How To Earn Interest On Your Bitcoin Savings Account!
Value of Bitcoin, the most popular cryptocurrency is increasing day by day. Due to this increase in popularity many people are choosing bitcoin as a safe way of investing.
Bitcoin trades are increasing in today’s world and many agencies and exchanges make it easier. There are many popular methods of earning money by just holding bitcoins. One among them is the Bitcoin savings account.
Earning Interest On Your Bitcoin Savings!
Bitcoin saving account is the same as a savings bank account which provides the holders a certain percentage of interest for their coins. There are many agencies that provide this facility to their customer.
The agencies lend these bitcoins to other institutions for generating earnings. These earnings are given to the owner in the form of interest. There are many applications that provide the facility of a bitcoin savings account. Let’s discuss some of them:
Bitcoin lending Platforms
BlockFi is said to be the oldest bitcoin lending platform. They provide users with up to 6.2 % interest in their bitcoin investment. BlockFi also allows the users to take loans (in USD) of about 50% the value of their invested bitcoin. The interest is also paid out in the form of invested cryptocurrency.
BlockFi also supports various other coins such as Ethereum, Gemini Dollar(GUSD), etc. The interest rate paid varies based on the type of coin invested and also the number. The platform also supports trading of coins for USD.
Celsius is also a bitcoin lending platform that pays interest on a weekly basis. Celsius accepts almost all of the stable coins available in the market. They also have their own token CEL. Accepting interest payouts in the form of CEL will increase the rate of interest. Celsius has no minimum deposit of fees The interest provided for bitcoin is about 4.5 percentage.
Binance Saving Account
Binance is considered to be the largest cryptocurrency exchange in the world. Binance also features a savings account which provides an annual yield of about 1.6%.
BitLeague is a bitcoin savings platform that provides interest for long term bitcoin deposits varying from 3 to 36 months. The annual interest rate varies from 6.7 to 9 percentage based on the duration of the term deposit. All the interest is paid out in the form of BTC. BitLeageue also supports an exchange that allows users to buy and sell digital currencies.
Nexo is another high-quality bitcoin lending platform that provides an interest of up to 8% on all stable coins. The interest is paid out daily and can be withdrawn without any extra charges.
Using the above platforms everyone can earn high amounts of returns for the digital currencies they are holding. Based on the type of coin and number, one can choose the best returning platform. Even though the risk factor is very high in this platform, a proper study can always yield better returns.