A good way or a very bad practice

[Somegory]

This is a good way of making money, said the friend that shared this screenshot to me



You can hand over your Bitcoin into the hands of Coinbase and start making money every month, the percentage is actually attractive isn't it? I see that a lot of people are doing this but here is my own advice about it.

Do not hand over all your coins in the hands of a centralised exchange, it's a very risky practice, if you must do it make sure that you are risking only what you can afford to lose.

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

update

I'm sorry for all the mixed up, it was actually USDC to Bitcoin reward, I was in haste to drop the topic because something very bad came up at home and it has successfully disrupted my mind, it affected me so much that I couldn't even think straight or read right.

[Free Market Capitalist]

This is a good way of making money, said the friend that shared this screenshot to me



You can hand over your Bitcoin into the hands of Coinbase and start making money every month, the percentage is actually attractive isn't it? I see that a lot of people are doing this but here is my own advice about it.

What? What I'm reading is the opposite—that you deposit USDC, not Bitcoin, and then they give you “$BTC rewards,” which I don't know exactly what they are, but they sound like a shitcoin. You could have included the link along with the image because I've searched for it and can't find anything like this.

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

I highly doubt it's per month; it's probably a 6.5% annualized rate divided by twelve months, as is usually the case with these types of offers. So, more like 0,54%, like $54. And the offer talks about one month.

Put the link, please.

[Zaguru12]

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

Did you read the rules so well? Because that’s not how it is, it is simply a single month promotional campaign after one month the rewards are reported back to the usual reward. And you also need to understand that they made mention of APY which I think the 6.5% will most probably be divided in to 12 months (0.54% monthly).

The usual APY is 3.5% which means regularly you earn just 0.29% monthly by holding usdc. So take for instance the idea of leaving $10k usdc in a centralized exchange only to earn $650 in this monthly promotion and overall $350 in the regular APY, this just accumulates to less than $1k reward in a year.

This is such a huge risk because aside leaving your funds on exchange I would have probably have made profit by simply holding bitcoin in my personal wallet or at worst in bearish market period have my bitcoin in my wallet.

So the risk always outweighs the profit. Personally I don’t like staking on exchanges

[Hypnotizer]

-snip

What? What I'm reading is the opposite—that you deposit USDC, not Bitcoin, and then they give you “$BTC rewards,” which I don't know exactly what they are, but they sound like a shitcoin. You could have included the link along with the image because I've searched for it and can't find anything like this.

Well.. I found the post when I checked X, the announcements were like two days ago not eight hours, probably the screenshot was taken earlier.

This is the link to the post on the OP:
https://x.com/cointelegraph/status/2091223949929566650?s=46
 
And

This is the link to the post by the official Coinbase X account..
https://x.com/coinbase/status/2091167493394223109?s=46

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

I highly doubt it's per month; it's probably a 6.5% annualized rate divided by twelve months, as is usually the case with these types of offers. So, more like 0,54%, like $54. And the offer talks about one month.

Put the link, please.

Based on the information provided by the Coinbase Account, they said it’s per month not annum, you should check it out. This is more like a campaign to strengthen the USD or what?

[PostQuantumBTC]

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

It is just marketing.
People should not let the exchange use market to attract them.
6.5% monthly means 78% APR which is not possible.
The exchange is legit. If truly not phishing know that it is just for a short period of time.
It can not be for a long period of time.
They attract customers and reduce the APR significantly or even not offering it again.

[Smack That Ace]

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

But does that make any sense?

If you deposit your $500 in coinbase. And expect it to pay 6.5% annual interest. Then in 1 year, your profit will be only $32!

But your complete seed money will be locked in coinbase custodial risk!

If coinbase somehow goes bankrupt or they freeze your fund then what will happen?

Your entire $500 will be lost in greed of getting $32 in 1 year.

[CryptoBuds]

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

I highly doubt it's per month; it's probably a 6.5% annualized rate divided by twelve months, as is usually the case with these types of offers. So, more like 0,54%, like $54. And the offer talks about one month.

Put the link, please.

