BlockFi
BlockFi is a crypto lending platform based in New Jersey and founded in 2017. Users can deposit Bitcoin and several other cryptocurrencies to interest bearing accounts and generate a regular income from idle crypto. Bitcoin deposits can earn as much as 6% APY and there are no monthly fees to worry about. There is no minimum to open an account at BlockFi. The site also provides crypto backed loans to users of the site with a loan to value (LTV) ratio of up to 50%. The minimum allowed loan amount is $5000 and the loan term duration is 12 months. Interest rates on loans run from 4.5% up to 9.75% depending on the LTV ratio.
YouHodler
YouHodler is a crypto loan platform based in Switzerland and opened in 2019. They offer interest earning accounts for Bitcoin and 21 other cryptocurrencies with plans to add more in the future. Bitcoin interest earning accounts pay 4.8% APY and there are no monthly fees to deal with. The minimum amount required to open an account at YouHodler is $100. In addition to crypto savings accounts the site also offers crypto backed loans in US dollars, Euros, GBP, Swiss Francs, BTC, and USDT. YouHodler accepts 18 different cryptocurrencies as collateral for loans including Bitcoin, Litecoin, XRP, and Ethereum. The loan to value ratio at YouHodler can be as high as 90%.
CoinLoan
CoinLoan, based in Estonia, is a crypto lending platform that got its start back in 2016. They provide interest earning accounts for Bitcoin and over a dozen other cryptocurrencies. The maximum interest on Bitcoin accounts is 7.2% APY but there is a catch. Depositors must stake the CoinLoan Token to get these rates. Still, even without staking, interest on a Bitcoin deposit is a respectable 5.2% APY. There are no monthly fees to contend with and the minimum amount required to open a CoinLoan account is €100. CoinLoan also offers crypto backed loans. Bitcoin is acceptable as collateral along with several other cryptocurrencies and users may also borrow Bitcoin as well as fiat money and several other cryptos.
Ways to Earn Bitcoin
In case you were wondering, there are other ways how to earn Bitcoins besides trading. Here are a few other methods for how to earn free Bitcoin:
- Micro Earnings: Sometimes known as bounties, micro earning are a variety of small tasks such as writing reviews, taking surveys, or watching promotional videos. Different companies give small amounts of Bitcoin to those who perform these small jobs. Micro earnings are also a way how to earn free Ripple coin and other cryptocurrencies as well.
- Play Games: There are quite a few online games where users get paid in Bitcoin to play. There are likely to be a lot of advertisements and the pay isn’t a lot but it is an easy way to earn free Bitcoin.
- Affiliate Programs: Many businesses related to Bitcoin will pay affiliates a commission in BTC for referring customers to their site. Depending on the business, some of the commissions can be fairly substantial.
- Freelancing: If you are working as a freelancer or have considered it you can earn cryptocurrency as your salary. There are companies that pay salaries in Bitcoin and other cryptocurrencies as opposed to fiat currencies.
- Bitcoin Gambling: For those not afraid of risk, gambling at Bitcoin casinos can earn you BTC fast, but you can also lose quickly.
Earn Interest on Bitcoin
Perhaps the best way to earn Bitcoin is through crypto lending. The principle is simple; lend Bitcoin earn money in interest. Actually, if you lend Bitcoin you will earn Bitcoin in interest which is exactly what we want. The way it works is investors/lenders deposit their Bitcoin to a cryptocurrency lending platform. The investor earns interest from their Bitcoin and is still able to benefit when the price of BTC increases as they still own the asset. This will be a crypto backed loan meaning the borrower will have to deposit cryptocurrency of their own as collateral in order to secure the loan. The interest rates on Bitcoin lending platforms are favorable and will steadily add to an investor’s BTC holdings. The Bitcoin lending procedure is fairly easy:
- Register to a crypto lending site
- Verify your identity to fulfill KYC requirements
- Deposit your Bitcoin to the site
- Start earning interest as soon as you deposit
Ethereum lending works in essentially the same way. What makes this method so good is that once the BTC is deposited it continues to generate Bitcoin with no effort on the lender’s part. In addition, loans are secured with collateral which lessens risk.
Earn Free Bitcoin Instantly
Although you may not see it right away, when you deposit funds to a Bitcoin interest earning account they start to earn interest immediately. Interest may be credited to your account weekly or monthly depending on the platform but it is accruing from the moment you deposited your BTC.
