Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Z-crypt on April 01, 2025, 04:10:18 PM
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
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I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB
That's not Bitcoin.
These are just some tokens their developers claim to be pegged to the price of Bitcoin.
And if Luna has taught us a thing is that pegged things in crypto work till you suddenly lose all your money.
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WBTC is an altcoin pegged with bitcoin on ethereum network. BTCB is an altcoins pegged with bitcoin price on Binance smart chain. These coins have their own marketcap but pegged with bitcoin price and fully backed by bitcoin.
Bitcoin is using PoW and not PoS.
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There's no staking on BTC since the system uses proof-of-work; you can only earn tokens by mining.
Any method of earning tokens outside the system carries risks, such as market risk, rug pulls, intentional or unintentional hacking, embezzlement, etc. The token you receive isn't necessarily BTC, but a pegged token.
Anyway, I confess that I did stake BTC on an exchange, though only for a short period of time, with the realization that I could be rugged at any time.
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I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB
That's not Bitcoin.
These are just some tokens their developers claim to be pegged to the price of Bitcoin.
And if Luna has taught us a thing is that pegged things in crypto work till you suddenly lose all your money.
Yeah, i remember the events that happened with Luna but i’d wait and see how much potential it has on a long term as i just found out the project also operates with Babylon. I think it’s worth watching out for, i’d definitely add it to my watch list.
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Yeah, i remember the events that happened with Luna but i’d wait and see how much potential it has on a long term as i just found out the project also operates with Babylon. I think it’s worth watching out for, i’d definitely add it to my watch list.
If the project is new, you should conduct your research and understand its technological unique compared to other projects, and the partnerships they have formed, as well as the potential risks your assets may face. There are many copy-and-paste projects on the market, so this requires careful investigation.
I personally do not prefer such protocols, which require using my own Bitcoin to earn some yields. The protocol could be hacked, leading to significant losses. I prefer Bitcoin as it is, in its natural form.
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I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
Hey!
Did you just mention various forms of bitcoin? Please how well do you know bitcoin and can you tell me a few of them? Just mention. Are you new in this space, sorry to ask.
Please there is only one bitcoin, the others are altcoins. Even it is correct to believe that bitcoin in centralized exchange are not on chain as such not true bitcoin. They are altcoins
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BTC is not a proof-of-stake coin, it cannot be staked, the safest way to earn money on your BTC is to store it in your self custodial wallet and leave it for the long term. If you convert your BTC to tokens they claim are pegged to the price of BTC, you run the risk of losing your coins.
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There's no staking on BTC since the system uses proof-of-work; you can only earn tokens by mining.
Any method of earning tokens outside the system carries risks, such as market risk, rug pulls, intentional or unintentional hacking, embezzlement, etc. The token you receive isn't necessarily BTC, but a pegged token.
Anyway, I confess that I did stake BTC on an exchange, though only for a short period of time, with the realization that I could be rugged at any time.
Actually the project seem like a solid one from my findings. Seeing its token got listed already. By the way, how good was the result of the BTC you staked ?
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By the way, have you ever considered staking your BTC ?
No. BTC use PoW, so i expect "staking BTC" involve 3rd party or trusting someone. If i want to stake something, i'd go for PoS-based altcoin which have possibility to perform staking without handing over my coin.
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By the way, have you ever considered staking your BTC ?
No. BTC use PoW, so i expect "staking BTC" involve 3rd party or trusting someone. If i want to stake something, i'd go for PoS-based altcoin which have possibility to perform staking without handing over my coin.
Yeah, since Bitcoin is a proof of work (POW) we can't stake it. But there is another way to stake-like Bitcoin. AFAIK, you can convert Bitcoin into WBTC, it's a 1:1 conversion rate because their prices are almost the same. And since Ethereum is POS, you can now be able to stake your BTC. It's just like you're staking Bitcoin with Ethereum blockchain. And I don't think if it would be profitable and secured like Bitcoin. If I have Bitcoin, I would rather hold them than to take the risk by doing that stuff.
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BTC=BTC, and those tokens you are mentioning are not btc just another token that said to have the value of BTC but we can never know when they will fall so taking a risk of converting your BTC to some tokens is the riskiest investment decision and not worth the returns that might be whatever it is.
IMO, if you want to stake then choose something like ETH or anything that actually work based on Proof Of Stake.
