Hey Jessinvestors
Yes, the clickbait on the title might be off the charts, I get that, but what I am about to tell you is still true. It can be done, but it is not without its risks which I will guide you through shortly. I think the biggest issue with owning Bitcoin by trading your fiat money for it is the idea of losing value.
No one likes to lose, but everyone wants to win, go figure, right? Not everyone is okay with the idea of losing 80% of their investment or purchasing power in a single day and waiting for it to recover.
As I seasoned Bitcoiner, I think I've become numb to it, but for many, it's a scary thought. So how do we overcome this and still get people to own a piece of the Bitcoin upside? Through some clever use of representative currency, some "De-Fi" that's not actual De-Fi.
So enough chit chat, let's get into it.
1. Acquire a stable coin
Regardless of where in the world you live being a no-coiner, you would have to appreciate the fact that the US dollar is king. It's smart for any investor to have some US dollar exposure in their portfolio, especially those in developed nations.
Sure you may prefer your local currency, but in some cases, it might be a problem getting a representative version of it. The first step to earning Bitcoin with your fiat is to acquire a stable coin.
A stable coin is a digital version of fiat currency, and it comes in various forms from USDT and USDC for US Dollars or purchasing some TGBP or TCAD or TAUD for you Brits, Canadians and Aussies.
All these digital currencies are 1-1 backed with your local currency or US Dollars, so all you're doing is essentially swapping your fiat for a digital version of fiat that lives on a blockchain.
The value remains the same, and nothing changes in terms of the purchasing power.
2. Earning interest
Now that you have your digital currency its time to find a place to store it and earn interest on your money. If you're in a developed nation like the US, UK, Canada, Australia or the Euro-zone you're probably getting minimal interest, no interest or negative interest on your money.
Hardly seems worth keeping in a bank, would it? Instead, you can find applications that allow you to bank with them and earn interest on your crypto stable coins.
Remember these are similar to banks in that they are 3rd party services that hold your funds for you in exchange for this they pay you interest and skim a little profit off the transaction. Many of these companies have massive backing and insurance should anything happen to funds, as would bank.
Still think its important to warn users they don't own their currency with these services and why I consider them faux-de-fi services.
Sites like:
Are all custodial services that offer interest on your stable coins, you can earn anywhere between 6% and as high as 11% interest on your stable coins depending on the currency and service you plan on using.
Rates are subject to change so check out each service before deciding which one to use and with which stable coin you plan to deposit.
3. Converting interest to BTC
Sweet, you've deposited your funds, and you're starting to earn some interest on your capital. If you're using Celsius or Crypto.com, you're getting weekly payments, and you'll have access to the funds, while BlockFi pays you once a month.
As you start collecting your interest payments, simply convert them into BTC/Satoshis and boom you're in the Bitcoin game ready to collect on that potential upside without ever risking your principal investment.
Your purchasing power remains the same; you're getting a better return on your capital than you would otherwise get at a traditional bank and you now have BTC exposure for their potential upside.
If BTC does go on a run, you can always convert your BTC back to your stable coin at the new effective rate and cash out your interest. If it doesn't increase in price, then you never lost a single cent on your principle amount, giving you assurance and safety with no worries on the volatility of the BTC price.
Have your say
What do you good people of HIVE think? What's your Bitcoin acquiring strategy?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
fanbaseIf you liked this post, sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler and subscribe to my
| Browse & Earn Crypto | Stack Sats For Free | Earn Interest On Crypto |
|---|---|---|
 |  |  |
This is the most wonderful post i have read in one week.
Information like this is what i look for.
I have been hearing of block fi because i use brave browser.
Does it need verification like international passport?
Which of this platform will you recommend.
Thanks that’s very kind of you, only sharing what I learn and hope others do too! All these platforms require KYC unfortunately! As far as my experience the Celsius Network has been the best so far
Thank you for your feed back
Think I'll be looking in to this for sure for the 1 coiner goals! Thanks for sharing! Which of those dodgy platforms in your list looks the most modern and it wasn't designed from the early 2000s then?
