Best Staking Platform

[brainactive]

What is the best platform for staking Bitcoin?

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[mk4]

BlockFi seems to be the platform with more reputation. But since the recent news we're getting with back to back regulatory issues, I wouldn't recommend it or any staking platform in general (I wasn't really a fan of any of em in the first place).

Personally, I'm happy with just holding my bitcoin on my non-custodial wallet and simply just waiting for the price to appreciate.

[pooya87]

Bitcoin is not a proof of stake shitcoin to stake it and earn money out of thin air. Any of the websites that are giving you "profit" for storing your bitcoin with them are extremely risky and most of them are just Ponzi schemes that have to take money from someone else to pay the others and at some point they will go under.

[bittraffic]

There's also Celsius besides Blockfi. They both work the same way but Celsuis only have two option for your payment either BTC or the CEL tokens. Blockfi offers stablecoin which is most likely going to be preferred by someone if there is a bear market. Both of them are known already in CeFi but one will doubt it actually because it's centralized. They are both not advised by the users here because obviously, we don't put our trust in these platforms. You'll only hear these two mostly from their paid influencers.

[KaliLinux]

BlockFi seems to be the platform with more reputation. But since the recent news we're getting with back to back regulatory issues, I wouldn't recommend it or any staking platform in general (I wasn't really a fan of any of em in the first place).

Personally, I'm happy with just holding my bitcoin on my non-custodial wallet and simply just waiting for the price to appreciate.

The same with me. I understand that the whole cryptocurrency investment is a type of risk but I also like to minimize that risk to a very low level hence, I normally don't like to stake any of my crypto assets on any platform that isn't a non-custodial wallet as you mentioned because of the general saying, "Not your keys Not your Coins"

[bitterguy28]

What is the best platform for staking Bitcoin?

Why need staking? when holding bitcoin is already considerable as staking? though some of my friends are using blockfi but never that i dare to follow because i am contented in what i am doing and that is holding bitcoin for long time now.

[slaman29]

BlockFi seems to be the platform with more reputation. But since the recent news we're getting with back to back regulatory issues, I wouldn't recommend it or any staking platform in general (I wasn't really a fan of any of em in the first place).

Personally, I'm happy with just holding my bitcoin on my non-custodial wallet and simply just waiting for the price to appreciate.

I think Blockfi got some guys criticizing it because it didn't want to show proof of reserves, plus had no insurance (this was sometime last year though don't know if they got it today). It is the preferred platform of big media influencers though.

Nexo on the other hand seems to have Bitgo/Lloyds insurance, but I think it was really low like $100 million, which obviously seems to me that if it goes down, people only get back a fraction of their deposits:)

[buwaytress]

BlockFi seems to be the platform with more reputation. But since the recent news we're getting with back to back regulatory issues, I wouldn't recommend it or any staking platform in general (I wasn't really a fan of any of em in the first place).

Personally, I'm happy with just holding my bitcoin on my non-custodial wallet and simply just waiting for the price to appreciate.

I think Blockfi got some guys criticizing it because it didn't want to show proof of reserves, plus had no insurance (this was sometime last year though don't know if they got it today). It is the preferred platform of big media influencers though.

Nexo on the other hand seems to have Bitgo/Lloyds insurance, but I think it was really low like $100 million, which obviously seems to me that if it goes down, people only get back a fraction of their deposits:)

I've been keeping an eye on Nexo ever since this thread started, and I actually went ahead with Nexo (you might remember it, as you responded here).

Nexo still haven't won me over BUT they do seem the best of the worst (custodial being the bad thing here). They've increased their insurance, displayed all their licenses and apparently are working on a proof-of-reserves solution that any client can access in real time.

I will update the thread there shortly now that I'm reminded, there's been quite a bit going on with them since then to improve their offering (bigger insurance, more licenses, proof of reserves)

[ivankoh]

What is the best platform for staking Bitcoin?

You can learn to stake in Soyryn with the Rsk (RbtC) sidechain, they are a Rbtc-based lending, yield, borrowing protocol. I'm using them, it's in early stages, APY is good. In the next week they will have many improvements on liquid rewards for staking. It is quite attractive.
Also it is a pure defi.

[Nora Olin]

Both Nexo and Celsius have very good basic APY, but I prefer Nexo atm because their rates are much more stable. But it should be noted that you need to put 10% of the portfolio value in $NEXO to get the highest annual interest rate.

[mk4]

I think Blockfi got some guys criticizing it because it didn't want to show proof of reserves, plus had no insurance (this was sometime last year though don't know if they got it today). It is the preferred platform of big media influencers though.