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I am done staking my Bitcoin staking multiple time on binance and there was a tiny apr they give for that and also the big fact is when we are going to stake our bitcoin to another third party platform that's means we were giving our asset access to third party in sense and that was high risky after we saw the FTX incident and the luna incident.
So if anyone really wants the security of his fund he shouldn't go for the staking make dca and hold bitcoin in your decentralised wallet for long term that's the best option.
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Those tokens are usually on the Defi platforms where you can use for staking. Listen to what the users above are saying because the risk are indeed true. Sometimes the value of these wBTC or other pegged tokens isn't accurate as the price of real BTC.
There are Defi platforms that are scams and even when they are not scam, the value of their tokens has not recovered since the bear market so you keep staking while the tokens you earn aren't worth it.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
It seems to be the most profitable, but staking your BTC is like giving them away because first, you have to choose a good staking platform. If you find one you would be exchanging your BTC for the wrapped BTC and this poses a great threat. If you don't care about staking your BTC with these platforms then it can be most profitable.
We can earn by two ways, one by the profits we make from the volatility of the BTC and the other by the rewards we will be earning from staking, but the best platform in my sight would be the one that will have an unstacking feature and we could unstake at anytime.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
All these you mentioned are not bitcoin and there is nothing like staking bitcoin form it network, its either you buy and invest or trade bitcoin to earn more from other currency pairs, staking also could means that you are investing with a particular exchange and you deposit your bitcoin with them to give you a particular return on as you might have agreed with them before starting, all these are what we can also learnt o do by our own self than depending on a third part to help out.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
I haven't seen any new news about BTC staking after Babylon's success. This could mean that the project you mentioned isn't really popular yet and doesn't have many investors.
I don't think I'm ready to use my BTC for staking. I don't need that profit, I can make small profits by saving BTC on CEXs while holding to target to take profits. I also don't like staking altcoins, they don't bring in significant profits compared to their price increase each season.
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I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
The coins that you said are just coins that the price is being pegged to BTC.
Same with liquid staking tokens under Ethereum that are pegged to ETH, and stable coins that are pegged to USD.
TBH, I don't think that it's a good thing to stake your BTC knowing that it isn't a POS coin at first place. What I think is that, it's just almost the same as what Centralized Exchanges are doing where you need to store your Bitcoin in exchange for some few bucks. After the Babylon, I didn't even hear other project that are doing the same. I don't even know if Babylon became a successful project or there are many BTC that are being staked there. As for me considering it, nah I'd rather just store it on my own wallet.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
All these you mentioned are not bitcoin and there is nothing like staking bitcoin form it network, its either you buy and invest or trade bitcoin to earn more from other currency pairs, staking also could means that you are investing with a particular exchange and you deposit your bitcoin with them to give you a particular return on as you might have agreed with them before starting, all these are what we can also learnt o do by our own self than depending on a third part to help out.
Yeah, it seems though that some projects thinks that they could include Bitcoin for their staking. But old and traditional investors will not be sway with that kind of projects. For us, it's better that we have control of our Bitcoin just by holding and accumulating. We don't want to surrender any control to an exchange just for the sake of what? getting small APR? We can do that as well by just buying every week thru DCA and then be a long term holder, very easy to do.
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The most important thing is the platform where we do staking, if the related platform has a good level of security, then it is still quite interesting... however, for some new platforms that have few positive reviews, of course it is still suspicious and has the potential for unexpected dangers too...
I once browsed about Babylon Protocol on the staking menu on Binance... IMO, it is safer and more recommended because we see that the protocol is managed by Binance which has a good reputation...
For details on prizes, terms and conditions, please visit the binance website or read here
https://www.binance.com/en/support/faq/detail/4ef122010bed4d73a8007ee3881ae9c5
I haven't tried Babylon Protocol yet, so it's still DWYOR
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BTCB and WBTC are altcoins pegged its price with Bitcoin. But I don't want to hold them but if someone gives me those, I'll convert them quickly into Bitcoin. Let alone those people that stake them because they are for that but not BTC. That is why it's POW because it is mined and not staked pos. If this is going to be the new trend for the newbies in the market, you need to look at the better side of it because you're all toyed and wronged by whoever promotes this stuff.
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BTCB and WBTC are altcoins pegged its price with Bitcoin.
Yeah, this is what a lot of people do not know, they hold altcoins that are pegged to the price of BTC and they think they are holding BTC, even when they stake it, they believe they are staking BTC and from there they get things wrong. It is important to get the right knowledge of things, so as to make better decisions.
