Hi all I have recently come across staking where I understand you can earn interest on crypto. Has anyone tried this? What Australian exchanges do this? Thanks!
Off the top of my head Binance, being one of the bigger exchanges worldwide, would offer staking. Most likely candidate would be BNB - their own coin. Think of it as a term deposit of cash in the bank. You're offerred a lower fix interest rate, but assuming a lower risk profile. Assuming you believe in the project of the crypto in question, and its fundamentals and long term sustainability - as so many cryptos are stating they're in the DeFi (decentralised finance) space, because it's the current industry buzzword. But so few are genuinely innovative. So many are based on or derived from Ethereum's blockchain tech. So you might as well wait till Eth goes Version 2 anywhere from 6 months to 3 years from now.
Also bear in mind, not your keys, not your crypto. Sure Binance is reputable & all but you need to trust them with your coins as you effectively hand over control of your coins.
This is why I am so excited about the Flare network! Collateralise your Spark token through smart contracts to earn income but not hand over your coins. Exciting time to be alive and participating in this digital revolution
Ok, reading this thread and not being able understand anything that's being said has made me realise I should learn about whatever the heck you are talking about.
I put 500 euro in Binance BNB 3 years ago and got little credits for various things. Haven't touched it for 3 years and now it's worth 5000 euro (most of that cap gain not the credits). Pity about the other altcoins though at the time I put 10x500 euro in 10 coins, only Binance has done well, and two others are ok (XLM & ADA). Plus along the way somehow I've got about a dozen new altcoins from the original ten, my coins had babies.
This gentleman is always worth the time to read ,even when they call him ''Dr-Doom''.. 'Dr. Doom' economist Nouriel Roubini says bitcoin is not a hedge against inflation and investors are 'feeding the bubble'
Exchange risk is real and without an equivalent of CHESS sponsorship, your funds are at risk but it can be mitigated to an extent by picking something with a good reputation. Was talking to a friend a while ago and as he puts it (and I fully agree): Based on Coinmarketcap, the top 5 exchanges are 1. Binance 2. Huobi 3. Coinbase 4. Kraken 5. Bitfenix Crypto is 100% unregulated but no reason why Exchanges can't be regulated to an extent. Binance and Huobi have both started off in China and they are not likely to pass an audit. Coinbase and Kraken are both US based Exchanges and both of them are aggressively pursuing a listing on the US stock exchange which means they'll have to pass some level of Audit and scrutiny from the SEC. I remember reading that Kraken even got a limited Banking License recently. I have accounts with both these Exchanges but the bulk of my holdings are on Kraken simply because they have more assets, lower fees and less hassle with auto AUD/USD conversion than what Coinbase insists on. The likes of CoinSpot (not even an Exchange with ridiculous buy/sell spreads and fees) are no match for these big Exchanges but they do make it easier to buy some absolute **** coins that not many Exchanges list. Depending on the amount of funds being invested, moving the coins into your own wallet can be pointless because you won't be able to get them on to an Exchange for sale quickly enough when the time is right. Unless you are tech savvy and disciplined, I would not suggest moving funds out of an exchange - heard way too many stories how people have done silly things to loose it ALL. Happy gambling.
