wiser tries out two Bitcoin savings vehicles
After some of the altcoin craziness subsided over the past week I ended up with an extra Bitcoin that I didn't really know what to do with. At first I put in a low ball buy order for some XEM, and then I got a promotional email from BTC Pop, a Bitcoin "bank" where I'd long ago registered an account but hadn't done anything with it since. The promotional email was about the instant pool savings account, which pays out at a range of interest rates based on when loans against the pool are repaid. By depositing funds there, you are making them available for loans, and as the loans get repaid the profits are shared among all who hold funds in the pool. I believe profits are paid out once a day.
As I may have mentioned before I have up until this point used the Free Bitcoin faucet as a savings account. Free Bitcoin pays daily at a rate of 4.08 percent APY.
Once I learned about the BTC Pop pool savings account I decided that I would compare the two. Last night I parked a half Bitcoin in each account. Today I logged in to compare the results.
The results are not going to be entirely scientific because my Free Bitcoin account has a number of referrals and all payouts go to the same place, so the earnings are going to be a bit inflated. Please keep that in mind in making a decision about where you will park your own funds.
The day after making the half Bitcoin deposit, I logged into both accounts and this is what I saw.
On BTC Pop pool savings:
The profits are broken down further here:
On Free Bitcoin:
Not all the profits came from interest as some is from referrals and possibly claiming from the faucet. Here is the amount that came from interest:
Initial results for just one day clearly show Free Bitcoin as the winner. It will be interesting to see if that changes over time. Free Bitcoin's daily payout is fixed at 4.08 percent APY, whereas BTC Pop's daily payout rate is variable, based on the interest rates on the loans taken out against the pool.
Hello @wiser
I am new to cryptocurrency, but i am very familiar with Free Bitcoins because i started my cryptocurrency with journey wih it. Thanks for sharing this information with us.
I work with new Steemians and some are new to crypto currency, that is one of the reason i featured @kingscrown this week on my weekly steemit show called The Rainmakers. Followed You
@ogochukwu
Good to see you are still around :)
Hey! I also have a bit of bitcoin in freebitcoin.in
I have been quite cautious though and only recently added some more. It's hard to know who to trust!
How long have you been with them?
Free Bitcoin has been around since 2013, and I probably discovered them in 2014 or so. I've played the faucet off and on all this time, and consider the site to be about as stable as you get in crypto. I only recently started depositing funds for savings. Although I can't guarantee anything, personally I feel confident that Free Bitcoin will still be around next year and the year after. With that said, once you deposit money with them, stay on top of it. Log in often, play the faucet game regularly and be on the lookout for anything that looks unusual.
I'm saving my BTC on freebitcoin as well, but I'm also using it in conjunction with one of my moonbitcoin faucet accounts as well.
This way I collect instantly in Xapo with one moon account and areceive weekly payment into my savings.
I appreciate your post. You actually solved a query I had so it's perfect.
Do you know anything about BTC lending? I want to get in on that I just don't know where to start. I've read so many mixed reviews.
Thanks & praise. V
I do that too, actually. I have a Moon Bitcoin faucet that pays into my Free Bitcoin account, which will no doubt skew the results further.
I used to invest in loans back when BTC Jam allowed US investors. I haven't ever looked through and calculated my gains and losses, so I couldn't tell you that. A lot of loans default, so that is a big risk with investing directly into loans. With pool investing, you aren't as vulnerable to the risk of defaulting. I think defaulted loans represent less profit as opposed to loss of principal.
Yeah, I've been seeing the same type of information around the web. I lost so much when I was starting out with crypto. I'm not willing to loose more.
I got the idea to link up my moon BTC to my freeBTC accounts in a comment I saw on here. Perhaps that was you. I don't know why, but I feel pretty strong about it.
Thanks and praise regardless. I appreciate your responses, they've induced a psychological liking. Beyond my control, but not without meaning.
Thanks again for your time. V
The way I see it is that with crypto you almost have to expect that you will lose some from time to time. It's part of the nature of the beast I think. When you're first starting out this can be difficult, but over time I recommend diversifying. So, now that I know about BTC Pop, I have my savings Bitcoin split up between two platforms. If one platform fails at least I have the other platform. And you also have to respect the adage to only invest what you can afford to lose from the beginning.
I've built a rather profitable portfolio and diversification was definitely key. And never investing what I can't afford to lose is one of my golden rules, I just hate losing it is all.
Very wise and appreciated advice as always. It's always good to have contingencies I need to get on that.
Thanks and praise for your time and response.
V
Nice @wiser hope all works out for the better with this loan service you are getting involved with. There is another one called BCC lending which uses Bitconnect crypto. I've heard people are making a few returns on that as well https://bitconnect.co/bitcoin-information/19/investing-in-bitconnect-lending . Follow me if you'd like to check out my cloud mining experience for Ethereum. Cheers!
I'm avoiding BitConnect. Be careful!
It isn't a reliable venture?
That is my understanding. Check out this article: https://steemit.com/scam/@thegrinder/the-bitconnect-scam-exposed
wow.. when its too good to be true.. then.. it really is TOO good to be true :c