Re-read,

He actually said that if you have $10K worth of BTC then risking $500 per month would be good, instead of putting it all in Coinbase.
He didn't say that it would be 6.5% gross per month.

In here 6.5% is the annual interest rate

@OP, not your keys, not your coins. The rest is ultimately a personal choice.

[MisFoxie]

-snip-

Actually they won't give a monthly 6.5% bonus, this is a 6.5% APR (Annual Percentage Rate) which means they will give 6.5% profit in a year but this campaign will run for one month. They are advertising in such a way so that everyone thinks it will give 6.5% profit in 1 month which is a yearly 78% return. I don't think an exchange like Coinbase will make such a big loss.

It is true that keeping all funds in a centralized exchange is a matter of high risk but for this I don't think that anyone should bet ten thousand dollars just to earn 54 dollars.

[Synchronice]

This is a good way of making money, said the friend that shared this screenshot to me



You can hand over your Bitcoin into the hands of Coinbase and start making money every month, the percentage is actually attractive isn't it? I see that a lot of people are doing this but here is my own advice about it.

Do not hand over all your coins in the hands of a centralised exchange, it's a very risky practice, if you must do it make sure that you are risking only what you can afford to lose.

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

What's the point of putting $500 for 6.5% gain? And keep in mind that it's an annual rate, no one is going to give you 6.5% profit monthly, which means that your monthly profit will be 0.54%, i.e. you'll earn $2.7 per month with $500 deposit. Actually, if you want to earn something meaningful, you have to deposit $10,000 and even more.

This is not a good way of making money though. 6.5 APY is a very bad APY. If you have a small amount of money, it doesn't worth it and if you have a big amount of money, then you better start a business that generates higher APY than 6.5%.

[Free Market Capitalist]

Re-read,

He actually said that if you have $10K worth of BTC then risking $500 per month would be good, instead of putting it all in Coinbase.
He didn't say that it would be 6.5% gross per month.

In here 6.5% is the annual interest rate

Good point. The thing is, amid all the nonsense in the OP, the offer mentions USDC, while he’s talking about Bitcoin, or it’s clear that the offer is for one month, even though he says:

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

I think it's pretty normal such a misread.

Actually they won't give a monthly 6.5% bonus, this is a 6.5% APR (Annual Percentage Rate) which means they will give 6.5% profit in a year but this campaign will run for one month. They are advertising in such a way so that everyone thinks it will give 6.5% profit in 1 month which is a yearly 78% return. I don't think an exchange like Coinbase will make such a big loss.

It's a common advertising tactic—in fact, like banks that advertise a 5% rate, but if you read the fine print, it's only for the first 4 months, and after that, you get 1%.

[YellowSwap]

I wouldn't take it too seriously, it's something that I've done on Binance exchange in the past, I don't know if anyone can remember this, Binance was giving similar offers via stable coins on their exchange years back.

I made some percentage on the locked USDT at the time and I felt at ease with this risk because it's just one month before the unlock, and everything went well,.

This is nothing but some type of promotion and if you have to do always risk small money, but it seems OP got it wrong since that picture never said hold Bitcoin on the exchange to make more Bitcoin, it's actually USDC

[sunsilk]

That's a hold feature that's been there but it's now with a twist. If you hold USDC, and you can afford that to lose just to earn rewards in Bitcoin then do it.

But the better strategy IMHO is that, use that USDC you own to buy Bitcoin instead. And all of it will be in your custody.

The rewards APY are pleasing because you feel that you're earning from you own. Yet, the risk is there and are you willing to take it?

[ryzaadit]

Oh no, sorry. Very bad.

It's against the policy " Not your key, not your crypto ".

Why so desperate to earn 0,54%/month by just holding on an exchange while you can trade and earn at least 1% with a DEX? At least you will not become a potential victim of an exchange cause is being hacked, and you still have a fully control of your assets.

No thanks!

[Rockstarguy]

There is no offer from an exchange worth holding your Bitcoin in a non-custodial wallet. Exchanges only think about themselves; they want to own your assets and control them, which is why they will make offers to draw the attention of people to leave their assets on the exchange.

