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Nowadays, there are a couple of methods on how to get bitcoin free online. In the early years of crypto, owners could only make profits through trading or swapping coins. Most owners bought Bitcoins during the dip and sold them when the prices peaked.
Most crypto exchange platforms offer high-yield pro-savings accounts where users can earn interest from their crypto savings. Most of these platforms encourage users to hold their coins instead of selling them. There are plenty of platforms that offer crypto savings accounts.
In this guide, we will share some of the benefits of putting your Bitcoin in a crypto savings account. We will also highlight some of the factors you should consider when searching for a crypto savings account.
Benefits of Using Crypto Savings Accounts
Crypto savings accounts work like normal bank savings accounts. Some crypto savings accounts offer their users annual APY of up to 16%. Users can also withdraw the earned interest and use it to expand their crypto portfolio.
The main goal behind most crypto exchange platforms that offer savings accounts is to help crypto owners hold their coins for long periods. However, this often comes with its fair share of risks. Crypto coins such as Bitcoin and Ethereum are quite volatile. There is a risk that your coins may lose value over time, especially if you’ve invested in meme or hype coins.
Putting your crypto in a bitcoin interest wallet is one simple way of earning passive income. The earned interest is deposited into your account at the end of every week. Most crypto savings accounts allow users to deposit stablecoins into their accounts.
Looking For the Best Crypto Savings Account
As mentioned earlier, the prices of crypto coins are quite volatile. Price dips often happen and they can be quite significant. You need to be aware that if the value of the coin drops, it will also affect your coins. Though you’re holding to earn bitcoin interest, you should also monitor the market trends.
Platforms that offer crypto savings accounts will ask you to give up your private keys. Most crypto platforms loan out your crypto savings to make revenue. In addition, some platforms may limit the number of withdrawals you can make in a year. You need to research about withdrawal rates and how long you’ll have to wait to make your first withdrawal.
YouHodler Crypto Savings Services
If you’re looking for a way on how to get bitcoin free online, then you should check out YouHodler. It offers crypto exchange services, crypto savings accounts, and crypto-backed loans. The main idea behind YouHodler is to allow crypto owners to leverage their assets without having to sell.
You need to deposit a couple of coins in your savings account to start earning free coins. You can also apply for either crypto or fiat currency loans. YouHodler uses your crypto savings as loan security. Fiat currency loans are deposited directly into your bank account.
YouHodler offers compounded interest rates on their savings platform. Your assets can earn interest rates of up to 16% APY. Bigger savings means you can apply for bigger loans over time. The loan interest rates are also quite manageable.
Should You Consider Crypto Savings Accounts?
Crypto savings accounts can be a cheap yet efficient way of building your crypto portfolio. Other than earning bitcoin interest, you also leverage your assets without having to sell. It is a proper motivating factor for people who struggle holding their coins for long periods.
Placing your coins in savings accounts that offer more than 8% APY is worth the risk. Most crypto savings deposit the earned interest into your account every end of the week. Some investors withdraw the interest and use it to purchase other coins.
If you have large amounts of crypto, then crypto savings are worth it. You can either deposit crypto coins or stablecoins. Stablecoins are not prone to price fluctuations and can be quite profitable over a long period. Some savings accounts do have limits on how much crypto you need to have before you can earn bitcoin interest.
Bottom Line
If you’re a crypto investor looking for simple and hassle-free ways of making passive income, then you should consider savings accounts. However, you need to do your research beforehand. Some of the things you need to look into are interest rates, withdrawals rates, and security.
You can always leverage your crypto assets without having to sell. Crypto-backed loans allow you to build your portfolio without having to trade or sell your coins. In addition, fiat loans can be used to buy a house, car, or pay your mortgage.
If you’re new to crypto savings accounts, visit some of the best crypto social forums on the internet for more insight.