Nexo on the other hand seems to have Bitgo/Lloyds insurance, but I think it was really low like $100 million, which obviously seems to me that if it goes down, people only get back a fraction of their deposits:)

It's not just that though. They're being asked to offering interest-bearing accounts in New Jersey because if I understand correctly, they're taking advantage of some sort of loophole that they're able to take advantage of just because they're using cryptocurrencies(not fiat).

[sunsilk]

I've taken a look at the rates of different platforms.

Nexo.io's rate is 6% APY if you'll choose the "earn in kind" payment while 8% if you'll choose to earn in nexo.
https://nexo.io/earn-crypto

Blockfi has 3 tiers, the higher the tier, the lower the rate. Let's assume you'll invest in the tier 1, 0 - 0.25 btc and that's 4%. The highest interest for all tiers.
https://blockfi.com/rates/

While for Abra, it's 3.6% APY.
https://www.abra.com/earn-interest-on-crypto/

For Celcius, 2 tiers too.
0-1 btc that makes 6.20% APY
1 btc and up makes 3.51% APY.
https://celsius.network/earn-rewards-on-your-crypto

Which do you think is reasonable to you? well, to me, I'll choose not any of those and would be happy to keep it on HODL.

[elda34b]

You can also look at P2P lending if you want something more decentralized, with more profit, but also has a higher risk. Well, it's your choice. In the end, those 'staking' platform also use lending to get the interest from users.

[ndalliard]

if you really want to stake bitcoin (i strongly recommend against it) you should look at ledn.io. at least they don't have all the shitcoins (apart from USDC). fascinating they aren't even mentioned in this thread - why is that?

[hugeblack]

All of these platforms have a hidden condition that you will bear the losses if the platform goes bankrupt or if there is damage that leads to many losses.
Therefore, I do not advise you to staking bitcoin as an idea. There are other more ways to ensure that you increase your bitcoin holdings such as trading.

[mk4]

if you really want to stake bitcoin (i strongly recommend against it) you should look at ledn.io. at least they don't have all the shitcoins (apart from USDC). fascinating they aren't even mentioned in this thread - why is that?

Simply because Ledn is a far smaller business compared to BlockFi and Celsius, hence a far smaller budget for advertising marketing. Heck, I probably wouldn't even hear about Ledn today if it weren't for a promotion on BTCSession's YouTube channel.

[perryxi2]

among these platforms i choose BlockFi but it seems it is not safe for your assets easy to lose and not very reliable, why don't you think to use that account to buy some BTC and then keep it for a long time, it's yours in your wallet and you decide to sell it at a high price.

[slaman29]

I've been keeping an eye on Nexo ever since this thread started, and I actually went ahead with Nexo (you might remember it, as you responded here).

Nexo still haven't won me over BUT they do seem the best of the worst (custodial being the bad thing here). They've increased their insurance, displayed all their licenses and apparently are working on a proof-of-reserves solution that any client can access in real time.

I will update the thread there shortly now that I'm reminded, there's been quite a bit going on with them since then to improve their offering (bigger insurance, more licenses, proof of reserves)

Ah ha okey, thanks, I do remember this thread:) And yes even I looked into NEXO at the time but I also felt the insurance was much too low. Now the funny thing is they're operating in Europe and US and even in UK (which I mention because of the Brexit thing). But now that I checked your update and saw myself the list of licenses they put out, why aren't any in European Union? Isn't that illegal then?

[slaman29]

I think Blockfi got some guys criticizing it because it didn't want to show proof of reserves, plus had no insurance (this was sometime last year though don't know if they got it today). It is the preferred platform of big media influencers though.

Nexo on the other hand seems to have Bitgo/Lloyds insurance, but I think it was really low like $100 million, which obviously seems to me that if it goes down, people only get back a fraction of their deposits:)

It's not just that though. They're being asked to offering interest-bearing accounts in New Jersey because if I understand correctly, they're taking advantage of some sort of loophole that they're able to take advantage of just because they're using cryptocurrencies(not fiat).

Saw your response late. I don't really see anything wrong with people legally taking advantage of loopholes. I mean, I know things like tax exemption which all the businesses do are morally wrong but this is the fault of the state who makes laws that benefit the rich, eventually if people fight hard enough the regulations can change about that.

Anyway, I am now picking up some time over next few weeks to see if I can dig up more about blockfi/nexo and others.

But for now, Bitcoin safe in my wallet.

[mk4]

Saw your response late. I don't really see anything wrong with people legally taking advantage of loopholes. I mean, I know things like tax exemption which all the businesses do are morally wrong but this is the fault of the state who makes laws that benefit the rich, eventually if people fight hard enough the regulations can change about that.

I mostly hold the same opinions, but it's not just individuals that are taking advantage of loopholes though. We're talking about a centralized business entity that holds custody of thousands and thousands of users' funds.