read.cash is a platform where you could earn money (total earned by users so far: $ 844,493.16).
You could get tips for writing articles and comments, which are paid in Bitcoin Cash (BCH) cryptocurrency,
which can be spent on the Internet or converted to your local money.
They said holding is more profitable than being a trader. It is true in my opinion especially if you are going to hold your assets for a long term. It is also one of the less risk type of investing when it comes to cryptocurrency.
In holding, you don't need to work. You only need to buy and hold it for months or even years. However, if you want to take advantage of waiting, you will have an option where you can still earn without doing nothing. This is where Nexo introduced.
It is a lending platform where you can put your assets to hold it while earning interest. It is like a bank, the only difference is they are giving higher annual interest rate compared to a normal bank in your country.
You can put more than 40 fiat and cryptocurrency in Nexo including Bitcoin, Cardano, Binance coin, Bitcoin cash, Ethereum and other stable coins like USDT and much more.
Disclaimer: Everything written on this article is based on author’s opinion and research. This is not a financial advice nor sponsored.
Last month, I decided to send Bitcoin cash on my Nexo account to earn a decent amount of interest. They were only cents but at least we are earning.
Nexo offers two kind of terms; the flex and fixed terms. In the former, you can earn interest up to 4% based on your level. Since it is a flex term, you can withdraw your assets anytime but based on my research, you only have one time withdraw each month if your loyalty level is a base level.
As of now, my current level is still on Base level, you can increase your level by purchasing or topping up their token which is NEXO. You will also have incentives and benefits if you will hold their token.
Meanwhile, in fixed term, you will have an additional 1% interest rate compared to flexible term. Obviously, you will have 5% interest rate per annum. But keep in mind that once you put your assets in fixed term, you cannot withdraw it for one month.
After reading @kli4d ’s article about locking up your asset in Nexo, I also tried it and had a great experience for earning some BCH.
I took advantage of their 5% interest rate last month, your asset will locked up accrues your daily interest. Based on my experience, the daily interest in flex term will compound automatically on your initial deposit and earn interest as well.
If I am not mistaken, it is the same on fixed term. It will also automatically compound on your active fixed term and earn interest.
Correct me if I'm wrong
This photo was captured from Nexo’s official platform. You can also read the attached link below to read more about fixed term of Nexo.
Last month, I sent more or less 0.3 BCH in my Nexo account to test how the fixed term works. After exploring the platform, I decided to lock my asset for 1 month to earn 5% interest rate which is higher than the interest in Bank of the Philippines.
The photo is the transaction from Nexo, it is my separated fixed term for 1 month. In my 0.05 BCH deposit, I earned 0.00023BCH after 1 month which is ≈$0.12 when they released it.
As of now, I still have one active fixed term that will be done on August 9, 2021.
The initial deposit is 0.24 BCH and currently earning 5% interest rate.
After the 1 month contract of my 0.05 BCH from fixed term and earned ≈$0.12 after 1 month, I can say that it is worth it and good to consider as your passive income.
When my current active term is done, I am planning to renew it all again and take advantage of the interest (just taking the risk).
One advantage of Nexo, based on my experience and observation, they are paying the interest based on the specific coin’s value (e.g BCH) not on USD value. Thus, you will still earn the exact amount of interest daily.
Furthermore, they are also compounding your interest daily and it is a good sign to earn even a cent monthly or annually.
Conversely, putting your assets in custodial platform will put your coins in risk. They said “Not your keys, not your coins”. Thus, researching will guide you to decide on which is better between the two: Put it to the risk but earn passive income or play it safe and don't earn on your holdings.
At last, this article is just a guide and opinion about Nexo. Anything written on this is not a financial advice, invest at your own risk.