Are BlockFi, Celsius, or Gemini Earn Safe?
Get my new Bitcoin book:
https://www.amazon.com/dp/B08RX8Q4ZQ
In this video, I discuss the pros and cons of cryptocurrency interest accounts at BlockFi, Celsius, Gemini Earn, Robinhood, and PayPal.
I place a special focus on the commingling of assets, insurance coverage, and counter-party risks for these accounts. There is also the risk of having one's account frozen by any of these corporations.
Earning interest on a stablecoin like USDC or on an altcoin like Litecoin or Filecoin may not compensate you properly for the depreciation of the underlying asset. In a similar way, you would never want to move money into the Argentine peso to earn interest, since the currency's depreciation would offset any high yield that was earned.
Bitcoin remains the benchmark for all cryptocurrency investments, whether interest bearing or not. If you are not beating Bitcoin, then you are falling behind, whether you are holding fiat, a stablecoin, or an altcoin that earns you interest.
I compare and contrast custodial solutions with Bitcoin self-custody, and come to the conclusion that the ultimate goal is financial self-sovereignty, where Bitcoin holders learn how to custody their own Bitcoin using a hardware wallet or self-custody solution.
At the end of the video, I demonstrate how to buy Bitcoin using Coinbase Pro and then withdraw it to hold it on a Trezor hardware wallet that has a recovery seed backup.
Not investment advice! Consult a financial advisor.
BlockFi interest rates:
https://blockfi.com/rates/
Argentina short term interest rates:
https://www.ceicdata.com/en/indicator/argentina/short-term-interest-rate
BlockFi custody risks:
https://help.blockfi.com/hc/en-us/articles/360048862572-How-does-BlockFi-custody-assets-What-are-the-risks-with-depositing-my-crypto-at-BlockFi-
https://blockfi.com/interest-account-terms
Gemini Earn:
https://www.gemini.com/earn
Gemini Earn insurance coverage:
https://support.gemini.com/hc/en-us/articles/360055836212-What-is-Gemini-Earn-
Genesis Trading insurance coverage:
https://genesistrading.com/crime-and-vault-risk-insurance/
Celsius Network insurance:
https://support.celsius.network/hc/en-us/articles/360002174718-Does-Celsius-have-an-insurance-policy-
https://celsius.network/terms-of-use/
Coinbase Pro:
https://pro.coinbase.com/
Trezor hardware wallet:
https://trezor.io/
How to withdraw Bitcoin from Coinbase Pro to your Trezor wallet:
https://help.coinbase.com/en/pro/managing-my-account/funding-your-account/funding-your-account-with-cryptocurrency
Trezor recovery seed:
https://wiki.trezor.io/Recovery_seed
How I Store My Bitcoin (Revealed For The First Time):
https://www.youtube.com/watch?v=dt7mryC8kLQ&ab_channel=TraderUniversity
Check out my online trading courses:
https://www.trader.university/join
Use this secret coupon code to get a discount: YT99
Check out my Amazon best-seller, "A Beginner's Guide to the Stock Market":
https://www.amazon.com/Beginners-Guide-Stock-Market-Everything-ebook/dp/B07S31TBF5
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Cryptocurrency
#Bitcoin
#BlockFi
Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.
Видео Are BlockFi, Celsius, or Gemini Earn Safe? канала Trader University
https://www.amazon.com/dp/B08RX8Q4ZQ
In this video, I discuss the pros and cons of cryptocurrency interest accounts at BlockFi, Celsius, Gemini Earn, Robinhood, and PayPal.
I place a special focus on the commingling of assets, insurance coverage, and counter-party risks for these accounts. There is also the risk of having one's account frozen by any of these corporations.
Earning interest on a stablecoin like USDC or on an altcoin like Litecoin or Filecoin may not compensate you properly for the depreciation of the underlying asset. In a similar way, you would never want to move money into the Argentine peso to earn interest, since the currency's depreciation would offset any high yield that was earned.
Bitcoin remains the benchmark for all cryptocurrency investments, whether interest bearing or not. If you are not beating Bitcoin, then you are falling behind, whether you are holding fiat, a stablecoin, or an altcoin that earns you interest.
I compare and contrast custodial solutions with Bitcoin self-custody, and come to the conclusion that the ultimate goal is financial self-sovereignty, where Bitcoin holders learn how to custody their own Bitcoin using a hardware wallet or self-custody solution.
At the end of the video, I demonstrate how to buy Bitcoin using Coinbase Pro and then withdraw it to hold it on a Trezor hardware wallet that has a recovery seed backup.
Not investment advice! Consult a financial advisor.
BlockFi interest rates:
https://blockfi.com/rates/
Argentina short term interest rates:
https://www.ceicdata.com/en/indicator/argentina/short-term-interest-rate
BlockFi custody risks:
https://help.blockfi.com/hc/en-us/articles/360048862572-How-does-BlockFi-custody-assets-What-are-the-risks-with-depositing-my-crypto-at-BlockFi-
https://blockfi.com/interest-account-terms
Gemini Earn:
https://www.gemini.com/earn
Gemini Earn insurance coverage:
https://support.gemini.com/hc/en-us/articles/360055836212-What-is-Gemini-Earn-
Genesis Trading insurance coverage:
https://genesistrading.com/crime-and-vault-risk-insurance/
Celsius Network insurance:
https://support.celsius.network/hc/en-us/articles/360002174718-Does-Celsius-have-an-insurance-policy-
https://celsius.network/terms-of-use/
Coinbase Pro:
https://pro.coinbase.com/
Trezor hardware wallet:
https://trezor.io/
How to withdraw Bitcoin from Coinbase Pro to your Trezor wallet:
https://help.coinbase.com/en/pro/managing-my-account/funding-your-account/funding-your-account-with-cryptocurrency
Trezor recovery seed:
https://wiki.trezor.io/Recovery_seed
How I Store My Bitcoin (Revealed For The First Time):
https://www.youtube.com/watch?v=dt7mryC8kLQ&ab_channel=TraderUniversity
Check out my online trading courses:
https://www.trader.university/join
Use this secret coupon code to get a discount: YT99
Check out my Amazon best-seller, "A Beginner's Guide to the Stock Market":
https://www.amazon.com/Beginners-Guide-Stock-Market-Everything-ebook/dp/B07S31TBF5
I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.
My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.
#Cryptocurrency
#Bitcoin
#BlockFi
Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.
Видео Are BlockFi, Celsius, or Gemini Earn Safe? канала Trader University
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