Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Binance Smart Chain + Ecosystem => Topic started by: Flodner on January 20, 2023, 01:57:03 PM
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Only 2 months ago I wrote that Bitcoin Cash BCH is now 8% Flexible on Binance Earn and a while ago Binance increased this % to 10! Of course, this publication is not investment advice. Now cryptocurrency industry is facing many challenges. And while I personally believe in the bright future of cryptocurrencies in general and Bitcoin Cash in particular, it's not my role to make short term predictions. However, this is an interesting signal that Binance increased APR on Bitcoin Cash.
By the way, if you don’t have a Binance account yet - with this special partner link, you can get -20% trading fees. And, of course, an additional -25% if you use BNB.
(https://accounts.binance.com/en/register?ref=TI4S3LD5)
(https://cdn.rcimg.net/cryptotexty/c2caa7f6/3b32180d397d1c63b086e7c21a61d900.jpg?width=700)
This "Simple Earn" is "Flexible", which means you can withdraw at any time without loss of profit. In Binance earn for different other cryptos there are 30 days duration, 60, 90, and even 120, so in that case you need to lock your deposit and your Bitcoin Cash you can withdraw any time.
That's a philosophical question - where it's better to keep your funds - a lot of people prefer not to keep them on a centralized exchange. I agree with them, but I also know that for many newbies it's really hard to learn using seed phrases, new wallets, etc. So I think some people will keep funds on exchanges like Binance anyway. And if you already keep funds there and don't plan to spend - why not receive some additional APR!
I need to add that 10% APR is only for a quota of 10 BCH which is at the moment of writing this post only $1208. For the bigger amount, you will have 2% APR.
For me this is really a sign that Binance values and believes in Bitcoin Cash. Personally, I'm keeping their small amount of my BCH and also I keep small amount of BCH in my Bitcoin.com wallet. That's good for me, because I used Bitcoin Cash for small payments, tips on crypto blogs like Read.cash and Noise.cash or just sending BCH as a present for new people. And it's good for me to keep some reserve on Binance, so when I will need funds to exchange to my card in fiat - I can do it easily via Binance.
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This is a good contribution for the year, maybe the growth of the cryptocurrency market will begin in a year. On the exchange, you can make not only a contribution of this cryptocurrency, but also many others.
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Yes, I agree,
actually the APR amount changed, it changes from time to time
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Bitcoin Cash used to have a very brave story, with the principle that Bitcoin Cash would be able to beat the price of Bitcoin.
In fact, with principles like that, Bitcoin Cash has now dropped in price much more than Bitcoin. Very dangerous for hold Bitcoin Cash.
If Binance provides information for an Earn feature with a high annual % from Bitcoin Cash, I'm sure I won't buy Bitcoin Cash because I'm more afraid of the price of Bitcoin Cash dropping far.
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Binance always provides something unique and bold to provide unique benefits to its users.
Bitcoin Cash also has a large market cap and is even in the top 100 coin market cap, this is the main capital for believing in Bitcoin Cash.
But being aware of the Binance platform is necessary because Binance also has its own rules for its users regarding staking Bitcoin Cash, and everything is stated in the rules on the Binance Application.
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Binance always provides something unique and bold to provide unique benefits to its users.
It is true that the advantages are great, but BCH is POW crypto, not POS, and therefore the profits generated through Binance come either from long-term or short-term loans or investments linked to Binance, and if the platform fails to fulfill its obligations, all of this money will turn to zero, especially if Binance decides to turn to fraud. I hope it gets hacked.
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Binance always provides something unique and bold to provide unique benefits to its users.
Staking is nothing unique and Binance is certainly not the creator of it.
They certainly don't do it for their users but for their interests. At some point, they need more money for liquidity, so they stimulate their users to hold coins on their platform.
hugeblack pointed well, that it is still keeping money with a third party and there is a high degree of risk that you can lose it due to the reliability/unreliability of the partner platform.
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Binance always provides something unique and bold to provide unique benefits to its users.
It is true that the advantages are great, but BCH is POW crypto, not POS, and therefore the profits generated through Binance come either from long-term or short-term loans or investments linked to Binance, and if the platform fails to fulfill its obligations, all of this money will turn to zero, especially if Binance decides to turn to fraud. I hope it gets hacked.
It is even more likely that bch price goes down even more, and you lose money even with 10% APR.
Additionally, btc/bch price is much more favorable to btc
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Binance always provides something unique and bold to provide unique benefits to its users.
It is true that the advantages are great, but BCH is POW crypto, not POS, and therefore the profits generated through Binance come either from long-term or short-term loans or investments linked to Binance, and if the platform fails to fulfill its obligations, all of this money will turn to zero, especially if Binance decides to turn to fraud. I hope it gets hacked.
It is even more likely that bch price goes down even more, and you lose money even with 10% APR.
Additionally, btc/bch price is much more favorable to btc
I think you should always take into account the fact that over time only the most popular cryptocurrencies will remain on the market and these are the ones that need to be held, and everything else should be sold. Although I understand that there are tempting offers for making money, you need to be careful and use it for short distances
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I don't want to be prejudiced because if you see an APR that is so large, the rewards given are also very large and can cause the coin price to drop.
Bitcoin Cash is a very legendary coin and a hardfork of Bitcoin, but it's like Roger Ver just abandoned Bitcoin Cash because maybe Roger Ver is also lazy with Bitcoin Cash. LOL
But with an APR of 10% from Binance exchange to Bitcoin Cash coins, it looks like this is the best progress from Bitcoin Cash or there will be Good News, it could also be another hardfork or whatever it is that can upgrade transactions or good things from Bitcoin Cash.