Putting your Bitcoin to work in 2022
S
o you’ve heard of Bitcoin in the press but know little more than the name. Or maybe you have ventured into acquiring some Bitcoin.
In this guide:
Disclaimer: All of the information written on Coin Crop is without influence and based on our analysis. No guarantee is offered concerning the accuracy of this information and therefore, any individual following up on it does as such completely at their own risk. Rates are correct at time of publication.
What is Bitcoin?
Bitcoin is a digital currency that operates in a decentralised manner. Users are able to sell, buy and exchange directly with one another with the need of an intermediary (such as a bank). It was originally described as “an electronic payment system based on cryptographic proof instead of trust.”
Who created Bitcoin?
The creator of Bitcoin is known as Satoshi Nakamoto. Beyond the name, we know very little. Much opinion points to the creator as being a single individual although the possibility exists that this is a group of people using an alias.
When did Bitcoin start?
Bitcoin began life as a white paper written by Satoshi Nakamoto. The paper was published on the 31st October 2008. After turning the specification into working software, Bitcoin began operating in January 2009.
How does Bitcoin work?
Bitcoin introduces a number of innovative principals – the most significant being the concept of a ‘blockchain’. As the name may suggest, this is a linked set of data combined of units referred to as blocks that contain information about every transaction (the date, time, value, sender and receiver). Each of the entries are attached together in chronological order creating the blockchain.
The blockchain is public allowing anyone to view the data contents. It’s possible to see each of the transactions, the values and the addresses involved.
What about Bitcoin mining?
You may well have heard about the concept of Bitcoin mining and wondered how it fits. The process of Bitcoin mining allows new transactions to be added to the blockchain. High powered computers are used to essentially solve a mathematical puzzle in which there is a race to verify transactions.
As a reward for being the first to solve these ‘puzzles’, the Bitcoin protocol rewards miners with a newly issued Bitcoin.
Top 3 highest Bitcoin savings rate
The following are the top 3 savings rates across all providers:
| Organization | Terms | Rating | APY Rate |
|---|---|---|---|
| OKEx | Fixed (7 days) | 52.0% | |
| AAX | Fixed (360 days) | 9.00% | |
| Nexo | Flexible | 8.00% |
Top 3 Bitcoin easy access savings products
The following are the top 3 savings rates that offer easy access to your assets:
| Organization | Terms | Rating | APY Rate |
|---|---|---|---|
| Nexo | Flexible | 8.00% | |
| Hodlnaut | Flexible | 7.46% | |
| CoinLoan | Flexible | 7.20% |
Top 3 Bitcoin fixed-term savings products
The following are the top 3 savings products that are based on locking away your Bitcoin for a specific time duration:
30 days
| Organization | Terms | Rating | APY Rate |
|---|---|---|---|
| Vauld | Fixed (30 days) | 6.70% | |
| AAX | Fixed (30 days) | 5.50% | |
| Nebeus | Fixed (30 days) | 3.50% |
60 days
| Organization | Terms | Rating | APY Rate |
|---|---|---|---|
| AAX | Fixed (60 days) | 6.50% | |
| BTSE | Fixed (60 days) | 2.60% |
90 days
| Organization | Terms | Rating | APY Rate |
|---|---|---|---|
| Binance | Fixed (90 days) | 7.00% | |
| AAX | Fixed (90 days) | 7.00% | |
| Crypto.com | Fixed (90 days) | 4.50% |
