James Posted March 15, 2021 Share Posted March 15, 2021 I have been toying around in the cryptocurrency markets for numerous years now. I have made a lot of mistakes and gambled with a lot of my Bitcoin years ago when the United States government started to make it harder to play online. Casinos quickly popped up that would take Bitcoin. Well those are mistakes of the past and luckily I did not lose it all. Over the years it has been fun to watch my cryptocurrency grow in value but I like my assets to also produce income. I am an income oriented investor and cherish cash flow so I set out on a mission to find ways to deploy my cryptocurrency and make some cash at the same time. Now keep in mind cryptocurrency is all ready a super risky asset class and by placing your coins on platforms to earn you also take on platform risk. Like what if they go away forever? These things can happen in the wild west of cryptocurrency so remember never to invest more then you can afford to lose. Anyways I wanted my crypto to earn while it sat. A few peer to peer market places turned up but turned out to be total garbage. People were not repaying their loans it was horrible. Then a couple new sites popped up that let people leverage a certain percentage of their crypto just like using margin in your brokerage account. In there need for liquidity they offered some great interest rates for our cryptocurrency and stable coins (USDC, TUSD, etc.). I personally store a bit of my cryptocurrency on the following platforms to earn a bit of interest while it sits idle. BlockFi BlockFi allows you to earn up to 8.6% APY on your idle cryptocurrency. They pay interest on Bitcoin, Ether, Litecoin, GUSD, USDT, PAX, USDC, PAXG, Link, and BUSD. I have been with them almost a year now and things have been going well. Then again the cryptocurrency market has been going well too so it is still to early to tell. I do enjoy their service and I feel my cryptocurrency is safe on their platform. Nexo Nexo is like BlockFi but they lend to more consumer customers where BlockFi seems to be focused on the institutional customer. Nexo allows you to earn up to 12% APY if you jump through some hoops. Their standard rates are comparable to BlockFi. I feel like my cryptocurrency is safe at Nexo and enjoy they are trying to build a decentralized bank. I know there are a few other places we can place your BitCoin to earn some interest but I do not think they are available to the USA market. What are your favorite sites to use to earn interest income on your cryptocurrency? Quote Link to comment Share on other sites More sharing options...
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