What is the most profitable way for me to earn income on my idle Bitcoin?

[Lucius]

Iam currently using .... but Iam curious to what is the most profitable way to earn on my Bitcoin. I don’t know much about defi been reading into it. Please don’t harp on me about it not being safe I guess I am a bit of a risk taker at heart thank you

If you are not an experienced trader (and you still aren’t), then you only have two options left - first is the one you already use, and the other is to just hold your BTC in a non-custodial wallet. Since you invested $10k in BTC, that's a very nice amount to start with, but also a big risk in the way you currently store that Bitcoin - although the risk is your right and your responsibility.

I would never advise anyone on how to invest their Bitcoin, because I stick to the saying “not your keys, not your coins”, and everything else is just gambling, which sometimes pays off and sometimes doesn’t. Yet one piece of advice I can give you, never keep all your eggs in the same basket.

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If you are looking for a passive income then lending is your best option. You can offer your service in the Lending section but don't expect to make a huge profit as you would make on other platforms. If you decide to go with this option, make sure to deal only with reputable members or always ask for a collateral.
Holding is also a good option but since bitcoin is at its ATH, it may take some time (months or even years) before you can see some good profit.

Seems OP to be quite new to all this, I'm not sure how good advice it is to do landing personally. however, it takes a little more experience and recognizing what a risky investment is when he himself approved the loans. fraudsters will be the first to try to attract him with high interest, and can very easily run out of their capital.
Plus there is already a few very experienced and trusted lenders, I'm not sure how much he can match them.

[BITCOIN4X]

~Snip
I would never advise anyone on how to invest their Bitcoin, because I stick to the saying “not your keys, not your coins”, and everything else is just gambling, which sometimes pays off and sometimes doesn’t. Yet one piece of advice I can give you, never keep all your eggs in the same basket.

This advice is understandable if investors or people looking to invest in bitcoin are aware of the risk of hacking or losing access to the wallet. Storing all the bitcoin they have in one wallet may be an option for many people if they don't want to bother with multiple wallet, but I think they can if they just store them in a hardware wallet. Hardware wallets are a solution for those who want to have a good experience in term of wallet security as well as their bitcoin.

Lucius, although it seem that the advice is very useful but we can find the fact that there are many wallets that are observed to have quite a lot of bitcoin stored by their current owner. I don't know if the wallet address is a hardware wallet address, a storage wallet an exchange or another wallet address, but what is clear is that there are a lot of them if we convert to fiat.

[Lucius]

@BITCOIN4X, my advice not to keep all the eggs in the same basket was directed towards the fact that the OP (as far as I understood) keeps all the BTC he bought at a certain service that pays him interest for it. If someone is already investing in this way, it would be logical to allocate their funds to at least 2-3 such services.

It is pointless to compare any non-custodial wallet with any crypto wallet where the user has no absolute control over their private keys. We live in the belief that most hardware wallets are a fairly secure way to store private keys, which is mostly true - but security depends not only on the device/software, but also on those who use them.

[UserU]

Hey, I used to keep half of my Bitcoin stash on Celsius. 6.21% APY is too hard to beat and transfers are free too.

Speaking of risks, you could try lending platforms. Remember, there are defaulters so pick your borrowers wisely.

Or just go all in on a casino to double or nothing haha

[BITCOIN4X]

@BITCOIN4X, my advice not to keep all the eggs in the same basket was directed towards the fact that the OP (as far as I understood) keeps all the BTC he bought at a certain service that pays him interest for it. If someone is already investing in this way, it would be logical to allocate their funds to at least 2-3 such services.

If this is the case, I'd also be willing to advise him against keeping everything on one platform. Of course it would be a very smart choice if the OP was willing to do it for 2-3 different platform.

It is pointless to compare any non-custodial wallet with any crypto wallet where the user has no absolute control over their private keys. We live in the belief that most hardware wallets are a fairly secure way to store private keys, which is mostly true - but security depends not only on the device/software, but also on those who use them.

Indeed, many cases of lost access to wallets and failed security implementations are caused by the users themselves. This implies that even if the hardware wallet has been tested for security, the user will also be responsible for its security.

[GeorgeJohn]

We are emphasising on cryptocurrencies here, so i think we have to state it very clear to newly cryptocurrency investors, despite that the caution of this thread is pointing hand at bitcoin, so in cryptocurrency generally no exemption via investment, the only method or strategies someone can be profitable in any coin is to buy and hold for short period or long period of time, depending on the capability of the user to hold the particular coin, so via altcoins before you will buy and hold watch well the project first..that is the only difference between bitcoin and ATH in items of long term investment. But in bitcoin anytime you buy it after long period they will be a difference in value.

[suzanne5223]

The number way to earn income through your idle holding is to hold a good coin which is good that your holding is Bitcoin and the other means is to offer loan service or staking your holding (of which I won't advise you to join lending because of loan defaulters).
The current venue I am bullish on is staking on a decentralized project like sovyrn which is backed by some real Bitcoin investors like Pompliano but prefers their USDT staking due to APY percent.

[Rengga Jati]

I get your point, also because we don't know exactly the amount that you have in mind and you will consider as profit enough for this your idle bitcoin. However, if you do not have a fixed amount and you are keeping an open mind about the sum you consider profit,

This is included in the fund management. This is also one of the important considerations when we are going to do something, including investing or trading.
We may set a different amount of money in different investments and trading. But once more, the best way is the amount that we can afford to lose.

[boyptc]

Iam currently using Celsius but Iam curious to what is the most profitable way to earn on my Bitcoin. I don’t know much about defi been reading into it. Please don’t harp on me about it not being safe I guess I am a bit of a risk taker at heart thank you

You just better be holding that.

Putting that on the platforms that are offering % of profit might be good in your opinion but you're not holding your bitcoin there upon depositing it.

I'll have it sit on my hardware wallet and let it be idle for a long time while waiting for a better price.

[Peanutswar]

You can take a ride with the market volatility unless you need to make it more active because you are afraid of losing the value of your bitcoin. Well in making an investment with bitcoin it took years to make feel the profit on your investment, of course, it's not ideal to store your assets to exchange because there are some instances they have changes on their platform. Still use a non-custodial wallet to make full access to your bitcoins.

[blatchcorn]

If you don't need funds to support your life, just drop your bitcoins and hold. Moreover, buy it regularly. You will make a profit after a while. This is the simplest solution for a person with no experience or knowledge in cryptocurrency.
Well, as they say, over time, you will gain knowledge, and you will be able to determine where and how to spend your bitcoins.

HODLing is best and tested strategy that gave good results as compared to day or short term trading. But HODLing when you are getting huge profit IMO is not a wise thing. What I suggest is that one need to set a target price and sell his holdings as soon as that target price is reached. I know few people that are HODLing BTC bought at 10k, they say will sell them when BTC touches 100k. And this is something not understandable to me. 

[WePiggy]

The question is for the most profitable way to hold bitcoin, which is to wrap it into another platform e.g. WBTC (Ethereum), or BTCB (Binance chain), or HBTC (HECO). Once wrapped, you can use the DeFi apps on that chain to loan or stake your BTC.

Once you've made profits by e.g. loaning out WBTC and gaining bonus loan tokens as a reward, you can unwrap your BTC and get it back. Shop around for the highest APY, DeFi can be quite profitable for idle coins