Topic: What is the best way to earn with your idle bitcoin (if there is a way anymore?) (Read 306 times)

Welp, the answer is already there. Just hodl it in your hardware wallet and call it a day. Sure, the amount of Bitcoin doesn't increase by just holding it but at least the value of that Bitcoin will be going higher as the time goes. So, there is still a balance to hodl Bitcoin. The only thing to increase your Bitcoin is just buy and trade, that's about it. Any cloud mining, staking, ponzi schemes are better to avoid since they are just completely scams.

Even if there is a place where you can stake your BTC for a few percent per year, I honestly don't think it's worth it. One reason is that it's risky to keep funds on a centralized platform because not your keys, not your coins. Another reason is that Bitcoin is so volatile, that those tiny profits in percentage are honestly negligible. I'd say there still is a great way to earn with idle Bitcoin, and it's just called hodling. It's safe, relatively reliable, and very simple. Other things are IMO not worth it. Even a big reliable platform can crash at some point (be hacked, perform an exit scam, go bankrupt, etc.).

I can not guarantee you any site or activities that are risk-free to earn more bitcoin. Trading of bitcoin in centralized and decentralized finance is risky. Loaning off your bitcoin to get more bitcoin based on percentage return is risky. Nobody should trick you into staking as that is the worst of it all as it is very risky. There is no way you can escape the risk involved in wanting to accumulate more bitcoin for yourself. Although holding it in a cold is ok but that does not guarantee your coin's safety the risk is only minimized to a little extent. No DEFI and CEFI has proved to be risk-free as virtually all the most reputable one have had a case or issue of hack in one way or the other hence the phrase "not your keys, not your coins"

Only holding your own coins is the only truly safe place because when you are staking your bitcoins with a third party platform then basically they are not going to guarantee that your bitcoins will be completely safe and they are not responsible for any loss, nothing who we can trust besides ourselves when dealing with our bitcoins so my advice hold on to your bitcoins until you get a bigger return when the bitcoin price reaches a new ATH later instead of expecting income from staking.

I rather hold my Bitcoin to a cold wallet like a hardware wallet just to stake it on a centralized platform with a very small amount of APY/APR.
Why? Because I don't trust centralized things especially when Bitcoin is involved, even centralized exchanges that offering interest just to stake your Bitcoin to them is already a red flag for me.

Yeah i think after looking and reading these posts the best thing is to keep it on my ledger. You cant push luck so many times before you get burned. There is really nothing out there anyway that is appealing so ill just hold for now.

You are extremely lucky you withdrawn your bitcoin out those Cefi platforms a month before the disaster.
If I were you, I would be so paranoid after such lucky decision that I would not even consider to send any of my satoshis from my non-custodial wallet in order to continue a pursue for passive income. you should take a look at people on Twitter, begging to have some of their money back, it is simply heartbreaking.

But if you still want to go for it, I would tell you to try Defi, but only with a fraction of your holdings, do not get greedy, because next time your intuition may not save you.

Good luck.  

I'm an enthusiast of such investments, but after Celsius scandal (including the outcome for investors, decided by the court) I totally lost the interest for such platforms, because there aren't guarantees. I thought to have a regulated company and staff in front of the service would ensure safety for investors, but after all it meant nothing.

The only platform I still have some trust is freebitco.in, because their business model is profitable and the site is alive since 2013. Ironically, although it's completely unregulated and anonymous, it still has more legitimacy than the "unbank yourself" regulated Celsius business.

Anyway, it's not financial advise. I'm just sharing personal experience. Invest at your own risk.

Never really convert your (original) bitcoin to just some shit wrapped up token that calls itself as bitcoin too.

You don't have to think a lot with this thing. Just keep it as is and where is and you're good with it. I've been holding my bitcoin in my wallet without doing anything and it took a long time until I touched it again.

Just make sure you have it on note your recovery phrases and that's the most important words that you need to keep it safe.

Since it is idle, the best way is to just hold. You may also stake it (if there are any) but assure that the platform would be legitimate, never heard of one for years. Holding Bitcoin for long term is not a bad idea but you'll be needing huge amount of patience simply because the market price won't continuously increase in a consistent manner. There will be times of downfalls in its price as part of its nature of market volatility. But if you are seeking for profitable actions try engaging with trading but risks would be bigger in a sense that you need to buy and sell at the best times and for that to happen, you'll need experience and detailed analysis.

Returns and safety will not coexist when it comes to investment so you have to choose either one but in my opinion you are doing great by simply holding them in your hardware wallet so just let it be and in the long term the value of those bitcoin will be multiplied atleast 10x minimum for a cycle so don't take extra risk which has the possibility of complete loss.

