What do you think about BTC staking ?

[bayu7adi]

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...

[bhadz]

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.

[DaNNy001]

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.

[Faisal2202]

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

[Mia Chloe]

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.

[Amphenomenon]

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.

[bhadz]

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.

[Faisal2202]

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.

[Mia Chloe]

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.

[Amphenomenon]

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

[Mate2237]

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.

[sampoerna]

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

[Mia Chloe]

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.

[sampoerna]

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.

[Mia Chloe]

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.