Why BTC can't be used for staking?

[Zisanan]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?

Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

[rdluffy]

Know that you're not the only one hehehe
There are already some protocols that are working on this demand, but a simpler way that I found for this is:

Deposit BTC in Binance for example and withdraw BTCB, this is Bitcoin in BSC network, after that you are free to to "anything" in DeFi
You can stake in protocols like AAVE or Acryptos (https://app.acryptos.com/), or you can lend your BTC to borrow another coins and leverage your position, participate in another protocols etc

And another protocol is BOB
https://www.gobob.xyz/

You can stake your BTC sending your BTC and receiving Bitcoin LST in EVM wallet, but I didn't test this one yet (I will soon)

[Gurujebs]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?

Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Staking is a concept of alts were valifators stake coins to support the network and it has nothing to do with Bitcoin. I'm not sure if you have look at the APY %, most of the platforms that offer staking services offer low yield, which means you wouldn't be making much when you stake with them because they know how valuable Bitcoin is to everyone.

The reason why you see some of platforms like centralized exchanges offer Bitcoin staking is because they offer loan to institutional investors with high interest rate while they collect this Bitcoin from you and pay you penny, is not worth it.

[target]

I have the same opinion back then when Defi was the thing. I wanted to try is because its an interesting idea. Until I read It from a post of someone who is much knowledgeable about it. He was also trying DEFI when the hype began and then he realized the value of the rBTC/wrappBTC are not the same as the real one.

He said he was only earNing tokens of the Defi platform.

[_act_]

When we are talking of staking bitcoin, it depend on the kind of staking we are referring to, if we wanted to stake for profitable investment by using any crypto platform, then we may do that on our own and at our own risk base on the agreed rate on ROI, but when considering the Proof of Stake that is in mining altcoins to that of Proof of Work in mining bitcoin, then the two cant work together or inter changed as well, once we are using bitcoin.

[rdluffy]

I have the same opinion back then when Defi was the thing. I wanted to try is because its an interesting idea. Until I read It from a post of someone who is much knowledgeable about it. He was also trying DEFI when the hype began and then he realized the value of the rBTC/wrappBTC are not the same as the real one.

He said he was only earNing tokens of the Defi platform.

The price is generally the same, with small variations that may occur
I'm very familiar with WBTC and BTCB, and there aren't many deppeg situations, so I think they're good options and work well for their purpose



Source

[Mia Chloe]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?
Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.
Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.
So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Well I really don't think it's worth it. Yeah yeah we have a couple of tokens  on different networks that are pegged to bitcoin and yes they mimic bitcoins price up to ten cents of difference. The concept is like owning another token but one that is programmed to imitate bitcoin's price.  Personally I actually see it as owning fake bitcoins because you have no connection to the bitcoin network by owning pegged tokens.

I suggest that it's better you buy a decent amount of bitcoin secure it and just hodl. Besides a bitcoiner chooses bitcoin not only because of profit but also the advantages of the network like decentralisation.

[Azharul]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?

Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Yes, i believe that you actually creating a best opinion in your post. So i am also agree with your best valuable comment. We also know that bitcoin is one of the best profitable crypto in cryptocurrency market. We also believe that gradually bitcoin price reach in best position in cryptocurrency market. So i think that we shouldn’t be staking bitcoin in this time. Because we believe that gradually bitcoin price is increase day by day. So i also believe that investment will be best decision for us.

[Hisbullah]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?

Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Yes, i believe that you actually creating a best opinion in your post. So i am also agree with your best valuable comment. We also know that bitcoin is one of the best profitable crypto in cryptocurrency market. We also believe that gradually bitcoin price reach in best position in cryptocurrency market. So i think that we shouldn’t be staking bitcoin in this time. Because we believe that gradually bitcoin price is increase day by day. So i also believe that investment will be best decision for us.

As many people say bitcoin is the safest coin to hold because bitcoin is the king of crypto currency and the price of bitcoin is getting more and more expensive. so the decision to hold long term is the right decision.
but besides investing in bitcoin we should also invest in some of the top altcoins because diversification is very much needed in investing in crypto.

[Cryptochamp1]

Hello guys, how are you doing?? so, I was wondering about my holdings on BTC, and thinking why don't I stake it?

Now I know technically, you can’t “stake” BTC in the traditional sense because Bitcoin doesn’t use a PoS consensus mechanism as it relies on proof-of-work.

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Staking has always been a thing and before you venture into it you'll need read about this.. for wrapped btc, I believe you'll get your answer in this thread already as it's been talked about.. But for BGbtc, is this a new Defi product, cos I've not heard about it. Probably I'll check Google or you can send a link to read about it before making a suggestion.

[bitterguy28]

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

like any other methods of earning in bitcoin it holds both benefits and risks

of course it is good because this is one more way of earning passively aside from just holding but take note of the risks first of all that is not really bitcoin it is just backed by it second these are governed by smart contracts which could be vulnerable and there is always risk of lost assets plus of course the volatility of the market is something you need to consider and be prepared of no matter what situation ends up happening

[ABCbits]

Though I see there are ways to put your BTC to work that feel a lot like staking. Looking online, I saw things like savings programs, using wrapped BTC in DeFi like BGBTC, WBTC etc, and others etc can help you earn rewards for it.

While it's called saving program, the company behind it actually loan your Bitcoin or do other financial activity to make profit and then share portion of the profit to you.

So I'm curious, what do you guys think of these options? I believe a lot of you here hold substantial amounts of BTC and maybe less who knows..

Personally i'm not interested, knowing history of company behind it may reduce APY rate, give you hard time withdraw (due to reason such as KYC or "suspicious" acitivty") or even going bankrupt. I'd rather doing actual staking with altcoin.

[Mr. Magkaisa]

        -      There are centralized exchanges where you can stake your bitcoin if you are the type who is lazy to trade and all you want to do is save and hold bitcoin, usually what others do is put their bitcoin on an exchange site platform and set it up for 3 months/90 days before it is unlocked.

Now if you ask me if I trade often, I would probably prefer to trade my bitcoin on the spot even if the profit is small every day, it is fine because we can get a bigger profit than putting it in the staking features of any cex platform.

[TomPluz]

Staking is one of the best ways we can experience passive income in the cryptocurrency industry but if you are holding BTC staking opportunities may not be as rampant as those in alts though now there are already programs for this and in my opinion the most important factor to look at this is the reputation of the platform you are dealing with so you are minimizing the risks involved. I understand that the use of Wrapped Bitcoin is the way to jump into many DeFi platforms where we can stake our assets while waiting for the price of Bitcoin to maybe reach $200K depending on our goals.

[Findingnemo]

Well, there were some lending platforms offered staking of BTC too and gave returns ranging from 4 to 8% which isn't technically staking but that's how it's referred. Basically it's running on PoW so no matter how much coins one hold it doesn't change anything on the network since verifying blocks done by miners.