let’s be real if you walk into your neighbourhood bank to make a brand-new account and you ask them about their interest rates you’re about to have a pretty sad conversation you would think that the banks would want to give you a real incentive to choose them over their contestants right you would be wrong unfortunately for us they won’t even afford us one percent numerous banks these days are offering a high yield savings account for a grand total of top five percentage apy this represents if you were to deposit one thousand dollars in one of these high-pitched produce bank accounts and didn’t spend a penny for an entire year you are able to make a staggering five dollars oh and this just in inflation is at least seven percent so you actually lost 65 dollars this is not sustainable or fair and it’s why crypto is well on its way to modifying the face of finance forever when that happens the banks will be the first ones to go one thousand dollars has much more financial leveraging than you think but you have to look outside of the box of the bequest organisation for that to be true there’s an array of crypto lending and borrowing platforms you could use to outperform the banks but today we’re going to focus in on the high interest rates accounts accessible now consuming crypto let’s get it welcome to bit boy crypto my identify is ben and my duty is to help you find financial impunity through crypto assets if that sounds good make sure go ahead and sounds that subscribe button and don’t forget to hit that buzzer while you’re at it so you get updated on the content we start every single day so you’ve been told since you were born that the safest channel to place your money was to positioned it in the bank and for a time that was true but after 1971 when richard nixon took the dollar off the gold standard the foundation for bank has started to fracture and today it’s a husk of what it used to be for the average investor or even working class american the interest rate on a savings account in 1970 was about eight percent since then it’s led to 0.55 percentage in 2021 that’s hardly keeping up with anything and losing to inflation every year so that’s a victimize if i’ve ever seen one but what if you time need a safe place to place your cash for a while away from scallywags pirates or your deadbeat father-in-law but banks keep my fund in a safe and all the money’s insured right wrong as of procession 6 2020 the reserve pace for the banks or how much cash they had to have on hand was reduced to zero so there’s a crisis like a hack or world-wide internet outage and a bank extended follows there won’t be anything to hand out except crusty age-old lollipops crypto giving services started popping up around 2017. Nexo celsius and blockfi were some of the first crypto credit scaffolds and the first in the world to offer its consumers instant lends all of these stages boast millions of users backing dozens of different cryptos have over tens of billions of dollars in assets under conduct what’s great about a cls anything else of your assets are placed directly into a custodial savings wallet instead of time sitting in a position with your fingers crossed hoping the price goes up you’re earning interest on your assets only by keeping them on the platform and if you want to use celsius you can check out bitboycrypto.com batches got a great deal on celsius for you but it’s a great way to put your money to work earn passive income and it’s an especially attractive feature for buyers who plan on huddling for the long term likewise unlike banks that paid in full interest once a month acls will pay out your interest once a week or even every day if you like understand better crypto and fiscal liberty we manufacture videos every day on this direct so make sure to go ahead and crush the like and subscribe button don’t forget to hit the notification buzzer youtube is disguise our videos that’s how you go around it so in comparison with the generous half of a percentage a bank would give you to keep your coin with them you can expect to oblige somewhere between five to 17 percentage on your resources by using a cls how much interest you see depends on what resource you’re control and your patriotism stage keep in mind this is not staking this is simply the interest rate you’ll earn on your assets for to be maintained on nexo unlike several other platforms nexo and celsius have their own token appointed nexo and sell respectively your patriotism elevation correlates to your interest rates and is located off what percentage of your portfolio is made up of their tokens for example less than one percent of nexo is the base loyalty level one to five percent for silver five to ten percent for amber and above ten percent for platinum if you live in america you can hold and amplification interest on nexo tokens but you are already cannot sell them there’s still an incentive to hold some nexo to increase your interest rates and lessen your loan rates you can add an additional one to two percentage points to your interest rate if you agree to get paid in nexo or contain your resources in a specified term for a specified amount of time so compared to the 0.5 percent at the bank how much are we talking here on a fastened period with cornerstone statu allegiance i.e having no nexo in your account at all can earn 10 to 13 percent if you owe dot matic or avax five percent for most other coins including bitcoin ethereum cardano and xrp for stable coppers which are silvers pegged to the dollar the interest rate is eight percentage why is this important well first of all with stable silver interest you are eligible to compile eight to ten percent on your money without taking the risk of trading compared to the banks is it even up for debate which one is better some people will argue still that banks are safer and all that jazz but nexo’s ascertained up to 375 million by chip get ledger the reason they are able to pay this much interest on your assets is because they generate money by giving your assets out to conservatories on an over collateralized basis this means that the collateral is worth more than enough to cover potential losings in case they were to default this is a crucial ingredient to how their business model drives because it protects their consumers keeps their interest rates stable because crypto isn’t adjusted the same way that banks are there’s much more wiggle chamber to give a percentage of the money they produce back to their consumers corporations like celsius also generate money through the interest rates they bill from uttering out credits to their useds on this platform the loan rates are between 0 and 13.9 apr located off your allegiance degree how much you acquire from them and how much of your crypto you decide to put up for collateral with celsius you can get a loan without a ascribe check and get approved instantly there’s no paperwork no impact on your recognition orchestrate and you’ll receive your monies within one day how quick if you need to leverage some crypto to make a big purchase the best part is with a crypto personal credit line when you invest it you don’t have to pay capital amplifications taxes like you would have had to if you altered your regular crypto to fiat yes you still have to pay them back plus interest but you can do this on your own time there’s no installments or fixed fee schedule they are able to automatically blame or collateralize crypto if your ltv rate transcends 83.33 percentage in order to keep that fraction below 83.33 the ltv or credit to value is the amount of crypto you have to put up in order to take out a loan for example if you put up 5 000 and you borrow 2 500 your ltv would be 50 it’s best to make sure you keep your ltv ratio in a safe collection to avoid losing some of the crypto you was put forward for collateral immediately you pay off your lend you get your crypto you was put forward back no questions asked celsius recently put under a tweet celebrating their win 2021 blockchain fest accolade for best c5 learning platform the point of this video is to educate and inform our viewership the flake squad so you can empower yourself and gain financial opennes if you’re new to crypto i most recommend checking out these financial services and learn how to put your money to work you don’t even have to deal with the risk of trading if you don’t want to get your feet wet stimulate eight percentage on your coin using stable coppers instead of losing to a bank you’re not doing yourself any praises by making 0.5 a year that’s a life hack the goal is to accumulate wealth over duration and a great way to do that is to get out there furnish yourself with various brooks of passive income everyone has to work to make money but once you have money put that to work too when you lend it all up at the end of the year you’ll be glad that you did that’s all well be anointed[ Music] you
