Hi everyone, I'm holding BTC for a few years now but I've heard about staking, is this safe? How does that actually work? Would you rather stake or borrow against it?
Not your keys, not your crypto. Stay safe, friend.
Drspaceman1717 on
There is no such thing as staking Bitcoin. You’re giving it to somebody else at risk in exchange for interest. The higher the interest they’re offering, the higher the risk that you’ll lose it. Hold your BTC.
DemandNew8116 on
don’t do it. where does the yield come from? always ask that question. I think eventually you will be able to lend to reputable bitcoin banks and get some tiny % for that, but that time is not here yet
TheGreatMuffino on
No
MCL-Jonathan on
Bitcoin is proof of work (POW) you cannot stake your bitcoin.
You can loan it out, but there will be risk. You can borrow against it, there’s also risk associated with that. Just DCA and HODL and wait for it to appreciate in price.
5 Comments
Not your keys, not your crypto. Stay safe, friend.
There is no such thing as staking Bitcoin. You’re giving it to somebody else at risk in exchange for interest. The higher the interest they’re offering, the higher the risk that you’ll lose it. Hold your BTC.
don’t do it. where does the yield come from? always ask that question. I think eventually you will be able to lend to reputable bitcoin banks and get some tiny % for that, but that time is not here yet
No
Bitcoin is proof of work (POW) you cannot stake your bitcoin.
You can loan it out, but there will be risk. You can borrow against it, there’s also risk associated with that. Just DCA and HODL and wait for it to appreciate in price.
[Bitcoin Bear Market DCA Playbook](https://youtu.be/JXvr49ECTuo)