Is this possible? Example you lend bitcoin to something similar to like a bank and they give you interest on it? Like how now they give you 2% interest?
I heard binance is doing something similar like that but it was like 10%?
Binance so far is providing 3% on bitcoin lending. They provide 10% for stablecoins and upto 14% for BNB. Such lending expires in 14 days and you can easily extend them manually a few hours after they have expired. If you missed the schedule, you need to wait some more days where your money would lie without interest. Many other financial services like Nexo and Celcius also provides long term 8% for stablecoins.
Can you explain this? How does that work? So you telling me say you lend 1 btc to binance, every 14 days, you need to extend it manually. Do it for 1 year... then your 1 btc will now be 1.03 btc... is that correct?