I've been trading crypto for a while now, buying heavily into BTC when it crashed down near $3k, so the amount in my portfolio is getting high enough to make the potential for interest pretty attractive.I've been putting half of each paycheck into investments; half of that into crypto-assets; and half of that into USDC. I've been using Coinbase as my exchange, and exporting all of my USDC to my NEXO wallet, as I am drawing 8% interest off of stablecoin assets. However, i recently noticed that I could be drawing 4% interest on BTC as well, if I were to move it into my NEXO wallet.Thats like... A TON of interest compared to any other interest-bearing account with traditional banks and fiat. So my question: Is this what literally everybody does who holds substantial crypto assets? They purchase on their exchange, then send it to an interest bearing wallet? If not, why doesn't everybody do that? Is there some risk involved that I'm missing?I mean, I'm getting like $2 per day right now, and it just seems too good to be true to draw such a high interest rate in addition to any appreciation in value the crypto gains. I'm thinking I'm just way behind the game, and this is how everybody else has been doing it for a while!
Submitted August 06, 2020 at 09:16PM
No comments:
Post a Comment