basically my plan is to transfer my BTC and ETH from Robinhood using the wallets feature (whenever it finally is available) to Celsius so I will earn interest 5-6% on BTC and ETH on top of the hopefully appreciating value of bitcoin.
I'm on the waitlist for Robinhood wallets, has anyone gotten the wallet yet?
Once I get access, my 1 bitcoin will be transfer to Celsius where it will start earning me interest.
I may not be aware of the connection, but what are the connections between such a crypto wallet and the service to which you will give 1 BTC to earn interest? I will not go in the direction of saying now that it is a bad idea (others have already explained), but it is difficult for me to understand that someone buys 1 BTC and then lends it to someone else because of profit, how much 4% or maybe 8%?
Yes, I know people are guided by the idea that money that is not invested loses value due to inflation - but Bitcoin has exceeded all expectations when it comes to profit, so only since the middle of last year, the price has risen as much as 10 times. The one you lent that 1 BTC made a huge amount of money, and you got a crumb of a few percent - it’s nothing more than classic banking where the bank always profits on the client’s account.