The last side of Bitcoin I've failed to look into

serjent05

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

There are various program on exchanges that gives an interest if you apply to their program. All you need to do is deposit your Bitcoin to their program and start earning. It is one of the proven way to earn BTC while holding BTC but it is very risky because we are entrusting our Bitcoin to other hands.

Quote from: Outhue on May 22, 2023, 01:24:19 AM

Also, What are those RSK Bitcoin for? Any benefit at all?

RSK also known as Rootstock is a sidechain that is secured by the Bitcoin network.

Quote

RSK is an open-source sidechain platform that hosts smart contracts.
Smart contracts execute the terms of agreements between two parties without an intermediary.
A side chain that runs smart contracts is essential in cryptocurrency due to the high costs and sluggishness of confirming Bitcoin transactions.

You can read more about it here: https://www.investopedia.com/news/what-rsk-it-threat-ethereum/

michellee

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As a BTC investor, you only need to hold your BTC until it's time to sell when the time will be different from others. And in holding BTC, you can do other things like trading, which can make you get more BTC but it will depend on your ability to trade.

If you choose to HOLD, you will still have the same amount of BTC unless you can make a profit in BTC. But you can try staking on several sites, including exchanges, so your BTC amount will increase.

The benefit of holding BTC from now on is that you can make big profits when the market gets a bull run so you can sell it at the peak price.

jostorres

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

Also, What are those RSK Bitcoin for? Any benefit at all?

You can stake your Bitcoins with platforms such as exchanges to get some interest which is very low and not worth the time you will need to keep your Bitcoins locked. Other than that, you can use your Bitcoins to make trades on a daily basis if you know how to do that well and you can increase your Bitcoin holdings that way.

These are the two ways that one can use their Bitcoins to make more Bitcoins. If you want to do none of these two, then your only option is to simply just keep holding and sell when the price is pretty high, buy again when it's low, and keep repeating that.

FrozenBit

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When it comes to Bitcoin lending or any investment opportunity, there is always a degree of risk involved. Counterparty risk, platform security, regulatory risk, and market volatility are some of the factors to consider. Regarding matters related to the DeFi platform, it is up to you to trust it in terms of its security and reliability by looking at the reputation review, security testing, and community feedback on the platform. So don't get too attached to it; diversify your investments, and don't allocate a significant portion of your holdings to any opportunity that can help reduce risk.

Crptomagma

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Yes it is possible to make profit in Bitcoin but that is only when u hold then wait for the price to increase. And if u can't wait for the price to increase you can also trade.

kryptqnick

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Bitcoin is not PoS, so you can't stake your coins to get more coins. But that also means that Bitcoin isn't using a system of making the rich even richer and making the ownership more centralized than it already is. Hodling generally pays off over time, although Ethereum is also a decent currency that tends to grow in value over time, similarly to Bitcoin. I guess there probably are some centralized services that give interest rate over Bitcoin holdings, but I don't think it's worth the risk and the fuss. The volatility covers the potential profits, and the risk of custodial storage is just not worth it.

death69

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Certainly, one of the comedic ironies of Bitcoin is that it's as active as a hibernating bear when it comes to earning interest! Bitcoin, in its purest form, is indeed a proof-of-work coin that demands little more than a hodler's unwavering faith.

However, in the spirit of friendly correction, there are ways to put your Bitcoin to work. Cryptocurrency lending platforms allow you to lend out your Bitcoin for a period and earn interest. Just be sure to buckle up for a bumpy ride as lending your coins can be as exhilarating as a roller-coaster ride, with a dash of risk involved!

As for RSK Bitcoin, it's a smart contract platform secured by the Bitcoin network. Think of it as a postgraduate degree for Bitcoin, where it gets to learn all the cool stuff like smart contracts and dApps, which were previously the forte of Ethereum. It offers the benefit of harnessing Bitcoin's superior security while expanding its functionality. Quite a bright kid, isn't it?

