It took years but one of my kids finally convinced me to open a Coinbase account and another one of my kids contributed $10 to my efforts.
I am in the USA, so opening a trading account was easy for me. If you are non-US and interested in a Coinbase account, here is some advice.
"You are 100% allowed to buy and own crypto on Coinbase, Kraken, Binance.us, FTX.US or other US-licensed crypto exchanges with a US company. if you are a non-us resident and not a US Person, we would recommend the US LLC structure to trade or hold the bitcoins and altcoins." (Source: Trading Crypto on US Crypto Exchanges with a Foreign-owned LLC)
"Can a non-U.S. citizen have an LLC? Yes, non-U.S. citizens can form and own LLCs in the United States. This includes foreign individuals, corporations, and other entities. However, there are certain legal and visa requirements that must be met in order to form an LLC as a non-U.S. resident." (Source: Can a Non-U.S. Citizen Own an LLC? | ZenBusiness Inc.)
Even though Coinbase is currently fighting legal challenges with the United States Securities and Exchange Commission (SEC), its crypto exchange operations have continued. So far it's business as usual.
Since the exchange is continuing to operate I am taking advantage of buying crypto coins that earn APY. (For those who don't know. APY stands for Annual Percentage Yield. Learn more: What Is APY and How Is It Calculated With Examples | Investopedia)
This is what Coinbase says:
"Put your crypto to work and earn rewards."
"We'll help you put your assets to work in the cryptoeconomy so you can grow your crypto holdings with little effort."
These statements are TRUE TRUE TRUE!
Go to the official website's page https://www.coinbase.com/earn to see the crypto coins and how much you can earn by holding them. The rate changes so always check before buying.
For more clarification, go to https://help.coinbase.com/en/coinbase/coinbase-staking/rewards/earn-rewards-with-staking: "Staking is a way to earn rewards (cryptocurrency) while helping strengthen the security of the blockchain network. You can unstake your crypto at any time, and your crypto is always yours."
They offer several coins but my personal picks are (rates as of today May 29, 2023):
COSMOS (ATOM) ~ 6.12%
Polkadot (DOT) ~ 14.85%
Ethereum (ETH) ~ 6.00%
Cardano (ADA) ~ 2.00%
Solana (SOL) ~ 2.40%
USD Coin (USDC) ~ 2.00%
***UPDATE (Aug 9, 2023): Despite legal challenges with the SEC, Coinbase is not shutting down its staking program and the rate stated above have increased significantly. View current rates at Coinbase Earn.***
If you are in the USA and still on the fence about whether or not to start trading cryptocurrency, try Coinbase. It's a great platform for newbies and beginners. You can start with s little as $1. But I suggest $10.
If you are NOT in the USA, then I hope the info in this article will at least point you in the right direction if you are seriously intending to get started building your wealth via the crypto world.
Are you still hesitant about setting up a crypto trading account?
Hey! I wasn't easy to convince either. My son worked on me for years.
In the meantime, I took this initiative on my own. At free crypto faucets, there is no KYC process (Know Your Customer) to go through. You can use an eMail address to create an account and get started earning crypto by performing small tasks. There are lots of faucets out there but these are the ones that work well for me.
CryptoWinis very unusual. Use Bitcoin to buy shares, they hold for 180 days (6 months) and you earn126%return on your shares. Reinvest your earning by buying more shares or withdraw your earnings. IT WORKS!
***UPDATE (August 9, 2023): Please refer to my article discussing the details of my bad experience with this faucet. Follow Up to My Follow Up - RE: CryptoWin Faucet Review https://read.cash/@cmoneyspinner/follow-up-to-my-follow-up-re-cryptowin-faucet-review-3176ddd5 ***
Cointiply pays 5% as long as you keep 35000 coins in your account. 35000 coin is $ 3.50 USD. YOU CAN DO THAT! Withdraw any time. You can withdraw as Bitcoin, Litecoin, Dogecoin, or DASH.
Free-Litecoin pays 10% on litecoin you deposit. The minimum account balance to earn interest is 0.05000000. You can withdraw your LTC at any time.
Bucksify and FaucetPay are free faucets I use but they do not pay interest. Just complete their Offers to earn crypto. Even though they don't pay interest, they have ways for you to earn extra coins like bonuses. Plus you can withdraw your earnings and deposit to a faucet that does pay interest on your crypto. That's what I do!
Beer Money Forum, and Forum Coin are forums where you can earn crypto for being an active member, either initiating discussion threads or commenting. They each have different requirements for minimum withdrawal amounts. For Beer Money Forum, I withdraw BMF points in the form of Bitcoin Cash. For Froum Coin, I can either withdraw as Bitcoin OR Litecoin.
When I withdraw my earnings from the non-interest paying faucets or the forums, I deposit them where I can earn on my crypto: either my Coinbase account or one of the faucets mentioned above.
OK! TIFN! (That's it for now!)
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Staking in crypto is much better than any fiat. It gives a more higher interest rate.