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By the way, have you ever considered staking your BTC ?
No, I'm not a fan of staking in general whether it's BTC staking or any other token or coin because I believe staking makes you bound and your assets will be locked and you can't sell them immediately if you want because some staking packages wouldn't allow you to do that, or even if they do, you will probably lose the accrued interest which makes it useless. And, even if a protocol gives you the freedom to withdraw your assets from staking whenever you want, I would still keep my BTC that I wish to hold in a safe wallet instead of keeping it in a protocol because I don't consider that safe.
Someone who doesn't plan to do trading with their assets, especially Bitcoin, they should hold them in a non-custodial or hardware wallet and shouldn't touch them before the day when they want to sell them. Believe me, it's much better than staking or using any third-party platform for any gains.
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When it's Bitcoin then it's Bitcoin when it's wrapped Bitcoin then it's not Bitcoin but another useless alt coin that will fail in end.
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When it's Bitcoin then it's Bitcoin when it's wrapped Bitcoin then it's not Bitcoin but another useless alt coin that will fail in end.
Exactly I see no very valid reason why someone would want to hodl some bitcoins off the Bitcoin network. Many of them are looking to get the benefits of a POS network on the bitcoin network which is strictly POW. Wrapped bitcoins are just tokens and we all know what happens to tokens when they get rugged or dumped.
The reason why most people buy this so-called wrapped bitcoin tokens is because of the fact that they want to enjoy the benefits of staking their bitcoins which ought not to be given it's a POW network.
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Bitcoin staking may be more precisely the same as a hodler. I will give an example like BTC staking rewards are around 1% in a year and assume that the 1% rewards do not exist because the overall price of Bitcoin is slowly increasing.
The best choice for BTC staking is a platform that can provide comfort and security for our BTC assets that are staked. There are many untrusted platforms for Bitcoin staking that end up being scams and this is a difficult choice for Bitcoin staking in my personal opinion.
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Bitcoin staking may be more precisely the same as a hodler. I will give an example like BTC staking rewards are around 1% in a year and assume that the 1% rewards do not exist because the overall price of Bitcoin is slowly increasing.
The best choice for BTC staking is a platform that can provide comfort and security for our BTC assets that are staked. There are many untrusted platforms for Bitcoin staking that end up being scams and this is a difficult choice for Bitcoin staking in my personal opinion.
We had many scam staking platforms in the 2021 cycle for top coins such as ADA, TRX, and BTC. However, in this cycle, we haven't heard of any scams related to BTC staking. Layer-2s on BTC are performing quite well and are a reliable option for BTC holders when they want their BTC to participate in DeFi and generate profits instead of just sitting idle in their accounts.
Personally, I don't have enough BTC to aim for huge staking profits. I don't participate in staking, I just want to hold my BTC in my account for absolute security. If I want to earn a little extra profit, I'll send them to Binance for Save to Earn.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
You are not alone, there are lot of investors who are exploring BTC staking protocols from long time, the one I heard the famous is babylon, don't know any thing about them at the moment though. The point is, staking BTC is really a good way to make money, we can make money from the BTC profit and the staking profit.
But many will say, we should not stake our BTC, because it is against the decentralized nature of BTC but, if as an investor we seek money, and profit, then we can give it a chance but I won't prefer it in the first place.
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I don’t know if i’m the only one that just got to know about BTC staking. I was reading some articles just now and i came across a liquid staking protocol designed for BTC holders.
I was intrigued when i also found out that this protocol, pumpBTC allows users to stake various forms of Bitcoin such as WBTC and BTCB to gain yields in its token. Lately, i’ve been coming across more projects with utility which is great. This shows that crypto space keeps evolving. By the way, have you ever considered staking your BTC ?
You are not alone, there are lot of investors who are exploring BTC staking protocols from long time, the one I heard the famous is babylon, don't know any thing about them at the moment though. The point is, staking BTC is really a good way to make money, we can make money from the BTC profit and the staking profit.
But many will say, we should not stake our BTC, because it is against the decentralized nature of BTC but, if as an investor we seek money, and profit, then we can give it a chance but I won't prefer it in the first place.
I get your point especially since you specified that many are against staking bitcoin because of decentralization but you ignore the fact that Bitcoin is built on a POW rather than POS or any other that allows staking.
In order to stake bitcoin one has to use a CEX and we know the risks involve not your keys not your coins.
