Hey everyone Scott Cunningham aka @scottcbusiness today we're going to be
talking about
crypto lending and we're going to be
taking a look at blockfi
and nexo as the two main platforms that
i've decided to use for crypto lending
the reason being that i looked at maybe
10 platforms in total
i signed up and i got you know sort of
acquainted with them
i didn't actually test out lending on
those platforms because
i needed a platform that had a really
good interface shows me all of the
information like how much interest i'm
actually earning
and it offers you know a decent amount
of coins to
uh earn from mainly we're really just
i'm just interested in stable coins
um you could lend your bitcoin and your
ethereum and all that stuff but um
i don't feel comfortable leaving you
know a large amount of crypto
on any platform or exchange or anything
like that
um just out of you know common sense and
like having
good security i'd rather keep my bitcoin
and my ethereum
in an offline wallet but i'm always
happy to do as long as it's under a
thousand dollars i'm okay to leave
crypto on different places for you know
some benefit
like making passive income so
on these platforms i use stable coins
for the most part
and then nexo i also bought the nexo
token because i'm curious as to how that
works and
uh see how the dividend pays out in the
next couple of weeks
so we'll see how that goes but for the
most part i'm testing out
several different stable coins tether
usd
c paxos true usd
dye and gusd so i'm doing
three stable coins on block fi and three
stable coins on nexo
and then i have the nexo token on nexo
and um
yeah it's it's going to be a test really
of
how good is the lending you know how
often are they paying out
as well as how stable are these stable
coins and
will they be keeping their value as we
go
so the reason that i've decided to just
do crypto lending with stable coins is a
they pay the highest interest and b
i don't want to lose money on the value
of the coin
um over time so i mean you could do it
with ethereum and bitcoin and probably
feel pretty confident you're not going
to lose money
um but for example with like kcs
kucoin chairs i was losing money over
time
as it was depreciating even though i was
gaining you know
kcs passively so that doesn't really
work out very well for me i sold out of
that
and now i'm looking at lending because
this seems like it could be
a good solution to that
that issue i was having where it's hard
to
rely on a crypto or token to not go
down if you're going to earn passive
income because if it does go down
it may very well wipe out all of your
uh interest and gains that you've made
right
so with this i'm sticking with stable
coins so that i can ensure my gains
even though it might be less you're
gonna at least earn more
interest and um yeah so we're going to
test it out anyways i'll share my screen
now so that we can actually go through
the different platforms and take a look
so this is nexo this is what it looks
like when you come on originally
and then you can see all of your your
buys
you can actually switch between the
different things so if you just want to
see
like uh if you made money on
appreciation or
uh well the dividends are from nexo so
that
we'll see that soon enough we are
looking at
interest yeah so here we go
you can actually see every day they're
paying out
interest on these coins so you know it's
really really ideal you're just you're
earning money passively you don't have
to do much
i started doing this i believe on the
15th of july
and so far i've earned about 96 cents
so you know i mean it's not very much
money that i have on here
but you know it's pretty lucrative so
we'll see how this plays out and i'm
excited to continue to follow this
um just to note you can also take out
loans using collateral and for people
who are concerned
uh what if the people don't pay it back
and then i don't get my money
well first these platforms have a
ridiculous amount of reserves
and you can only get a loan based on
collateral
so you can see here that i've got 116
of this 105 here 104 here
and 96 here so overall you know that's
a little over 400 and yet my available
credit
is under 300 meaning
that people can only take out credit uh
when they have enough collateral to
cover it
so if someone does take out a loan and
it happens to be your cryptocurrency
it'll be less than what they have to
cover the loan
so you should never have any problems
getting that money back and the interest
um and again it it's not like it's going
to fall on you to deal with that because
that's why
you've got you're using these rather
than just lending it to someone straight
up
so that's really really good to see you
can track your interest and you can see
it all very easily
you can see the different amounts that
you can earn again with nexo i'm going
to be getting a dividend so we'll see
how that plays out
interested to see how that works because
they pay the majority
of their um well not the majority rather
they reinvest 70 back into the company
to fund more
and then 30 percent is paid out in a
dividend to the people who hold it
and i believe there's also something
where the longer you hold it the more
you get
to incentivize you to not just uh buy it
get the dividend sell it buy it get the
dividend sell it
um this way you're actually going to
get more and it'll probably appreciate
in value so
there's a lot of upside to this but
again i mean i'm just testing this one
out