Rockstarguy

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

Of course their is benefit for hodling Bitcoin, hodling is not in vain. This may seems difficult for you but if you make up your mind to try your best to hodl you will appreciate the good profits Bitcoin will give to you. Use every for fall of price of bitcoin as an opportunity to accumulate Bitcoin . Apart from benefit of profit in bitcoin their are other benefits from bitcoin. Having bitcoin is freedom, you have power over your money anytime , anywhere. For bitcoin to be the most reliable cryptocurrency, it is a benefit. You don't have any fear of losing your coin just like some altcoins while investing.

Xampeuu

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Quote from: wxa7115 on May 23, 2023, 10:37:14 PM

Quote from: summonerrk on May 23, 2023, 10:09:32 AM

Quote from: Outhue on May 22, 2023, 01:24:19 AM

~~~

Nah. I was a bitcoin holder periodically and kept it. And I will say that this is the slowest way to earn money. Let him be the calmest at the same time. Altcoins may die in the long run, but not bitcoin - the icon and the number one currency. I'm not belittling the value of Ethereum, but bitcoin is bitcoin.

How am I increasing my Bitcoin mass now?
Bitcoin trading. Transition to the usdt and back. Attempts to guess where the bottom is and where the maximum is.

The truth is there are not many ways to multiply our bitcoin, so either people stop being holders and they become traders trying to time the market and open and close their positions at the right time, or people could also begin to lend their coins.

However it does not matter what option people select to try to multiply their coins, those which want to do this will have to accept a higher risk by doing so, and while this may not seem like a big deal, it is, as if you do not change the way you approach the market you could find yourself losing a great deal of money instead of earning any.

As an investor, of course, you are ready to wait for years, and I think it is passive income that is difficult to rely on to meet your daily needs. however, with trading we will be able to multiply money more easily and quickly, but must master the science of trading, or take greater risks. and what is expected is that there will be many transactions in the bitcoin market, so that there will always be price fluctuations. both have their own characteristics both trading and investing. so that we should be able to judge ourselves which step to take

Kakmakr

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There are some places where people can deposit their Bitcoin and then get a fixed interest on it, like Freebitco.in ...if you want to earn passive interest, while you hoard your coins.

I grow my coins by trading with it, with the old strategy of selling at a high price and then buying more at a lower price. It is working very well for me, but I always have a fixed amount of coins that I never sell. Wink

wxa7115

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Quote from: summonerrk on May 23, 2023, 10:09:32 AM

Quote from: Outhue on May 22, 2023, 01:24:19 AM

~~~

Nah. I was a bitcoin holder periodically and kept it. And I will say that this is the slowest way to earn money. Let him be the calmest at the same time. Altcoins may die in the long run, but not bitcoin - the icon and the number one currency. I'm not belittling the value of Ethereum, but bitcoin is bitcoin.

How am I increasing my Bitcoin mass now?
Bitcoin trading. Transition to the usdt and back. Attempts to guess where the bottom is and where the maximum is.

The truth is there are not many ways to multiply our bitcoin, so either people stop being holders and they become traders trying to time the market and open and close their positions at the right time, or people could also begin to lend their coins.

However it does not matter what option people select to try to multiply their coins, those which want to do this will have to accept a higher risk by doing so, and while this may not seem like a big deal, it is, as if you do not change the way you approach the market you could find yourself losing a great deal of money instead of earning any.

cryptomaniac_xxx

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Quote from: GreatArkansas on May 23, 2023, 10:49:21 AM

Quote from: Outhue on May 22, 2023, 01:24:19 AM

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

Since we already have already now decentralized finance (defi), there are already some platforms now where you can stake your Bitcoin, what is happening here is you convert your Bitcoin to another wrapped-bitcoin on another network.
And through this, some platforms accept "stake" where you can stake your wrapped bitcoin to earn interest.

Right, but still though, its HODLing not enough to the OP? no offense to him, but it seems that he is comparing apples and oranges here so obviously there is a big difference.

For me and sure for the majority here, it's better to just accumulate and hold bitcoin in years instead of staking it and converting it to WBTC.

You have total control of your wallet with your private keys and with your BTC and I think that is good enough to see it grow by just HODLing.

GreatArkansas

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

Since we already have already now decentralized finance (defi), there are already some platforms now where you can stake your Bitcoin, what is happening here is you convert your Bitcoin to another wrapped-bitcoin on another network.
And through this, some platforms accept "stake" where you can stake your wrapped bitcoin to earn interest.

