from deciding which platform should I use to trade/stake/freeze/earn with. There are manyyyy! I've already looked into CakeDefi, Pancakeswap, Uniswap, Demex, RAMPDefi, Binance.com and Aave! all of these and I still don't know which one to choose and why. Can someone help/assist me as to choose which one? and why.

Not to say that DeFi is shit but it would be better if you dont deal with these things.You would just be basically wasting up your precious Bitcoins on investing into these projects.

If you are really earning decent profit then if you do tend to deal with things for some further diversification or more income then trading would really be ideal
but it doesnt mean that you would be having some guaranteed profits.It all matters on how you do trade though.

Sticking on something safe and doesnt want to get involvement with price volatility then simply holding isnt really bad after all.

omone1

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Quote from: asbani on April 15, 2021, 12:58:42 PM

Just last question, if I buy for example a BNB amount equal to USD $1000 - is it better to just hold it in my wallet on bnb website, or should I click the Earn button and stake all of it with whatever currency they offer? t.

Not your key, not your money remains the slogan. I prefer keeping my bnb and other assets on my private wallet from experience, as we may have seen, binance as an exchange has come to stay. However pancake and bunny has some good APY only need to be monitored in-case the APY drops.

asbani

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Just last question, if I buy for example a BNB amount equal to USD $1000 - is it better to just hold it in my wallet on bnb website, or should I click the Earn button and stake all of it with whatever currency they offer? this may sound like clueless question but I am overwhelmed, I hope somebody can remember himself 10 yrs ago so thats just me today

coming in late.

AakZaki

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zknodes.org

Quote from: michellee on April 14, 2021, 11:33:15 AM

I also choose Binance for now because I see Binance is a bigger exchange with so many coins to help me make a profit. We can take as many benefits from Binance and agree with the above me said, in Binance, you can use many ways to make money to give you more chances to make a profit. The other benefits are you do not need to verify your account as long as you can accept your funds' limitation. Maybe there is an exchange that can be a rival of Binance, but I am not sure if that exchange can beat Binance.

Binance is also the exchange that I love the most and I always use today. I do all trades on Binance including P2P. Apart from trading Binance also provides a Launchpad of several new coins that will be listed on the condition that it holds some BNB and BUSD.

Following the Binance Launchpad has paid off as well. The more BNB or BUSD that is held, the more coins will be obtained.

asbani

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I have gone with the consensus and picked the Binance exchange platform, I put some stupid trade in there and bought some TLM, but also I bought some BNB then went to the Earn tab and clicked stake as flexible a little of 0.6 BNB not much but just to test things out. Also, I put a little money in launchpools. There are two options there one is stake BNB Earn TLM or stake BUSD Earn TLM...So both I am earning TLM, I did a BNB stake and since yesterday I earned just below 1 TLM which is very sad. I mean that's below 0.4 dollars in one day, so I got no idea why people would do this.

As you can see I am all over the place, a little bit confused, and just testing things out, maybe I am going to buy even more BNB like 2k or 3k dollars since I heard from a lot of people that BNB will even hit higher price soon.

cabron

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https://www.betcoin.ag

Sitting on your BTC could be the best thing you can do actually as long as you have the private key of your own wallet. Those ways to make money while having your BTC are just options for you.

I'm staking myself but that might not be a good route for someone who is not patient enough. DEFi platforms allow you to earn as well, many will likely recommend Aave for it provides you earnings by lending your coins. However, if you are not risking over collateralization, try trading instead there are lots of altcoins to try on Binance that they are suggesting.

omone1

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When it comes to staking your bitcoin to earn more, using reputable binance smartchain platform would be very good because of the low fee that comes with using it. You can actually convert your onchain bitcoin to BTCb( by withdrawing to your private wallet using BEP20 on binance then stake and earn it. I strongly advise against you providing liquidity with your bitcoin to avoid impermanent loss.

