Binance gives 10% APR if you keep your BCH there

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Avatar for cryptotexty
1 year ago

Only 2 months ago I wrote that Bitcoin Cash BCH is now 8% Flexible on Binance Earn and a while ago Binance increased this % to 10! Of course, this publication is not investment advice. Now cryptocurrency industry is facing many challenges. And while I personally believe in the bright future of cryptocurrencies in general and Bitcoin Cash in particular, it's not my role to make short term predictions. However, this is an interesting signal that Binance increased APR on Bitcoin Cash.

By the way, if you don’t have a Binance account yet - with this special partner link, you can get -20% trading fees. And, of course, an additional -25% if you use BNB.

This "Simple Earn" is "Flexible", which means you can withdraw at any time without loss of profit. In Binance earn for different other cryptos there are 30 days duration, 60, 90, and even 120, so in that case you need to lock your deposit and your Bitcoin Cash you can withdraw any time.

That's a philosophical question - where it's better to keep your funds - a lot of people prefer not to keep them on a centralized exchange. I agree with them, but I also know that for many newbies it's really hard to learn using seed phrases, new wallets, etc. So I think some people will keep funds on exchanges like Binance anyway. And if you already keep funds there and don't plan to spend - why not receive some additional APR!

I need to add that 10% APR is only for a quota of 10 BCH which is at the moment of writing this post only $1208. For the bigger amount, you will have 2% APR.

For me this is really a sign that Binance values and believes in Bitcoin Cash. Personally, I'm keeping their small amount of my BCH and also I keep small amount of BCH in my Bitcoin.com wallet. That's good for me, because I used Bitcoin Cash for small payments, tips on crypto blogs like Read.cash and Noise.cash or just sending BCH as a present for new people. And it's good for me to keep some reserve on Binance, so when I will need funds to exchange to my card in fiat - I can do it easily via Binance.

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1 year ago

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For me this is really a sign that Binance values and believes in Bitcoin Cash.

For me, it is a sign that shorters run out of BCH and can't sustain their perpetual shorts without dumping lent BCH on spot markets (since nobody is lending them BCH anymore and everyone withdrew from Binance).

I highly doubt Binance holds any BCH at this point to cover the scam BNBBCH token it proposes it backs.

My advice is to get out of Binance as the risk is too much. Moreover, all this lending BS is partially responsible for the price destruction of cryptocurrencies, since they sustain the massive shorts of funds that supposedly care about cryptocurrency.

$ 0.01
1 year ago

So the old BCH community won't go to Binance. Crypto-entrepreneurs and early adopters have enough funds to survive the bear market (probably). But new people who are already there - can dig into BCH and even become your readers) This seems to me

$ 0.00
1 year ago

Thank you Panter for your valuable opinion. As I mentioned in the article, that I agree that it's better not to keep funds of exchanges. But some people are really need some easy solution, they will keep funds on exchanges anyway. This is also a chance for new people to come and HODL BCH Imagine some newbie scrolling there - "Oh, 10% on Bitcoin Cash - not bad. It used to be over $1000 in past and maybe will be even more expensive again"

And for example according to your thoughts, what would prevent them just to buy BCH, they can do it, and give "investment opportunities" for other cryptocurrencies

$ 0.00
1 year ago

Man, that's what they all did with FTX, Celsius, Terra, BlockFi, Gemini, and the rest.

It's not that I'm saying this now. I never kept any funds, crypto or not, in a crypto exchange for more than a few hours. The lending system is a scam. It doesn't work and one way or another nobody earns.

$ 0.01
1 year ago