I'm new to Cryptocurrency and instead of learning the in and outs of trading, I decided to buy BTC and hold. The reason being, is because of the dozen websites I've visited they all claim BTC will skyrocket in the upcoming years. People tell me that if I buy BTC on Coinbase, then I should transfer the BTC to a Cryptowallet.
Wouldn't it be best to store the BTC in a wallet that pays high interest?
Nexo: Nexo pays its customers high-interest rates on crypto, stablecoins, and standard currencies such as USD, EUR and GBP. Storing crypto or stable coins on Nexo will earn interest back in those coins at a rate of between 8% and 12%. Nexo pays interest of 12% on standard currencies such as the U.S. dollar and the euro, far more than any typical bank pays.
But there are other crypto wallets that pay high interest.
If someone was to buy and hold, why would they get a wallet that doesn't pay interest?
I'm not saying that what others say is right or wrong, I guess my point is that you should buy Bitcoin based on your belief and decision and not because of what others have told you. Because it seems like you're just putting your Bitcoin at risk in reality.
Then if you want your Bitcoin to be really safe, it's better to keep it hidden in a wallet where only you really have access and not the one you think you have access to but the truth is that it's not really. It's still better to put Bitcoin in a Hardware wallet or Electrum than to put a large amount of Bitcoin in Coinbase, or any centralized based platform that we know we don't have 100% access to because for example if there's a problem that's for sure you will have a problem there.