Z390

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Ethereum is a smart contract crypto project, that's why even before they abandoned the Proof of Work algorithm propel can still stake their Ethereum on some crypto exchanges and platforms, the same can't happen with Bitcoin.

If you see any it's probably a scam platform trying to steal your Bitcoin from you, there is a way you can earn small Bitcoin on Binance exchange by participating in their yield system, I guess it still works but using such a platform which is centralized is not safe.

There is also RBTC that introduced a smart contract, there is a way to stake your RBTC and RBTC has the same value as BTC but it's not the original BTC.

thecodebear

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

Also, What are those RSK Bitcoin for? Any benefit at all?

Bitcoin is digital gold. You don't make more gold by holding it do you?

Ethereum is more like a company with a product, and staking it gives you something like a dividend.

Two different things.

summonerrk

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

~~~

Nah. I was a bitcoin holder periodically and kept it. And I will say that this is the slowest way to earn money. Let him be the calmest at the same time. Altcoins may die in the long run, but not bitcoin - the icon and the number one currency. I'm not belittling the value of Ethereum, but bitcoin is bitcoin.

How am I increasing my Bitcoin mass now?
Bitcoin trading. Transition to the usdt and back. Attempts to guess where the bottom is and where the maximum is.

bittraffic

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Quote from: goldkingcoiner on May 23, 2023, 09:45:37 AM

Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

Also, What are those RSK Bitcoin for? Any benefit at all?

You could lend your Bitcoin in return for a certain percentage on return. But then again you would have to trust the person you are lending your Bitcoin to to actually pay you back and on time as well.

So for example say you lend someone 1 BTC for a return of 5% profit after 3 months. So after 3 months you get 1.05 BTC. And the effect of "hodling" will still not have been disturbed. You still hodl, you just actively do something in the meantime.

Lending can go wrong so make sure you have a legally binding document signed by the other party. But, I am not giving you law or financial advice, you can consult a professional for that.

There are numerous users in this forum ho are into lending though. Accounts was used as collateral back in the days which was a win win for those who lend BTC which they could even sell those accounts. Seem a very good business at one point.

Since OP is already liking ETH, he should just do some Defi in Eth since the feature he is looking can't be done in BTC.

goldkingcoiner

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

Is all we can do as a Bitcoin investor is to HODL?

Is there any way to HODL and make more BTC?

I know that Bitcoin is a proof of work coin, but I am only curious if there is something you can do, while planning to hold your Bitcoin for 2 years or more, is there any benefit of holding and making more Bitcoin?

Also, What are those RSK Bitcoin for? Any benefit at all?

You could lend your Bitcoin in return for a certain percentage on return. But then again you would have to trust the person you are lending your Bitcoin to to actually pay you back and on time as well.

So for example say you lend someone 1 BTC for a return of 5% profit after 3 months. So after 3 months you get 1.05 BTC. And the effect of "hodling" will still not have been disturbed. You still hodl, you just actively do something in the meantime.

Lending can go wrong so make sure you have a legally binding document signed by the other party. But, I am not giving you law or financial advice, you can consult a professional for that.

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

As a fan of Ethereum, I've been able to make some ETH through putting my coins to work, but I've not come across putting your Bitcoin to work before.

You mean staking

Let me ask, is there any big different staking makes vs HODLing?

Quote from: Outhue on May 22, 2023, 01:24:19 AM

Also, What are those RSK Bitcoin for? Any benefit at all?

That's not Bitcoin!

Lucius

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Quote from: Outhue on May 22, 2023, 01:24:19 AM

Is all we can do as a Bitcoin investor is to HODL?

Of course, you can always do more with your BTC, but that involves risk, because you leave your digital assets to someone else, and that other person can make an exit scam or be hacked at any moment. These days in my country there is a current story about how some enterprising crypto investor managed to cheat around 800 people and disappear with around 70 million EUR.

Obviously, no one remembers all those lending companies that collapsed like towers of cards, and maybe it's time for some new ones to appear, considering that there are a lot of people who are ready to "gift" their BTC to someone else for the promise of some miserable earnings of 1-2% per year.

Topic: The last side of Bitcoin I've failed to look into (Read 318 times)