If you don't believe what I say, then please understand that based on what I have seen and what I have known from scam projects over the course of these years, any website or project that guarantees profit over investment or that asks you to let them hold your assets for the duration of the project so that they may earn some profits from your bitcoins is a scam. Bitcoin is not a Proof-of-Sale cryptocurrency, which means that you cannot earn a profit directly from it, but rather by holding it, unless you invest the bitcoin and give it to someone in order to earn profits from it, which is extremely risky.

You can buy yourself a GMT or NFT token from the same project, each of these tokens has computing power attached to it from their mining farms, mind you, you might find this interesting

We're the same, I've been here around since 2017 but until now, I'm still in a learning process towards Bitcoin.
The best thing that you can do is to accumulate Bitcoin as much as you can so that you'll gain profit from it.  It might good also if you'll try to purchase Bitcoin in a DCA way, buying in a low position.

Defi and Cefi are different things if you want to hold your coins without an intermediary go Defi.
I never used any Cefi platform because I hate using a centralized platform due to KYC, the thing that you must always remember if you have a coin/asset, you must store it under your control.

5% looks small but if more than that (above 10 or 20%) then that might be tempting already, yet I will think really hard if I will do it or not because I already heard horrible stories about how lending platforms can collapse. It will be hard to sleep at night thinking that your Bitcoins are not in our control anymore and at any moment you can potentially lose it. If we want to earn more then the key is to buy more Bitcoins.

The most effective way of doing it is when the market is crashing really hard. Investing in our own using a trusted wallet brand (preferably offline) can be the best way to earn because the risk of doing it is only small but the return is high.

You really shouldn't be trying to earn with your bitcoin.

I earned a little bit on BlockFi in 2021 for about 6 months with only a little bit of my bitcoin. But it just wasn't worth the risk. Plus right after I started using it they started dropping the earning rate just about every single month until the rate was only a fraction of what it was when I started. At that point what I was earning was a joke and so I got out, then a year later they went bankrupt lol.


Just in general it is not worth the risk to give someone else control of your bitcoin just to earn a few percent on it. Bitcoin goes up by hundreds of percent every four years - that should be enough for anyone!

Bitcoin is the ultimate safe haven asset, the ultimate long term store of value, arguably the best wealth creation tool in the world (the only things that compete I guess would be Ethereum or starting a very successful business). Given these three things, putting your Bitcoin at risk by giving it to a third party just to earn a little bit extra just does not make sense. Bitcoin is what you want to accumulate as much as you can, and then you can start gradually spending it later when you feel happy about how much it has appreciated. There are other things to put your money in if you want income: Ethereum, real estate rental property, stocks (dividends), etc. Bitcoin is not one of those things.

Instead of looking for those passive staking products, I suggest you either try to find another job that pays in Bitcoin or allocate some of your salaries to buy Bitcoin regularly. That is arguably more secure than any centralized product right now and you have control over how much you spend. Obviously don't overspend on your investment, even $10 a month is fine as long as you can take the risk if anything went wrong.

Some people also suggest value cost averaging instead of doing DCA, you can check them out if you're interested in more investment alternatives.

I think you're referring to protecting the seed itself, which might be different from the risk most people are talking about here. Using a cold wallet (not necessarily a hardware one) and good security practice to protect your seed/private key is probably one of the safest methods to guarantee that you don't lose your coins. CMIIW.

If you have been in this market since 2017, then you are a seasoned person then you should know that even defi is not much safer than cefi, it is an investment with risk. Even if you keep bitcoins in your wallet, there is no 100% guarantee that it will be absolutely safe. There is no safe way to profit from your idle bitcoins, it is best to continue to keep bitcoins in a non-custodial wallet.

This is the best option right now. To just hold.

I'm holding Bitcoin for 2 years already and until now, I didn't think of my Bitcoins being used to lend out to these platforms that offers lending where you can earn somewhere around 5% or more per year. Kind of attractive, but I won't risk it.

You already said that you're lucky that you dodge the bullet against Celsius, and there are some who are lucky as well when Gemini ended their Earn feature. Sometimes, just idling your Bitcoin is a better and safer decision because I don't see any way either for my Bitcoins to earn more Bitcoins aside from it being lend to somebody.

If you don't believe in CEX and don't want to use them, there will be no way for you to profit from your bitcoins, most forms of short term profit are provided by CEX. But you should also be careful with DEX as it is also not necessarily safer than CEX, everything is risky.
You should continue to keep your bitcoins in a non-custodial wallet, it is the safest and also possibly the most profitable way. Don't try to look for short-term profit, and don't despise holding bitcoin, it can also bring you a huge profit in the future.