LOL yeah once you’re solid in the game you can start earning some of that walking around money with that BTC and HIVE
I would recommend Celsius I just like the slickness of the app compared to the others and that there’s no minimum
Also getting the interest weekly is nice too as it compounds
Alright, will give those guys at Celsius a go and turn up the heat on these 1 Coin ambitions 🔥 🔥 🤑
Take it there's a referral link so you can add to your sats count as well?
Yes please you can get it in the banner in my post or use this link
I am thinking lately to invest in hive power but the behaviour of some witnesses and big stake holders lately make me feel uncomfortable with this idea. The potential returns are really good but who can quarantee me that it wont happen a similar story with steemit.
What you are proposing is a really good idea because it is about stable coins. Banks in my country offer 2% interest which is very low. I Will do my research about these stable coins you are proposing. Thanks for sharing. :)
Yes I feel the same way and I won’t be buying any more HIVE either only what I earn will be powered up until I see more decentralization here I won’t be investing!
I’m glad to hear it so many nations are cutting interest rates making saving harder for people so we need to look at options like these
Thanks for sharing this ideas with the community, I will give it a try and will prefer having access to interest weekly
Awesome let me know it goes I think that Celsius then might be the app you would prefer! There’s also minimum withdraw with them
You guessed right, I have downloaded the Celsius, I will complete the verification process tomorrow. Thanks man
am a Jessie.
Welcome to the J side of life
I personaly use a bitcoin arbitrage and scalping software to obtain bitcoin. I know the owner personally and trust him, so im calm for my bitcoins and get an ok % daily. I monitor the trading 24/7 also trough a live feed. Also since arbitrage is basicaly risk free this minimises my risk.
Greetings, if interested let me know.
That’s very cool and I’m glad it’s going well for you but that’s not the type of investment strategy I like to get involved in I like more control over my money
Hey great post, I've also been trying to get more BTC to turn into HIVE. What do you think about cloud mining? Are they worth trying?
Cloud mining only works in an extreme bull market where you can lock in an early rate and then dump on highs like 2017 when we had so many people coming in and liquidity was scarce!
I personally wouldn’t go for it though, If it was profitable why would they sell you these fixed contracts why wouldn’t they just mine directly?
Most of them are rubbish to be honest, if you can’t mine yourself I’d look at a staking coin instead or several so you spread your risk and gather a variety of interest rates all paid at different times and then use that to play the market maybe buy USDT or BTC whichever asset you believe is the better store of value
That makes total sense 😄. I can't stake because I haven't bought any crypto yet. I guess I'm better off buying than mining, just a bit hesitant on doing lots of ID verifications. Thank you for your advice. :)
You can set up a node on staking coin chains and then earn that way and then use that for other stuff so you avoid KYC or use a P2P network to buy crypto from another person and then do what you want! It’s not easy but their are ways around KYC
Good tips cryptoteacher😁
Lol I’m glad to see you coming to my classes regularly and I hope you will always remain a good student
Hihi I will
Still you need money to save.
I am not a big fan of faucets but that is also a way.
A blogpost of
https://www.minimining.se/hon-tjanar-kryptovaluta-pa-faucets/ by @Aiyumi
I also like SM. A lot of people lending out free decks. Better way than faucets.
Well if you don’t have money to invest I think that speaks to a bigger problem and not the fault of BTC! Faucets are okay but if you value your time you’d find something better to trade it for like starting a website and selling ads of affiliate links and just getting a commission
Absolutely. I just point on your subject "how to earn without spending". But as you say - it is extremly low money. Time for me to go back to SM and earn the big money. I go for some gold legends in daily quest. Wish me luck....
Good luck and keep playing the bigger the game gets the more the rental market will become popular and we can make great passive income from the game
I rent out cards for 1,5 USD / 30 days just now. Not much money but really good ROI
And thanks for the betting ! Will post about it soon
what do you think'0?https://peakd.com/hive-126009/@paragism/another-steem-hard-fork-and-new-chain-coming
I say bring on the free money I’ll be milking all 3 chains until I Can get 1 BTC
Sounds good