Also, what Op was going to stake were not actual bitcoin rather tokens/coins pegged to the value of bitcoin. They are just still altcoins and can still lost their value. The fact that they are pegged to bitcoin doesn't make them a top altcoin either, things can go sideways and they would just be a bad decision for investors. Stick with bitcoin rather than pegged bitcoin and if you want to ignore the not your keys not your coins, then you can stake your bitcoin on any good CEX you know for you.
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Bitcoin staking may be more precisely the same as a hodler. I will give an example like BTC staking rewards are around 1% in a year and assume that the 1% rewards do not exist because the overall price of Bitcoin is slowly increasing.
The best choice for BTC staking is a platform that can provide comfort and security for our BTC assets that are staked. There are many untrusted platforms for Bitcoin staking that end up being scams and this is a difficult choice for Bitcoin staking in my personal opinion.
We had many scam staking platforms in the 2021 cycle for top coins such as ADA, TRX, and BTC.
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Is that true?
What platforms are for staking Cardano coins, Tron and Bitcoin which are scams?
I want to know the platform that becomes the scam because I see it will be a valuable experience for Bitcoin staking later on.
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If I want to earn a little extra profit, I'll send them to Binance for Save to Earn.
Binance?
Will Save to Earn binance be safer?
As far as I know, CEX always has drama in every historical journey in all Cryptocurrency rooms.
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The reason why most people buy this so-called wrapped bitcoin tokens is because of the fact that they want to enjoy the benefits of staking their bitcoins which ought not to be given it's a POW network.
The concept of staking offered by third parties usually provides rewards in the form of other coins, sometimes it can also be collaborated with lending services that make your Bitcoin grow... it is true that BTC currently still uses the PoW consensus, so direct staking cannot be done... what can be done is to use a third-party platform.... therefore, several third-party platforms that offer BTC staking options should have a high level of trust and a good reputation...
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The reason why most people buy this so-called wrapped bitcoin tokens is because of the fact that they want to enjoy the benefits of staking their bitcoins which ought not to be given it's a POW network.
The concept of staking offered by third parties usually provides rewards in the form of other coins, sometimes it can also be collaborated with lending services that make your Bitcoin grow... it is true that BTC currently still uses the PoW consensus, so direct staking cannot be done... what can be done is to use a third-party platform.... therefore, several third-party platforms that offer BTC staking options should have a high level of trust and a good reputation...
If it's coming from an exchange and platforms, it's most likely that they are collaborating it with a lending service. Because BTC isn't a proof of stake so there is no way to stake and earn from it. So, if someone looks at staking their bitcoin's, with the popularity of crypto backed loans now, expect that their BTCs are going to be used for it and that's the reason it's true that these staking are using third party platforms or services that they are partnered with.
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The reason why most people buy this so-called wrapped bitcoin tokens is because of the fact that they want to enjoy the benefits of staking their bitcoins which ought not to be given it's a POW network.
The concept of staking offered by third parties usually provides rewards in the form of other coins, sometimes it can also be collaborated with lending services that make your Bitcoin grow... it is true that BTC currently still uses the PoW consensus, so direct staking cannot be done... what can be done is to use a third-party platform.... therefore, several third-party platforms that offer BTC staking options should have a high level of trust and a good reputation...
If it's coming from an exchange and platforms, it's most likely that they are collaborating it with a lending service. Because BTC isn't a proof of stake so there is no way to stake and earn from it. So, if someone looks at staking their bitcoin's, with the popularity of crypto backed loans now, expect that their BTCs are going to be used for it and that's the reason it's true that these staking are using third party platforms or services that they are partnered with.
Now this makes sense because I have always wondered how possible is it that these CEX offer Bitcoin Staking option with a promise interest returns when Bitcoin itself isn't a proof of stake. Normally I do stake my coins but not Bitcoin, I have staked some stash of my Solana and Ethereum with exchange which the ROI are quite interesting to take.
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I get your point especially since you specified that many are against staking bitcoin because of decentralization but you ignore the fact that Bitcoin is built on a POW rather than POS or any other that allows staking.
In order to stake bitcoin one has to use a CEX and we know the risks involve not your keys not your coins.
Also, what Op was going to stake were not actual bitcoin rather tokens/coins pegged to the value of bitcoin. They are just still altcoins and can still lost their value. The fact that they are pegged to bitcoin doesn't make them a top altcoin either, things can go sideways and they would just be a bad decision for investors. Stick with bitcoin rather than pegged bitcoin and if you want to ignore the not your keys not your coins, then you can stake your bitcoin on any good CEX you know for you.