No amount of an offer is worth your assets. Exchanges are trying to use casino strategies to capture some of their customers, but for those who understand security and how unpredictable exchanges are, we will not fall for this because it is only a trap to lure people away from keeping their assets in a non-custodial wallet.

[Fiatless]

Oh no, sorry. Very bad.

It's against the policy " Not your key, not your crypto ".

Why so desperate to earn 0,54%/month by just holding on an exchange while you can trade and earn at least 1% with a DEX? At least you will not become a potential victim of an exchange cause is being hacked, and you still have a fully control of your assets.

No thanks!

Some people just keep money in fiat banks and inflation eats them up. So earning $2.7 per month with $500 is better than earning nothing. There are some banks that offers better deals in my country.  I wouldn't risk my money in centralized platform for such a poor interest. Banks are insured by deposit insurance corporation which means you can get you money bank even if the banks goes bankrupt. Some of these exchanges are not even registered in my country making it risky. Not your keys not your coins

[Catenaccio]

This is a good way of making money, said the friend that shared this screenshot to me



You can hand over your Bitcoin into the hands of Coinbase and start making money every month, the percentage is actually attractive isn't it? I see that a lot of people are doing this but here is my own advice about it.

The screenshot shows a different offer than what you described. It's an offer for staking USDC on Coinbase and get reward in BTC, not like staking BTC and receive BTC in reward. With the screenshot, I am not really sure that the reward will be actually BTC or only Bitcoin wrapped tokens.

Checking it directly with Coinbase but I can not read details because it requires account login.
https://www.coinbase.com/usdc

Coinbase mentioned it on X too
https://x.com/coinbase/status/2088253118257483923

Your money should be doing more for you.

Now it can.

Earn 6.5% APY rewards on your USDC for one month just by holding a balance - only on Coinbase.

Coinbase One members can now earn 6.5% APY rewards for one month on USDC balances (up to $500,000) after depositing an additional $1000 USDC.

Plus enjoy even more ways to earn, from ~7% APY when lending USDC to up to 15% more in staking rewards.

And the more you hold on Coinbase, the more Bitcoin you can unlock with the Coinbase One Card - up to 4% back on every purchase. Terms apply.

More about legal stuffs.

Honestly, these posts do not have all information I need with my questions and concerns above.

[SatsPH]

Just to be clear, this offer is not available for everyone. And you need to be a Capital One member of Coinbase. So there is a monthly membership fee and you need to be active.



https://help.coinbase.com/en/coinbase/other-topics/coinbase-one/account?query=coinbase%20one%20member

And this is the countries or regions that are allowed and eligible,



https://help.coinbase.com/en/coinbase/coinbase-staking/rewards/usd-coin-rewards-faq

[Jostle]

6.5% is way too low. There are other exchanges that offer higher returns in btc-denominated, for usdc deposits. So I wouldn't recommend people look too much into this. Coinbase is reputable, however.

[DabsPoorVersion]

This is a good way of making money, said the friend that shared this screenshot to me



You can hand over your Bitcoin into the hands of Coinbase and start making money every month, the percentage is actually attractive isn't it? I see that a lot of people are doing this but here is my own advice about it.

Do not hand over all your coins in the hands of a centralised exchange, it's a very risky practice, if you must do it make sure that you are risking only what you can afford to lose.

If you have $10,000 worth of Bitcoin it's smarter to risk $500 every month for this 6.5% gain.

This is not as good as it seems.
If you will read the full terms, it says that the APY is 6.5% not per month. The minimum additional deposit is $1000 USDC, and you can choose to receive your reward in BTC on a weekly basis.

If you have $1000 in USDC, annual earning is $65 per year, roughly $5.42 per month. And since the reward for staking is paid out on a qeekly basis, that's only $1.35 per week for every $1000 in staking.

They just made the post to be more attractive. Also, you have to consider risking your USDC in a centralized exchange to receive that small return. It's not worth it.

[MArsland]

Imao this remains a very bad practice, regardless of the potential returns on the Bitcoins we Deposit. After all, just storing bitcoins already allows us to profit from their price increase. I hope people aren't tempted by the prospect of making money this way it's much better to go for healthy ways of earning than risking your assets on a third party.