Coverting saving money to stable coin in crypto

[zanehe]

Convert all your saving to crypto saving

Is it a good idea as malaysia bank for Fix deposit rate is keep dropping in this few year , however i found if u deposit on crypto stable coin(USDT,BUSD etc) u can get for 5%~8% intrest every year
So i need your opinion is it ok to do like this as i feel RM is going to dead

 

[christiann00b]

@zanehe There is always some risk involved for example this (USDT)

Never put all eggs in one basket anyway GL!

 

[david100]

@zanehe I have a computer that does part time mining. I transfer the BTC I earn to BlockFi where I buy USDC which earns 7.5%p.a

I'm comfortable doing this as I'm only putting in whatever my computer earns. Electricity cost paid for out of my own pocket. So far, all profits.

Like most people will say, don't put in money tou are not willing to loose.

 

[rodney75]

@zanehe Banks are going to doomed anyway, put your saving in DEFI is a good choice. But the tech is still new, you should slowly move into it instead of YOLO all in at once. The tech is still new and DEFI is still not battle tested yet.

AAVE and COMPOUND is de-facto standard for your savings. Avoid USDT at all cost, the company is super shady and refuse to provide transparent audit! Use USDC and DAI for your savings. BUSD is good too as it is issued by Paxos and attested audit.

 

[jahhazem]

@rodney75 Is there a benefit to holding it in my own DeFi wallet or can I just stake stablecoins in Binance?

 

[rodney75]

@jahhazem Binance can run away with your funds with their mercy

Defi cannot

Thats the way

 

[nicolecham]

@jahhazem

https://www.reddit.com/r/CryptoCurrency/comments/m1o73j

 

[sherwood]

@zanehe How I wish I could understand whatever the suggestion and comments posted here

I’ve only got into the crypto world 3 months ago and I’m only using Luno, reading all of the comments makes me feel like crap

 

[christiann00b]

@sherwood Surprise surprise I got into crypto at ATH

 

[kuenpo]

@sherwood Not financial advice.

You could buy xrp at Luno, then transfer to Binance. Make account at binance first, they doesn't need kyc(know y9ur customer).

More option to buy new crypto. But don't but shit coin though, and don't play with leverage.

Good luck

 

[sherwood]

@kuenpo Thank you for the advice. I have bought XRP and ethereum in Luno and some Bitcoin. Should I only transfer XRP coin to Binance? And whenever I bought XRP on Luno should I immediately send it to Binance?

I’m sorry but I don’t understand with you statement of do not play with leverage? Can explain a little bit on that?

 

[kuenpo]

@sherwood Do you due diligence okay, I just give info on what I know.

I don't know what are your position and what you do, so take my opinion as some random guy on the internet.

If you just planning on holding the crypto, I think Bitcoin, Ethereum and XRP are good for new comers. Just buy and put it on luno.

I recommend watching Blockchain Backer videos on youtube, that dude have good info on cryptocurrency. Some of the topic are about crypto 4 year cycles, taking profits etc.

But, if you want to go further, there are more cryptocurrency other than above 3 type (Bitcoin, Ethereum and XRP). For that, you could buy it at different exchanges. Some of the exchanges that I currently used are Binance and Kucoin. Both are good in my opinion.

About the leverage, it's a type of trading. But if you got a wrong move, your crypto would be liquidated. That's mean your crypto would vanish. Better stay away unless you know what you're doing.

But as always, invest in what you can lose. And DYOR(do your own research). Maybe you could read more at /r/cryptocurrency, there are more discussions there if you want to know more. I'm open if there anything you want to chat.

Remember, don't give your coins or private keys etc, if you lost your coin, there are nothing to be done. Exercise caution.

Use coingecko, coinmarketcap, twitter, reddit, youtube at your disposal. There are lot of info to be found there.

 

[nancyfromsc]

@zanehe Just do your research on every stable coin you put money into (how are the stablecoins backed?). Different stable coins are backed in different ways and it comes with a risk. Also there is counter party risk when you deposit your stable coins into a lending-borrowing platform (nexo,BlockFi,Celsius). So overall there is two types of risk here.
1. Are the stablecoins properly backed by each US dollar.
2. How safe is the lending-borrowing platform?

There’s risk you should know when you plan to receive interest on stable coins. Whether it’s worth to do so is up to you to decide.

 

[harmony21]

@zanehe Go to etoro.com

Go to copy people portfolio

Find someone that you see that has consistent returns and comfortable risk.

Copy his portfolio

 

[gilly48]

@zanehe Not your key, not your money

 

[truthsseeker]

@zanehe First of all, do you aware the risk of crypto stable coin? Secondly, have u considered unit trust that focuses on bond? Thirdly, are you aware of currency exchange risk?

 

[evergreenhope]

@zanehe always DYOR and never FOMO into any P&D crypto is highly volatile and the Tether FUD been here for a long time so be careful

 

[kk3]

@zanehe Put in stock la dey