I know BTC is based on the POW mechanism, and we can't stake on it, but developers have found a way to create layers on POW and they allowed POS on POW using some layer or L2 technologies. That's quite interesting to read, although for staking BTC, we surely have to swap our original BTC with some pegged BTC like WBTC and they are not real, they have their own smart contract, and if we don't trust an exchange, then we should never do it.
But people want to take risks, and they risk with money they can afford to lose therefore for people like these, I said they should try it but as I also said, I don't suggest it, because it is against the characteristics of BTC network as many other members have also mentioned
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I know BTC is based on the POW mechanism, and we can't stake on it, but developers have found a way to create layers on POW and they allowed POS on POW using some layer or L2 technologies. That's quite interesting to read, although for staking BTC, we surely have to swap our original BTC with some pegged BTC like WBTC and they are not real, they have their own smart contract, and if we don't trust an exchange, then we should never do it.
Let's be honest Bitcoin uses a strictly POW network and having something you call bitcoin on a POS network really doesn't make things better. It's far better in my opinion to kindly buy some real on-chain bitcoins and Hodl and if you wish to diversify hodlings to stake, then you simple but another reasonable altcoin like say Solana to stake.
Buying wrapped tokens may seem like a good move to some people but it's quite risky because you never can tell what the goal of these on chain tokens are some may just be there to liquidate people.
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I know BTC is based on the POW mechanism, and we can't stake on it, but developers have found a way to create layers on POW and they allowed POS on POW using some layer or L2 technologies. That's quite interesting to read, although for staking BTC, we surely have to swap our original BTC with some pegged BTC like WBTC and they are not real, they have their own smart contract, and if we don't trust an exchange, then we should never do it.
Let's be honest Bitcoin uses a strictly POW network and having something you call bitcoin on a POS network really doesn't make things better. It's far better in my opinion to kindly buy some real on-chain bitcoins and Hodl and if you wish to diversify hodlings to stake, then you simple but another reasonable altcoin like say Solana to stake.
That is the thing, bitcoin on L2 using POS is no longer bitcoin rather we can say it's an altcoin. The thing is that calling it bitcoin in a deeper sense is false.
Investing in altcoin is no biggie, just the misconception we are speaking against. Pick a good altcoin invest in and if it goes well good while if it goes sideways they can't say I stake my bitcoin and I lost everything why.
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The reason why most people buy this so-called wrapped bitcoin tokens is because of the fact that they want to enjoy the benefits of staking their bitcoins which ought not to be given it's a POW network.
The concept of staking offered by third parties usually provides rewards in the form of other coins, sometimes it can also be collaborated with lending services that make your Bitcoin grow... it is true that BTC currently still uses the PoW consensus, so direct staking cannot be done... what can be done is to use a third-party platform.... therefore, several third-party platforms that offer BTC staking options should have a high level of trust and a good reputation...
If it's coming from an exchange and platforms, it's most likely that they are collaborating it with a lending service. Because BTC isn't a proof of stake so there is no way to stake and earn from it. So, if someone looks at staking their bitcoin's, with the popularity of crypto backed loans now, expect that their BTCs are going to be used for it and that's the reason it's true that these staking are using third party platforms or services that they are partnered with.
Now this makes sense because I have always wondered how possible is it that these CEX offer Bitcoin Staking option with a promise interest returns when Bitcoin itself isn't a proof of stake. Normally I do stake my coins but not Bitcoin, I have staked some stash of my Solana and Ethereum with exchange which the ROI are quite interesting to take.
Yes. That's how they do it. It's okay to stake those coins that you're okay to take risk with but if it's with Bitcoin, I have no confidence of letting a platform hold my Bitcoin and give me some interest from it. I'm okay owning it without having interest because I'll earn still from the value that it possess and how it increases over the period of time, that's so much better.
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Let's be honest Bitcoin uses a strictly POW network and having something you call bitcoin on a POS network really doesn't make things better. It's far better in my opinion to kindly buy some real on-chain bitcoins and Hodl and if you wish to diversify hodlings to stake, then you simple but another reasonable altcoin like say Solana to stake.
That is the thing, bitcoin on L2 using POS is no longer bitcoin rather we can say it's an altcoin. The thing is that calling it bitcoin in a deeper sense is false.
