I started talking with a friend about what to do with Crypto in 2022.
How can we use the assets to increase earning potential? How could we leverage the assets without having to sell? And how could we prevent theft or mistakes with the currency?
Below is the research I did into hardware wallets, Coinbase, Binance, Gemini. I wanted to find ways to secure the Crypto I have and find ways to get loans or earn “interests” on Crypto.
Best Crypto Wallets
Transferring the Crypto to a hardware wallet will allow you to store it offline and in a bank/safe. This prevents someone from stealing it online or withdrawing the money instantly.
Ledger Nano X
Ledger Nano S
Pros:
Cons:
Loan out your Crypto via the Gemini app. It allows you to “put your Crypto balance to work,” earning interest on your coins within the app.
Crypto interest:
Pros:
Cons:
Coinbase offers “borrow” and “vaults” to protect and leverage the Crypto you have. The borrow is limited to BTC only. The vaults are limited to ETH, BTC, LTC.
Pros:
Cons:
Coinbase Vault allows you to protect your Crypto assets in a “vault.” This is similar to having a hardware wallet. Coinbase claims that 98% of Crypto assets are stored totally offline in safety deposit boxes and physical vaults.
What Coinbase Vaults offers:
Pros:
Cons:
Binance Earn offers staking, Launchpool, and Savings of Crypto assets. This allows you to earn interest on Crypto but is locked up for varying durations.
HOLD Crypto in different products from Binance:
Coin rates via staking:
Pros:
Cons:
For the Bitcoin, I would transfer to Coinbase for the “borrow” feature. Then take out a loan against Bitcoin. This gives you working capital without losing out on Bitcoin’s growth or having FOMO.
Any BNB held should go into locked staking, earning 8.69% for 90-days. This allows you to earn a significant earning for holding the coin. I would even recommend buying AXS for the 101.12% interest. Purchasing a couple hundred dollars in Crypto could yield a substantial return each year.
Any other Crypto should go into a hardware wallet to prevent theft or being sold without consent. It can then be put in a US bank’s safety deposit box.
Recently, I made it a goal to be more active on Twitter (yes, I still…
As someone who navigates the digital world differently due to a congenital disability from amniotic…
As a lifelong enthusiast of Lego, I've been excited to witness the evolution of its…
I collected a few of my favorite sci-fi TV shows and movies. A few might…
I have tried many smart home platforms since buying my first smart home tech in…
I do a version of these annual reviews each year: 2022 2021(Cheated with a mid-year…