Shasha80

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If you are new to the crypto world, it is indeed the safest thing to buy Bitcoin and holding for the next few years. But the problem is like you say
which platforms you should use, because it is true that there are so many platforms that we can use to store Bitcoin. If you want to store Bitcoin
on the most popular exchanges, I recommend using Binance. But while Binance is the best exchange, it is not 100% safe for storing Bitcoin.
I suggest you use a mobile / desktop wallet which is safer than storing it on exchanges. Or if you want to spend money, can buy a hardware wallet
which in my opinion is the safest way to store Bitcoin.

oktana

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Mehn, I don't buy the idea of all of all those stuff.
Just to be sure of what I have, I choose to hold my crypto in my wallet.
Sometimes it could be tempting to FOMO in but... IMO, I'm just cautious (Not saying it's not a good idea tho).

boyptc

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Quote from: Twinkledoe on April 14, 2021, 06:13:07 AM

Quote from: boyptc on April 13, 2021, 02:13:04 PM

Quote from: asbani on April 13, 2021, 01:42:18 PM

Some people told me why do you just sit on your bitcoin, you could actually work them to get extra cash out of them.

I'm not against with staking but AFAIK, you need a specific altcoin upon doing that with those defi platforms or exchanges. And I'm good holding my bitcoin with my hardware wallet not compromising its security that if someday those platforms might get hacked.

The most common that I know that's being used by most that are into it is Binance.

Recently, I invested in locked staking in binance in few alts available on that platform. As I realized also that instead of just holding the coin, why not gain something out of it. I won't recommend the alts I invested with because it is really up to the OP how he will gauge which coins to put his money into. Check their list and assess each coin. It will really take time. But in terms of financial investments, I will trust Binance. Don't be tempted in those trading platforms which are offering high ROI, as the chance that they may disappear is high. Stick to reputable platforms.

On my own thought and idea, I would be okay to spare and ignore those potential gains that I might have.

As long as I'm the one holding my balance whether it be in altcoins or bitcoin. It's still the best thing to hold because it's more rewarding as the price keeps up from time to time, no locked in that I have to wait before they release my balance.

pixie85

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I did some research on staking and it's not worth your time unless you can do it from your own wallet. Some coins allow you to do it or allow you to connect your platform account with your wallet. I know that Waves allows you to stake from your wallet on centralized platforms and your profits go to your account while your coins are in your wallet.

Don't stake on centralized platforms where you give up private keys. Those sites often have weak protection and your account can get hacked. The risk is not worth those few dollars a week that you'll make from this.

Ewox

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I’d start off with Binance if I were you, that is a good place to start with trading or for beginners when dealing with cryptocurrencies in my opinion. But the platform you also want to use should be relevant to what kind of cryptocurrencies you want to trade with or invest in, so I’d advise you to choose whichever is popular or widely used to be safe.

wxa7115

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Bitcoin is GOD

Quote from: asbani on April 13, 2021, 01:42:18 PM

My story with bitcoin is that I bought a little bit back in the old days and now it has flourished, however I've not work on them or invested. I also see people talk about farming/staking which can increase your portofio. Some people told me why do you just sit on your bitcoin, you could actually work them to get extra cash out of them.

With that said, which platform do you use? I'm new to crypto here! My head hurts from deciding which platform should I use to trade/stake/freeze/earn with. There are manyyyy! I've already looked into CakeDefi, Pancakeswap, Uniswap, Demex, RAMPDefi, Binance.com and Aave! all of these and I still don't know which one to choose and why. Can someone help/assist me as to choose which one? and why.

I'm going to give you a free advice that is very common and yet it is very effective, 'never invest in something that you do not really understand', if you already have an amount of bitcoin that could change your life in the future in the case the price skyrockets then there is no point in taking the risk in trying to multiply your coins, especially when despite your long trajectory of being invested in this market you don't really seem to know a lot about it.

It is true that you can multiply your bitcoin if you take the time to trade it but you are only looking at the best possible scenario, it is way more likely that you are going to lose most if not all of your bitcoin while trying to do this so if I were you I will not bother, but if you really want to do it then take the time to make a very deep research about what exactly you want to do before you actually do it.

wxxyrqa

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Quote from: Findingnemo on April 14, 2021, 10:04:58 AM

Stay away from investment schemes, Bitcoin itself an investment so don't take any risk to get some returns which is not actually worth the risk you are talking. Staking and lending platform are giving some returns but I never picked any of those because if I stake on any platform I can't able to access my funds whenever I want.

It seems to me that this kind of activity is only suitable for gamblers who combine business with pleasure. That is, he gets satisfaction from the excitement and, if possible, earn. But no one should set himself the goal of earning income through gambling. It is better to already learn to trade and enjoy it. Well, for personal peace of mind, I would still choose to invest in the top-rated cryptocurrencies, and with this I completely agree with you.

taufik123

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Don't get confused by the many platforms that exist today. all platforms can increase your portfolio drastically. You only need to understand them one by one.