and i'll let you guys know for that and
the rest i'll also be testing the
stability of the different coins
and um and all that good stuff so now
let's take a look at block fi
and again a really ideal thing here is
that with both of these platforms
you can also access it on your phone i
can't stress this enough
because all the other platforms that i
checked either
you know had a bad interface i couldn't
see the interest
and for a lot of the major ones they
were only on mobile
and that's really not ideal that i have
to use my phone for everything it should
just be anywhere that has an internet
anywhere any device rather that has
internet access
and can use a browser should be able to
go on and do this
i shouldn't have to rely on a specific
wallet on a specific phone only
otherwise you're screwed i don't think
that is
ideal um some people might not care but
i think
it's much better the more universal it
is plus
you can also um rely on the fact that
if they're on both there should be more
people
getting into it right you should have
more investors and
and more people participating i think
it's unrealistic
that institutional investors are doing
it from their phone
right like if you go to work and you're
doing some serious stuff you're doing it
on a computer
you're not pulling out your phone and
investing on your phone i
i just don't think that's what people
are doing
so it's pretty big deal to have access
other than just on a mobile device so i
just think that's important to stress
on here you can see a lot of the same
stuff
where your interest that you've made and
all that good stuff
um this looks less just because
i only recently added gusd
otherwise it'd probably be around the
same amount because um they have very
similar interest percentages
i think you do make a little bit more
on on nexo because it's 10
ten percent nexo in saving wallet
okay so i think it depends on how much
nexo you have
so that makes sense for the most part
it's usually about eight percent
i think on block by here it's 8.6
we can quickly double check that
ourselves though
somehow um
ah there we go get into the actual
wallet here yeah so you can see the
different uh
aprs as you click through um
yeah these are all 8.6 so that's really
good and and the rates do vary
but you're always going to get a pretty
good amount i'd say probably eight
percent or more
on these stable coins um and for
everything else you're always going to
get less
um bitcoins probably one of the higher
ones
if it's for not being a stable coin that
eath is 4.5
like coins 3.8 again these are all
subject to change
but i feel like stable coins are the
safest way to be doing this um
but because i mean if you've got bitcoin
you're you're gonna
appreciate the gains from that anyways
whereas with these
stable coins you're not going to
appreciate any gains
um but you're just going to be getting
more interest so
i'm more interested in passive
income than just getting appreciation
from
coins because that only lasts as long as
it lasts right
while you can make a lot more money with
growth stocks
i'm building out a passive income
portfolio to fund
my retirement and just you know pay for
things for the rest of my life
and the earlier i start it the better
off it's going to be
you could you could argue the same thing
for growth stocks and growth cryptos
um but that's just not the way that i've
approached a lot of this and that's just
not the way that i'm going to go about
this so
if you are interested in getting some
interest
on on block fi or nexo
i highly recommend checking them out
there's a lot more available
on nexo for you to take advantage of
but they're both great they both have
the mobile wallet so
i think that's great um and yeah out of
the ones i've looked at these are
definitely the best in my opinion i know
i'll probably get some uh
some hate for saying that because you
know there's a lot of people at other
platforms who are saying
you know these are the best and their
token is the best i usually don't worry
about their specific
tokens um because i i just wanted to
test this out and see how this works i
will probably do an update in the future
or rather at the very least going
forward
uh when i do my dividend portfolio
updates i will be
reporting on these and how these are
performing so that you guys can sort of
keep up with this
and then in those updates i will also be
um
you know just briefly touching on the
value of these stable coins and how
they've changed
um as to how stable are these stable
coins actually because
this is also a test of that um just
watching their values over time and
ensuring that they are actually stable
and um yeah so let me know what you guys
think
uh are you going to be taking advantage
of crypto lending have you done it
before
what platforms do you prefer to use
and um what do you actually like to put
on these platforms
do you like just doing stable coins or
would you rather just put your ethereum
or your bitcoin
let me know what you guys think and do
you put more than
a certain amount like do you have a
certain amount i say over a thousand
i get a little hesitant to leave on a
platform or an exchange
what do you guys think about that do you
usually keep your stuff in a wallet is
it an offline wallet
let me know all that good stuff in the
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thank you so much for your support and
for watching this video I'm Scott
Cunningham aka @scottcbusiness
signing off cheers
