So, I have small amount of cryptocurrency I bought and mined over the years and will HODL, but I am seeing news articles and advertisements about earning interest on my coins. And the returns are not bad--5 to 7% per year.
It seems BlockFi is the front runner. They seem to have partnerships with the major US crypto exchanges, e.g. Gemini and Coinbase (I am in the USA). I am also googling and trying to educate myself.
But, I have serious concerns about learning my crypto to 3rd parties. What happens if the institution that I loan to, for example BlockFi, goes brankrupt? I assume I will lose my crypto. Would it be safer to loan to an exchange and I don't run that risk?
What are your experiences so far with loaning your crypto?
What place do you loan to, or recommend loaning your crypto to?
It's a good thing you have been holding onto those cryptocurrencies all this while, the value of those cryptocurrencies should be atleast x2 right now, but the idea of lending out your coins to a third party site with the hope of getting 5-7% yearly is wrong, storing or giving your coin to a third party is just too risky, our crypto's are only safer in our wallets alone, cause any third party site can easily get hacked and boom the staked funds can get stolen, then the next thing you would start begging to get your money back, instead of this 5-7% yearly while not try trading, you could make much more than that in a year with the right trading strategy.