You can trade on any platform, the most important thing is that the platform is safe and recommended by everyone. I currently like Pancakeswap and various kinds of BSC-based tokens are popping up.

In addition, Uniswap is the most widely used ETH platform, but the current ETH platform fees are too expensive. The cheapest for now is the BSC platform.

michellee

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Quote from: Dewi Aries on April 14, 2021, 07:35:58 AM

Quote from: asbani on April 13, 2021, 01:42:18 PM

My story with bitcoin is that I bought a little bit back in the old days and now it has flourished, however I've not work on them or invested. I also see people talk about farming/staking which can increase your portofio. Some people told me why do you just sit on your bitcoin, you could actually work them to get extra cash out of them.

With that said, which platform do you use? I'm new to crypto here! My head hurts from deciding which platform should I use to trade/stake/freeze/earn with. There are manyyyy! I've already looked into CakeDefi, Pancakeswap, Uniswap, Demex, RAMPDefi, Binance.com and Aave! all of these and I still don't know which one to choose and why. Can someone help/assist me as to choose which one? and why.

Binance maybe, you can do staking, trading in spot or future or any kind of other trading activity. If want to join launchpad in Binance sometimes they open launchpad, big volume market, as long you put 2fa i think you account is safe.

I also choose Binance for now because I see Binance is a bigger exchange with so many coins to help me make a profit. We can take as many benefits from Binance and agree with the above me said, in Binance, you can use many ways to make money to give you more chances to make a profit. The other benefits are you do not need to verify your account as long as you can accept your funds' limitation. Maybe there is an exchange that can be a rival of Binance, but I am not sure if that exchange can beat Binance.

stompix

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Blackjack.fun

Quote from: Bitcoin_Arena on April 13, 2021, 06:54:30 PM

Why would you want to look up your hard-earned BTC from several years ago in a third party platform just for a few dollars just in the name of DeFi, yield farming or staking? (Honestly the APY's never go beyond 20%)
What if the platform disappears or exit scams? Do you have a plan?

It's not really killing the golden goose but more like breaking a Fabergé egg to see if there is chocolate inside. Grin

Reading all the advices here I'm really getting scared how people would give away their privilege of being their own bank and deposit their hard earn coins on platforms with no guarantee, at least with banks you have some insurance cap, with those tomorrow all you have is a 404 code and an empty wallet.

Making money on top of making money, doesn't this trigger a thousand alarm belles for anyone?
Put some coins here and here and you make profits on top of the BTC / fiat profits, where is this going to come from?
Seriously this starts to look a lot like 1929 madness

Findingnemo

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Bitcoin = Financial freedom

Stay away from investment schemes, Bitcoin itself an investment so don't take any risk to get some returns which is not actually worth the risk you are talking. Staking and lending platform are giving some returns but I never picked any of those because if I stake on any platform I can't able to access my funds whenever I want.

Ludmilla_rose1995

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Buzz App - Spin wheel, farm rewards

Quote from: asbani on April 13, 2021, 01:42:18 PM

My story with bitcoin is that I bought a little bit back in the old days and now it has flourished, however I've not work on them or invested. I also see people talk about farming/staking which can increase your portofio. Some people told me why do you just sit on your bitcoin, you could actually work them to get extra cash out of them.

With that said, which platform do you use? I'm new to crypto here! My head hurts from deciding which platform should I use to trade/stake/freeze/earn with. There are manyyyy! I've already looked into CakeDefi, Pancakeswap, Uniswap, Demex, RAMPDefi, Binance.com and Aave! all of these and I still don't know which one to choose and why. Can someone help/assist me as to choose which one? and why.

Choose a platform that provides a large APY, maybe nexo or mycointainer. but you can also search for information on the internet to find the best platform for staking. For the coins you want to stake, Choose safe coins for staking. Maybe Algorand (Algo) is good for you staking because Algorand is known as a decentralized permissionless blockchain. Its main purpose is to solve major blockchain scalabilities problems. On the other hand also to maintain decentralization and security.

Topic: My head hurts from all the platforms out there, how do you pick? (Read 351 times)