If you're ever going to be rich or wealthy, then you must learn how to make your money work for you.
In this post, I would be sharing with you 5 solid ways you can put your BCH to work for you and create more BCH while you focus on other important things.
Lend it out on Celsius
Lend it out on Nexo
Lend it out on Venus Protocol
Invest it in CryptoSorted (CST)
Farm with it in a liquidity pool
Celsius is a centralized crypto lending and borrowing platform that helps you save and earn with your crypto.
You can consider Celsius as a crypto bank but pays interest rates that your traditional bank cannot even imagine.
When you lend your coins on Celsius, you earn a share of 80% of its revenue from issued loans which it shares with depositors.
For BCH you earn as high as 5.66% (in CEL token) and 4.51% interest in BCH.
So while HODLing your BCH and expecting the price to skyrocket in the next few months and years, you can grow it by a cool 5% annually with Celsius.
Nexo is a highly regulated and BitGo insured crypto bank that helps you earn interest on your crypto and fiat deposits.
You earn as high as 8% on your BCH on Nexo with fixed-term deposits and 4% with a flexible savings account.
With the flexible account, you can withdraw your funds at any time, whereas the fixed-term deposit requires your funds are locked up for a particular time and you cannot withdraw until such time elapses.
Venus is a decentralized crypto lending and borrowing platform built on the Binance Smart Chain (BSC).
The 0.46% APR paid by Venus on BCH deposits is extremely low compared to the above mentioned two.
However, Venus protocol is decentralized and that limits your risks accordingly.
These centralized platforms can easily fold up and run away with your money at any time but that risk is non-existent with decentralized money markets like Venus.
If you want to enjoy the decentralization of Venus protocol and the high APR of Celsius and Nexo, then investing your BCH in CST (CryptoSorted Token) is the best way to go.
CST is the native token of CryptoSorted that pays up to 1% APR in BCH every week and up to 52% APR annually.
This eclipse what you can possibly earn with your BCH anywhere else in crypto.
Liquidity pools on any AMM on any chain with wrapped BCH is another perfect place to put your BCH to work.
Depending on the size of the funds you add to the pool, given sufficient time you could earn far more than you probably could with the relatively low APR of lending platforms.
Usually, I would provide liquidity into the BCH/USDT pools to keep my risk down. It is relatively safer, compared to pairing BCH against another volatile asset.
Keeping your money idle is as good as losing it.
You work hard to earn the BCH you have been accumulating, and there's a limit to how much you can make by working all by yourself.
All those accumulated funds can be put to work just as hard to make you richer.
In this post, we have discussed 5 solid places you can ut your BCH to work and earn more of it most of which is via lending and earning a healthy interest.
How and where are you putting your BCH to work for you? Share with us in the comments section below.