Investing in altcoin is no biggie, just the misconception we are speaking against. Pick a good altcoin invest in and if it goes well good while if it goes sideways they can't say I stake my bitcoin and I lost everything why.
You both are right, calling it BTC is false, because it is not more BTC but an alt, as you guys pointed out, it loses its property of being POW therefore, we should not be calling it BTC but alt version of BTC, maybe. But saying it could be better to go for SOl staking instead of BTC, how is that good?
I mean let's say we lock the BTC (original) and get some wrapped BTC (ALTS) and we stake the WBTC to earn some utility token, or WBTC or whatever the other platform is offering. How is SOL staking is better than this staking? I mean, if the platform is providing some open source system from which we can save ourselves from hidden scam codes, then we should give these platforms some chance, because this way, we will be holding (locking) real BTC and earning more BTC. it is like making money from two hands haha. But still, your points are legit and I also agree with them.
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You both are right, calling it BTC is false, because it is not more BTC but an alt, as you guys pointed out, it loses its property of being POW therefore, we should not be calling it BTC but alt version of BTC, maybe. But saying it could be better to go for SOl staking instead of BTC, how is that good?
Those altcoins are kinda scary to invest in , in my own opinion. What happens if such a token dumps all of a sudden or for example the project fails. We've seen a lot of cases where projects like this all of a sudden crash and then all your coins become worthless.
Sometimes some of them will end up to be scams and at the end of the day you've just been buying some coins for some hacker sitting and they scamming others.
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You both are right, calling it BTC is false, because it is not more BTC but an alt, as you guys pointed out, it loses its property of being POW therefore, we should not be calling it BTC but alt version of BTC, maybe. But saying it could be better to go for SOl staking instead of BTC, how is that good?
I mean let's say we lock the BTC (original) and get some wrapped BTC (ALTS) and we stake the WBTC to earn some utility token, or WBTC or whatever the other platform is offering. How is SOL staking is better than this staking? I mean, if the platform is providing some open source system from which we can save ourselves from hidden scam codes, then we should give these platforms some chance, because this way, we will be holding (locking) real BTC and earning more BTC. it is like making money from two hands haha. But still, your points are legit and I also agree with them.
The ROI for SOL would still be fairly good especially dealing with risk factors because while high ROI is important the risk must be calculated.
In regard to having a good/legit platform to stake these pegged bitcoin value, another risk was stated in the first reply on this thread, which was on Luna:
https://www.altcoinstalks.com/index.php?topic=329133.msg1742774#msg1742774
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If such is happening they should announce it publicly and not only in article. The last time I checked when the issue of BTC Staking came up in bitcointalk forum, I saw that it was only Ethereum can be stake and not BTC, I don't know if it has started.
And since you made mentioned of wbtc and others then it should be a kind of rebranded BTC and not the real BTC we know. BTC is POW and not POS.
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Those altcoins are kinda scary to invest in , in my own opinion. What happens if such a token dumps all of a sudden or for example the project fails. We've seen a lot of cases where projects like this all of a sudden crash and then all your coins become worthless.
Sometimes some of them will end up to be scams and at the end of the day you've just been buying some coins for some hacker sitting and they scamming others.
Sometimes we hope that other people can easily take advantage of various new projects released or meme tokens. But unfortunately, you realize that it will not be easy to do. And if you do not have the ability to do so, it is indeed much better not to be fooled by any possibility of falling into the trap of the pump and dump pattern of new projects. Because if not, then we can easily lose our money because we are influenced by the promise of the offer and whatever the new projects promised
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Sometimes we hope that other people can easily take advantage of various new projects released or meme tokens. But unfortunately, you realize that it will not be easy to do.
Altcoins can be really crazy. The thing is definitely not everyone can take advantage of the meme coin ecosystem hence you see people lose too. Basically it's almost as if some are ahead of others because of the information they have that isn't shared with the public.
People who have these information are the ones able to strategize so the pump and dump actually works in their favour when others may be moved by FOMO from hype.
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Sometimes we hope that other people can easily take advantage of various new projects released or meme tokens. But unfortunately, you realize that it will not be easy to do.
Altcoins can be really crazy. The thing is definitely not everyone can take advantage of the meme coin ecosystem hence you see people lose too. Basically it's almost as if some are ahead of others because of the information they have that isn't shared with the public.
