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LBRY Claims • are-blockfi,-celsius,-or-gemini-earn

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13 Jun 2021 14:53:42 UTC
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Are BlockFi, Celsius, or Gemini Earn Safe?
Get my new Bitcoin book:
https://www.amazon.com/dp/B08RX8Q4ZQ

In this video, I discuss the pros and cons of cryptocurrency interest accounts at BlockFi, Celsius, Gemini Earn, Robinhood, and PayPal.

I place a special focus on the commingling of assets, insurance coverage, and counter-party risks for these accounts. There is also the risk of having one's account frozen by any of these corporations.

Earning interest on a stablecoin like USDC or on an altcoin like Litecoin or Filecoin may not compensate you properly for the depreciation of the underlying asset. In a similar way, you would never want to move money into the Argentine peso to earn interest, since the currency's depreciation would offset any high yield that was earned.

Bitcoin remains the benchmark for all cryptocurrency investments, whether interest bearing or not. If you are not beating Bitcoin, then you are falling behind, whether you are holding fiat, a stablecoin, or an altcoin that earns you interest.

I compare and contrast custodial solutions with Bitcoin self-custody, and come to the conclusion that the ultimate goal is financial self-sovereignty, where Bitcoin holders learn how to custody their own Bitcoin using a hardware wallet or self-custody solution.

At the end of the video, I demonstrate how to buy Bitcoin using Coinbase Pro and then withdraw it to hold it on a Trezor hardware wallet that has a recovery seed backup.

Not investment advice! Consult a financial advisor.

BlockFi interest rates:
https://blockfi.com/rates/

Argentina short term interest rates:
https://www.ceicdata.com/en/indicator/argentina/short-term-interest-rate

BlockFi custody risks:
https://help.blockfi.com/hc/en-us/articles/360048862572-How-does-BlockFi-custody-assets-What-are-the-risks-with-depositing-my-crypto-at-BlockFi-

https://blockfi.com/interest-account-terms

Gemini Earn:
https://www.gemini.com/earn

Gemini Earn insurance coverage:
https://support.gemini.com/hc/en-us/articles/360055836212-What-is-Gemini-Earn-

Genesis Trading insurance coverage:
https://genesistrading.com/crime-and-vault-risk-insurance/

Celsius Network insurance:
https://support.celsius.network/hc/en-us/articles/360002174718-Does-Celsius-have-an-insurance-policy-

https://celsius.network/terms-of-use/

Coinbase Pro:
https://pro.coinbase.com/

Trezor hardware wallet:
https://trezor.io/

How to withdraw Bitcoin from Coinbase Pro to your Trezor wallet:
https://help.coinbase.com/en/pro/managing-my-account/funding-your-account/funding-your-account-with-cryptocurrency

Trezor recovery seed:
https://wiki.trezor.io/Recovery_seed

How I Store My Bitcoin (Revealed For The First Time):
https://www.youtube.com/watch?v=dt7mryC8kLQ&ab_channel=TraderUniversity

Check out my online trading courses:
https://www.trader.university/join
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