Bitcoin Forum

I’ve been thinking about how cryptocurrency exchanges often give extra benefits when you put in a lot of money. This is different from traditional banks, where you usually don't get much in return. Crypto platforms offer rewards for things like depositing and holding onto your coins.

It makes me wonder why some people are still hesitant to try cryptocurrencies. The fact that there are so many incentives available, like rewards for depositing and other perks, shows that crypto can be a good option. It makes me think about why some people are skeptical and how the world of finance and technology is changing.what are your thoughts on this please do share?

The pattern is just a misguided promotion to attract new users to enter and if you use referrals you then go to your friends to reach a percentage which is also not much unless your friend has enough money to trade on the same exchange as you. Of course, affiliate fees also go into your wallet.

Why isn't it ready yet?? Many people are still economically weak and not ready for market fluctuations because many hope that after they trade will increase the estimated amount of their money will increase when they join.

Exchanges need promotion like you have said because they need new customers. Banks have been in existence for a long time now and they don't need such kind of marketing or promotion as they know customers need banking services to survive in this world. Crypto has been in existence for a decade and as it is a new concept these exchanges need to lure new customers in a competitive crypto exchange market.

Other exchanges also have a feature that you can able to participate in some Decentralized Finance (DeFi) platforms and I believe there are some exchanges also using your funds to make some profits on it like some borrowing/lending and using it for liquidity, that's why some offering high-interest rate if you will lend some of your funds.

have you also consider the risk aspect of it why so many people do not want to go into crypto and possibly start using exchange instead of bank? Yes most of them aren't convinced enough and they still holds onto the volatility of cryptocurrency therefore they are suitable with storing their money in the bank than holding some cryptocurrency out there. It's of a true that cryptocurrency is more beneficial than holding fiat and when hold cryptocurrency the benefit comes when that particular coin starts making progress where the price changes overtime unlike fiat that is stable.

There are some who doesn't trust what they don't fully understand, and others just don't want to try something new they want to stick to what they have for so long.
It is true that there are so many benefits from crypto, but that also doesn't mean that they should ignore the risk on investing in it.

Banks have been in existence for some centuries and over time they've gained trust and reputation, people feel very comfortable to leave their money in banks, even when they're not getting any incentives for doing so. Crypto exchanges are quite new in the financial industry, so they've not gained adoption and reputation like the banking system, no matter the rewards that they give their customers for keeping their cryptocurrency in them, it'll take a long time before people will fully embrace cryptocurrency and exchanges.

In reality, Banks are safer to save your money than exchanges, because Banks are regulated by central banks, but an exchange can go bankrupt or be hacked at anytime and investors funds will be gone. Despite the advantages of leaving my coins in exchanges, I'll rather leave them in a none custodial wallet, where I'm the custodian of my coins.

I wonder how comes they will just rationed to you a particular amount as rewards without them first achieving any benefits from you, this is exchange we are talking about, they have to make their money by all means and before they can give out on anything, they will first ensure that they have already earned from that same thing.


Have you also considered the risks involved, because many were afraid of loosing their money, don't only look at the benefit is has, also considers the challenges involved in this.

Many people are still unfamiliar with the online world, especially the crypto world, regarding the many benefits hidden in crypto, but most people don't want to learn something new. Even though this is the era of technology, it can even make things easier and there are many advantages that not everyone knows about crypto.
They are more comfortable with what they already have without wanting to try new things again.

Not at all, when you deposit and won't enroll it to their staking pools or launchpools or pads, then that deposit of yours will be good as you're holding it without any return.

It's because there are people that are not for it. While we talk that crypto is for everybody, it only means that it's free for everyone to get in but not everyone is going to invest on it.

All of us have differences if it's about investing. We're risk takers but there are the conservative ones that don't believe in the changes and trend of the world.

Being skeptical about new things is not only natural but even a good thing, if this was not the case we would not have developed such behavior, so just like our ancestors were wary about eating a new plant they have never seen out of fear of being poisonous, there are also a lot of people that are fearful about investing in this market, thinking they could lose their money, but once enough food tasters like us become part of the market, many other people will finally feel safe enough to take the risk by themselves.

In this era of digitalization, I think it would be a huge loss if you don't take advantage of advanced technology, especially in the investment sector, where as times get more advanced, ways of finding and increasing income become more and more advanced, you could say side jobs using the internet, namely by investing with crypto currency where we will hold digital coins whose exchange rate is the same as real money, of course this is a very good innovation because it works at any time without taking up a lot of time and energy.

Yes no doubt these crypto exchanges give high returns to the coins if you follow a scheme there and invest the coin for certain period of time. But I have seen people avoid this because, if the coin’s price goes down, they won’t be able to sell it to minimise the loss. Their coins will be locked for a certain duration. For this the exchanges also provide high interest and people try to avoid investing for longer period of time. Yes there are many benefits cryptos have, but from this only the exchanges get benefitted.

Exchanges doesn't credit interest for our deposits like banks does.

You can participate in any of their ongoing programs or deposit bonus or anything like to claim some rewards but isn't same as depositing money and getting interest in traditional banks.

