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Earn Up to 17% APY on Your Money with Cryptocurrency | A Step by Step Guide

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In a previous article here on Apex Haus, I talked about four quick and easy ways you can start earning free money with cryptocurrency. 

Since writing that article, I have had several people reach out to me excited to get started doing just that, but didn’t exactly understand what that step by step process looks like or how to go about it.

So, in this article I am going to explain that process as simply and in as much detail as I can so that you can get started earning as much as 17% interest on your cryptocurrency!

Watch my Step by Step Video on YouTube to Earn High Interest with Cryptocurrency

Before We Get Started

First and foremost, I am not a financial advisor and all information given here is based on my own personal experience and research. Before making any financial decisions, you should do your own research or speak with a professional financial advisor.

That being said, there is some basic information you need to know about cryptocurrency, blockchain technology, and how it all works!

What are Blockchains?

Blockchains, putting it simply, are types of databases. These databases run on their own unique style of code. 

You don’t need to know the nitty gritty details, all you need to know is that there are different cryptocurrencies which run on different blockchains. Coins, or cryptocurrencies, that belong to one blockchain do not work on other blockchains without the use of additional systems, which is why you won’t find or can’t buy certain cryptocurrencies on certain platforms.

For example, the current top 3 blockchains are the Bitcoin Blockchain, the Ethereum Blockchain, and the Cardano Blockchain. They are all independently unique from one another and work in different ways, with different purposes.

What is a Crypto Wallet?

A crypto wallet, unlike a regular wallet which would be used to store your credit cards or cash, actually does not store your cryptocurrency. Your cryptocurrencies are always stored on the blockchain. 

What a crypto wallet does is store your “private keys” which are what allow you to access your coins on the blockchain. But don’t worry, you don’t need to memorize anything, as it’s all handled by the software of the crypto wallet.

Why Do You Need to Know This?

The reason I mention it though is that just like certain coins belong to certain blockchains, the same goes for crypto wallets. Some crypto wallets are specific to a single blockchain, while other crypto wallets like Metamask or Ledger can access multiple coins on multiple blockchains.

This is just good information to know, in case you decide you want to send your crypto from one location to another. You always want to make sure that the wallet address you are sending to is actually capable of storing and accessing the coins you are sending, otherwise you run the risk of losing them permanently.

Unlike traditional banking, with cryptocurrency there is no “help desk” or phone number to call. So you always want to double check and verify where you’re sending to before you send!

Now don’t worry, the platforms and website’s we’re going to use for this process are all compatible with each other, so you don’t have to worry about that! What you will need to pay attention to though is making sure when you send your crypto, you send it to the correct wallet address in your account.

But I will point these out specifically when we get to that step!

Tip: Before I ever send large amounts of crypto anywhere for the first time, I always send a small amount first to verify it gets received on the other end!

Okay, now that we got that out of the way, time to get into the actual step by step process of beginning to earn high interest on your crypto!

Read this article here to learn more about the difference between stable coins and alt coins.

Step 1: Open a Coinbase Account

If you haven’t already, you’ll want to sign up for a Coinbase account. 

This is what is referred to as an “on ramp” which basically means you can buy cryptocurrencies using your normal fiat currency, a.k.a. your US dollars (or country specific paper currency).

I like using Coinbase because they’re simple and easy to use, and they have a relatively strict vetting process that gets done to currencies prior to getting listed on their exchange, which to me makes the cryptos on there more trustworthy than some other currencies you can get on other exchanges with less stringent requirements. 

Use this link to sign up for Coinbase and you’ll get $10 worth of free Bitcoin when you buy or sell $100 or more in crypto.

Step 2: Buy Yourself Some Cryptocurrency

Before you can purchase any cryptocurrency on Coinbase, you’ll need to complete what’s called KYC, or Know Your Customer, which is what Coinbase is required to do in order to stay within their legal requirements.

They’ll just need some basic information to verify your identity.

Once you’ve completed the KYC requirements, simply connect your preferred payment method. You can use a checking or savings account, a debit card, or a PayPal account. Credit cards are not authorized. 

Depending on which you choose, there will be a certain limit to how much crypto you can purchase every 24 hours.

Once you’ve connected your preferred payment method, on the top right of the website or mobile app simply click the “Buy/Sell” button, which will bring you to a menu with a drop down. 

Select which cryptocurrency you would like to purchase, for example Ethereum (an alt coin) or USDC (a stable coin), select the amount, and confirm your purchase!

If you’re not sure which crypto(s) you’d like to purchase yet, I suggest starting with a stable coin such as USDC, or an alt coin such as Ethereum (ETH). Scroll down to Step 3 to find out which currencies are currently getting the best interest rates, and keep in mind only certain crypto currencies are accepted on these high interest platforms, so make sure to purchase one they actually accept.