People who have these information are the ones able to strategize so the pump and dump actually works in their favour when others may be moved by FOMO from hype.
It's really. You could say, altcoins can make you rich very quickly, and vice versa, can make you lose money very quickly too.
yes because basically, high risk, high returns, and there is also no certainty whether we will really get high returns. because of that, this is suitable for high risk takers, especially those who are experienced.
while for those who are not used to it? it will be very difficult, especially new projects or hype projects that have just appeared. if you are not used to it, it would be much better to invest in coins that are certain, top coins and really have good and promising performance.
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It's really. You could say, altcoins can make you rich very quickly, and vice versa, can make you lose money very quickly too.
yes because basically, high risk, high returns, and there is also no certainty whether we will really get high returns. because of that, this is suitable for high risk takers, especially those who are experienced.
Sometimes your risk margin doesn't determine how successful your risks will turn out. It's not every time that your risks are big that you have a good win that's why most traders usually talk every now and then about calculated risks and risk management.
This is where newbies make mistakes sometimes trying to go all in on a meme coin when they don't have proper information about it other than just hype on platforms like X.
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This is where newbies make mistakes sometimes trying to go all in on a meme coin when they don't have proper information about it other than just hype on platforms like X.
That's a nightmare...newbies think that something that has a big opportunity is something that must be done immediately... whereas the risk of memecoin is very big, and rather than many people getting rich from memecoin, there are actually more people who lose from memecoin... it's just that the publicity is not as much as the people who succeed....
One of the most dangerous things is people who choose to jump into memecoin when they first get to know crypto... sooner or later they will run out of money when they make just one mistake...
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This is where newbies make mistakes sometimes trying to go all in on a meme coin when they don't have proper information about it other than just hype on platforms like X.
That's a nightmare...newbies think that something that has a big opportunity is something that must be done immediately... whereas the risk of memecoin is very big, and rather than many people getting rich from memecoin, there are actually more people who lose from memecoin... it's just that the publicity is not as much as the people who succeed....
One of the most dangerous things is people who choose to jump into memecoin when they first get to know crypto... sooner or later they will run out of money when they make just one mistake...
Quick money blur rationality that often cause regrets and bankruptcy in the long run. The project team and promoters majorly care about they making their money and nothing more. When the investors complain about it, promoters can speak of the fact that these investors ought to have known fully about the risk of meme coin investments.
This are ways many become enlightened, although I'm not ignoring the fact that some might tagged all cryptocurrency including Bitcoin bad after that but unfortunately just to ignorant to see the difference.
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I'm not ignoring the fact that some might tagged all cryptocurrency including Bitcoin bad after that but unfortunately just to ignorant to see the difference.
A lack of knowledge = ignorance.
It's a usual case where newbies who enter this space tend to have no knowledge, so they can be considered ignorant, but what they do is what proves that they are actually ignorant and not only ignorant about this space. Instead of trying to learn the ways of this industry, they start chasing profits. I don't know why some people think they can make money from somewhere without even knowing about what they are getting into. Can you become a doctor without having a medical education? No, you can't; similarly, you can't become a profitable trader without gaining knowledge about it.
So, newbies need to use their brains and try to gain some knowledge before they start making investments or trading because even if they manage to get some profit initially, they are soon going to lose more than what they gained.
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Those altcoins are kinda scary to invest in , in my own opinion. What happens if such a token dumps all of a sudden or for example the project fails. We've seen a lot of cases where projects like this all of a sudden crash and then all your coins become worthless.
Sometimes some of them will end up to be scams and at the end of the day you've just been buying some coins for some hacker sitting and they scamming others.
I understood your point here, as recently the 5.4 billion rug pull from Mantra has made us clear again that, in crypto space anything can happen therefore we should keep it mind that at some point, this alt can also do the same although IMO that cant be the case with Sol, BNB etc.
Because they are in the market from long time, they have achieved bigger things so if these will dump like mantra then the whole market could dump too. We should not stake all of our money in one coin to avoid huge lose if anything like this happens.
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So, newbies need to use their brains and try to gain some knowledge before they start making investments or trading because even if they manage to get some profit initially, they are soon going to lose more than what they gained.
This is an actual fact about everything, majority of the newbies want to get the biggest ROI in a short period of time, having little to no risk management that is actually helping them. This is simply because majority ignore the most important factor for every investment which is DYOR from the right site, people or platforms, thereby gaining the right knowledge to venture into any investment and avoid risk of losing their money.