Unless we are talking about staking here?

people are still afraid of what is unknown to them and crypto is unknown to most people who are either unaware of crypto or misinformed about crypto being a scam.

its not a hidden benefit from exchanges, there was a time when they were doing airdrops to all who deposited something on their platform. but right now it seems rare. they still have those staking though. staking their token in their platform where you can earn more tokens is like defi and this i guess will need to be discovered by users.

Most people don't like to try new stuff unless they really have to. These people won't use crypto even if you give them some free coins. They'll just lose those coins. It happened many times in the past. Some of those lost coins are worth hundreds of thousands of dollars now. Of course they are not happy now since they've lost a fortune but they also refuse to change their behavior. Some people can't be helped. We all gonna do what we all gonna do as the architect says. Crypto is not the only play in the world too. If a person thinks he is more successful at trading bonds or stocks, he might think that crypto is an unnecessary adventure for him.

Crypto is an alternative way to make digital investments that is becoming more and more promising day by day, where crypto is a digital currency that can be exchanged for real money anytime and anywhere as long as our gadget is connected to the internet, of course the biggest benefits of crypto is that it can provide large profits, when compared with real goods,

Rewards in banks is a thing too, usually depends on the credit  card that you are using, but there are a lot of banks with cashbacks, and other special gifts, usually a lot with airports as well, so it is not like it is unheard of.

So, if you are a person who uses a lot of money and have a black ard, then you will be getting a lot in return. Of course ordinary users do not get to enjoy that, because we just a number for them and nothing more, which is upsetting when you think about it but not a new thing, it is quite obvious and wasn't really something we didn't expect. Crypto exchanges are a little bit more generous on that front because they want ordinary people to join them as well, they need the customers, banks already have them.

if this is to compare what banks have to offer to compete with the exchanges if the resolution to get banks in on crypto custody is approved by Biden, i think they need to be more generous to make more users deposit into them while also not trying to confiscate at all their crypto.
the benefit will have to be enormous that people will forget banks are part of the system that makes life harder. It's gotta be more than just airdrop of memecoins.

i remember bittrex and binance are giving away some coins for all users who are depositing coins on them.  they stopped already.

What exchanges offer in terms of additional benefits is not so favorable because it is just like a traditional bank where you deposit and then get a return, the same actually exchanges also offer this with a fairly high APY but with some risky coins.

You know why people are still hesitant? Because they avoid volatility, they don't want high risk so they don't choose crypto. Those who are skeptical of course there are still many people like this, while those who don't trust banks will turn to crypto for benefits including the large interest rates they are looking for.

I agree with you but to an extent. Most investors are secretive, people do not want to show others how they get to make the profits and gain they make. Thus, platforms create incentives to encourage users to introduce others to enjoy the benefits they're getting. That's how I view these things. For example, I found that Bitget made available up to 1,200 BGB as a welcome gift exclusively for the South Asia region. I simply feel it's to encourage participation from that region and not necessarily to lure users in the sense of it.

Even if we are already profitable in terms of trading, I think it's better to just be quiet, sir. Even if our assets are not too much like people. It's not money if the coins and tokens we buy when viewed from the shape, but if someone takes our email, it will likely be disastrous for us. because the average key to enter the store uses the app on the phone and the dominance of the login password is saved automatically along with the Google Authenticator. It's just that they were a little slow to open at first. But it can also be broken with combination numbers.

Cryptocurrency can certainly be a good option when inflation in a country is on the rise and prices of daily necessities are on the rise. Crypto can act as a hedge for that country's economy which is beneficial for the overall economy. Most of the people in the world like to think of BTC as a reliable cryptocurrency but it cannot be used openly as it is not approved by the government of that country. Hopefully, the demand for cryptocurrency will increase over time, which future generations may prefer.

Exchanges are only looking to attract new customers. The more deposits they receive, the better for them (consider how Binance is using customer funds to earn money from staking protocols). I wouldn't trust these entities with my hard-earned crypto, as much as I wouldn't trust banks with my money. Who's to say the exchange won't run off with the money or collapse due to bankruptcy? It's better to stake cryptocurrencies on your own for complete peace of mind.

I've seen attractive rates for stablecoin deposits on both Aave and Compound "De-Fi" protocols. With L2 ETH-based networks, you don't have to worry about high fees and long wait times. Ultimately, you decide what to do with your money. Just control your spending habits, and there should be nothing to worry about. :)

Sometimes inflation has a bad influence on cryptocurrency prices. As happened some time ago there was inflation so many traders sold their assets at cheap prices and preferred to secure assets by exchanging them into FIAT currency. Of course, this is like the actions of the popes who are trying to create chaos and panic in the exchange.

1 BGB is around $1.077 ATM, for a platform to be giving that as welcome gift, they just value and appreciate their users from that region. Would be nice being from Asia😀. That's one of the spirits of cryptocurrency. Flexibility and breaking the norm.

Unlike banks and stock markets which are well established industries cryptocurrencies are relatively new , therefore to promote their business and attract new users they offer various incentives for promoting growth of their business. Additionally cryto currencies markets are inherently volatile which makes them vulnerable to high risk, this is also one of the reasons crypto platforms offer lucrative incentives to attract and retain their users..