Within a few minutes you should see your cryptocurrency now sitting in your account wallet under the Portfolio section!

Keep in mind each cryptocurrency sits inside its own wallet on your Coinbase account, i.e. Ethereum will sit in your Ethereum wallet, and USDC will sit inside your USDC wallet; but they are all viewable inside your single Coinbase account portfolio.

Watch my Step by Step Video on YouTube to Earn High Interest with Cryptocurrency

Step 3: Open a High Interest Platform Account

Once you’ve purchased some cryptocurrency with Coinbase, the next thing you’re going to want to do is set up an account with either BlockFi or Celsius (or both!). These are going to be the platforms that you’re going to send your crypto to in order to start earning high interest!

Choosing between which platform to use is really a personal preference choice. Both are great platforms, but one usually has better rates than the other depending on which cryptocurrency you’re holding.

For example, at the time of my writing this, BlockFi is offering an 8% APY on USDC while Celsius is offering 8.88% on USDC (I use USDC as the example because it’s my personal preferred choice for non-volatile stable coins).

I personally have accounts with both platforms, and keep some crypto on each of them just to diversify where my crypto is located, and so I don’t have to pay attention to which one is offering the best rates. I just get an average of the two.

Use these links to see what their current rates are:

Once you’ve decided which platform you want to sign up with, use the below link(s) to earn some extra free crypto bonuses!

Earn up to $250 worth of Free Bitcoin Bonus when you transfer to BlockFi using this link.

Get $50 worth of Free Bitcoin when you transfer $400 or more to Celsius using this link.
If asked, use Referral Code: 1429223f79

Step 4: Transfer Your Cryptocurrency to Your High Interest Account

Once you’ve successfully created your BlockFi or Celsius account, all that’s left to do is transfer your crypto from your Coinbase account to whichever platform you decide to join!

If you signed up with BlockFi:

  1. Sign into your BlockFi Account
  2. Click the “Fund” button
  3. Select the “Crypto Transfer” option
  4. Select the cryptocurrency you wish to transfer
  5. Next to the “ADDRESS” click the Copy button
    1. This is the address of the wallet you’re sending to.
  6. Go login to your Coinbase account
  7. On the top right if on desktop click the “Send/Receive” button
    (if on mobile, it will be the small blue button on the bottom center of the mobile app)
  8. Select the cryptocurrency you wish to send
    1. Remember: you can only send Ethereum to an Ethereum address, USDC to a USDC address, etc.
  9. Select the amount you wish to send
    1. You can send in Coin amount or you can send in U.S. dollars amount
  10.  In the “To” line, paste the address you copied from BlockFi
  11.  Click “Continue” or “Preview Send” (depending on whether you’re on desktop or mobile)
  12.  Follow the prompts, and you’re done! You should see your crypto show up in your BlockFi account shortly.

If you signed up with Celsius:

  1.  Sign into your Celsius Account
  2.  Click the “Receive Coins” button
  3.  Select the cryptocurrency you wish to receive
  4.  Click the “Copy” button to copy the Receiving address
  5.  Go login to your Coinbase account
  6.  On the top right if on desktop click the “Send/Receive” button
    (if on mobile, it will be the small blue button on the bottom center of the mobile app)
  7.  Select the cryptocurrency you wish to send
    1. Remember: you can only send Ethereum to an Ethereum address, USDC to a USDC address, etc.
  8.  Select the amount you wish to send
    1. You can send in Coin amount or you can send in U.S. dollars amount
  9.  In the “To” line, paste the address you copied from Celsius
  10.  Click “Continue” or “Preview Send” (depending on whether you’re on desktop or mobile)
  11.  Follow the prompts, and you’re done! You should see your crypto show up in your Celsius account shortly.

Step 5: HODL and Watch it Grow!

Congratulations! You’re now beating inflation and earning high interest on your cryptocurrency holdings!

What’s even cooler in my opinion is that the interest you earn is paid out in more of that currency, which means not only is the number of coins you have going up, but if the actual value of that coin goes up, you’re in a way getting a double win (at least for the alt coins)!

I wish you the best of luck on continuing to increase your financial gains. Just remember, it’s a marathon and not a sprint! Think long term. 

There will always be ups and downs in the market, but don’t let fear drive your decision making. When the markets are down and everyone is “fearful,” that is the best time to be buying, not selling, especially if you’re considering investing into alt coins such as Ethereum.

Keep getting educated and empower yourself!

Find More Wealth and Investing Information Here

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