How to Earn Interest On Your Bitcoin and Other Cryptocurrencies | Cryptocurrencies have now become a part of our daily economy and a way to invest monies that one plans to use in the future. There are many ways to make money with cryptocurrencies, most especially Bitcoin which is the fastest growing coin on the cryptocurrency market.
With a lot of cryptocurrencies popping up, it comes with the need for cryptocurrency wallets. With Bitcoin being the father of all cryptocurrencies, there have come to be cryptocurrency wallets and exchanges that support trading and investing your bitcoin to get an annual return.
Today, I am going to teach you how one can earn interest with just any amount in their blockchain wallet up to a whopping 12% interest per annum. Let’s get started.
How to Create a Blockchain Account
All you need to create a blockchain account is an email address and a password. Follow the steps below to create your account. NB: If you already have a blockchain account kindly skip this stage.
- Visit www.login.blockchain.com/#/signup
- Enter the email address you would like to use
- Then enter a strong password
- Then confirm your password
- Click / Tap on ‘Create Wallet’ to create your blockchain wallet.
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Requirements to Open An Interest Account on Blockchain
Earning interest in crypto has been made easy by blockchain. Before I proceed, you will need to meet the requirements below before you can have access to an interesting account of the blockchain.
There are a few requirements for getting started with an Interest Account in your Wallet:
- You must be Gold Level verified in your Blockchain.com Wallet to have an Interest Account. If you’re not currently Gold Verified, click “Upgrade Now” on the Earn Interest page or head over to the Profile section of your Wallet (under Settings > Profile in the web wallet) to verify your identity.
- There is a minimum transfer of $300 worth of bitcoin, a $100 minimum for ether, USD Digital, and Tether, and a $1 minimum for bitcoin cash and XLM.
- You must be verified in a supported country to be eligible. At this time, residents of Canada, Japan, and the states of New York and Washington (USA) are not eligible to earn interest in their Blockchain Wallets. Please see the list below for full United States eligibility. Earning interest on USDT and USD-D is not supported for residents of the United Kingdom.
- Bitcoin, bitcoin cash, ether, USD Digital, Tether, and XLM are currently the only cryptocurrencies supported for earning interest in the Wallet. Therefore, you must have at least $300 worth of bitcoin, $100 worth of ETH/USD-D/USDT, or $1 of bitcoin cash or XLM in your wallet to open an Interest Account. We are looking to support more cryptocurrencies in the future, so let us know if you have any specific requests!
Residents of the following US states are eligible to earn interest on all supported currencies: Alaska, California, Colorado, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, New Hampshire, Rhode Island, South Carolina, Utah, Wisconsin, Wyoming.
All other states (excluding NY and WA) are eligible to earn interest only on BTC, BCH, ETH, and XLM.
How to Open An Interest Account on Blockchain
- Navigate to Earn Interest from the header and click on the “Earn Interest” button. If you are not Gold verified, press “Upgrade Now” to verify your identity.
- Select the crypto wallet (e.g. My Bitcoin Wallet or Bitcoin Trading Wallet) you want to use to deposit funds and input the amount you want to transfer. There is a $300 minimum for bitcoin transfers, $100 minimum for ether, USD Digital, and Tether transfers, and a $1 minimum for bitcoin cash and XLM transfers. If you don’t have enough funds, or simply want to transfer more, you can use the Buy Crypto button to quickly and easily purchase additional crypto.
- You can use the interest calculator below the amount field to see how much you’ll earn with the current interest rate for different amounts of time, depending on how long you keep your funds in the Interest Account.
- Check the boxes below to acknowledge and agree to the terms.
- Click “Confirm Transfer” to transfer your funds. Your wallet will automatically initiate a transaction to your new Interest Account. If you are transferring crypto from your Wallet, it will include an appropriate network fee for a quick confirmation. If you are transferring crypto from your Trading Wallet balance, there will be no network fee and no need to wait for the network confirmation. You can learn more about the differences between the Wallet and the Trading Wallet here.
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To transfer additional funds:
- If you already have an Interest Account and want to transfer more, navigate to your Earn Interest page (located in the header) within your Wallet.
- Click on “View” for the Interest Account into which you want to make an additional transfer.
- Click on the “Transfer” button and input the amount you want to transfer (minimum $300 worth of bitcoin, $100 of ether, USD Digital, or Tether, and $1 of bitcoin cash or XLM at the current market rate).
- You can use the interest calculator below to see how much you’ll earn with the current interest rate for different amounts of time, depending on how long you keep your funds in the Interest Account.
- Click “Confirm Transfer” to transfer your funds. If you are transferring crypto from your Wallet, it will include an appropriate network fee for a quick confirmation. If you are transferring crypto from your Trading Wallet balance, there will be no network fee and no need to wait for the network confirmation. You can learn more about the differences between the Wallet and the Trading Wallet here.
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