Earning passively is one of the best investment that you will have especially in cryptocurrency. Putting your assets in staking, farming, and lending platforms is a great move if you will consider your risk management.
In my previous posts, I mentioned that I have some assets in Nexo to earn 4-5% annual interest so I will earn passive income while holding Bitcoin cash, however, there are things that will makes you nervous knowing that it is centralized exchange. Despite of my doubts, I took the risk and put some asset to earn interest.
As a young (let say “investor”), it is hard to remove the fear on yourself including your investment because for your information, my Nexo account wasn't verified because I do not have any government ID issued nor driver's license and passport. Thus, my access on Nexo’s features were only limited.
I contacted the support if I can change my registered mobile number on my account because I am afraid that this number will expire soon, I rarely use it. After few days, I got a replied from them. They said I need to take a video of myself while holding my ID, name, and other things that they required to authorize the replacement of mobile number.
I told them that I do not have an ID based on their requirements so they informed me that they will unlock my fixed-term desposit because they will disable my account and I will be able to withdraw my assets within 48 hours.
I was shocked so I sent an email again asking if what will happen if I do not withdraw my assets, they said it is one of their terms and conditions and I/they cannot do anything about it. Thus, I followed their instructions and withdrawn my assets after unlocking my fixed-term deposit.
Unfortunately, after unlocking my deposit from their fixed-term, I do not receive the interest within that weeks. Probably because the contract is 1-month and I will reach it in October 9, 2021.
Upon writing this, I visited my Nexo account and trying to log in again. Unluckily, they already disable it. Good thing is I withdrawn my assets and listen to their instructions.
Good thing is, my account will not be permanently closed and I can go back once I reached 18. I need more months to reach it and get my government ID.
My Plans for this Month (and for the incoming months)
As of now, I am planning to look for any platform that will give an interest by holding my Bitcoin cash. Hopefully, they are safe. Binance dApp of SafePal is giving 0.85 APY but I guess it is not so promising especially that it is a Binance dApp. Also, the interest is much lower compared to other platforms and I think I can't risk my assets for it.
The actual plan for this month (and the next coming months) is to achieve my 2 BCH goal. Due to school works and expenses for my school needs, my recent 2 BCH lessen and it is hard to complete it again knowing that I am inactive in the both platforms (noise.cash and read.cash).
Well, I only need 0.02 BCH to complete my whole 2 BCH.
To be honest, when the time comes, after achieving 2 BCH, my plan is that my incoming earnings will be converted into other tokens and coins for diversification of my assets.
Here are my top 3 coins that I am planning to hold [and buy] for long term:
$CAKE
$LUNA
$ADA
These 3 are my top 3 after Bitcoin cash, of course, Bitcoin cash is one of my greatest investment.
Among these 3 tokens, I am planning to buy more $CAKE to take advantage the high APY on PancakeSwap which is auto-compounding that makes it better.
My plan B is to buy SEP-20 tokens on BenSwap to take advantage the high APR of other tokens under smartBCH especially $EBEN. However, my plan B is not yet a full plan because of lack of knowledge when it comes to this token.
I am still digging up more about these tokens, thanks to @carisdaneym for helping me.
Also, to have another source of income, I tried to join in #Splinterlands and so far I am enjoying the game. Among other blockchain gaming, I believe that Splinterlands will last longer knowing that it is running for a long time. Nevertheless the investment is affordable in this game unlike other games that you need to spend a lot of bucks to play.
👉If you want to join in Splinterlands, you can use my link (optional).
Published: October 1, 2021
Gosh, you could've lost your assets. Good thing you were able to withdraw them before they disabled it. It was probably best for me not to store my assets on nexo as I also haven't had a government id, well until yesterday. And I have seen a lot of complaints from other users that their accounts were also disabled for no reason.