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Best Way to Earn Interest on Cryptocurrency? | Gemini Earn - YouTube
Channel: Lalit Devraj
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what's going on everyone lulid here
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today we got gemini earn where you can
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earn up to 7.4
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on your cryptocurrency we'll be looking
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into all the details regarding gemini
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earn as well as have a hands-on demo
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towards end the video
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regarding exactly how it works from
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depositing it into your gemini earn
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account
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as well as redeeming it afterwards in
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addition we'll not only be looking at
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gemini earns interest rates
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but also comparing gemini's interest
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rates with the likes of some of its
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competitors
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such as nexo celsius block 5 voyager etc
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so with that
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we'll get straight into it all right
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let's do it so
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gemini earned you can receive up to 7.4
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interest on your cryptocurrency
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and as we scroll down it says earn
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interest on your crypto
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once you open an account you can
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purchase any amount of cryptocurrency
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and immediately opt-in to gemiini iron
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to start earning interest on your
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balance
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and this blurb over here is basically
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saying that you can earn interest but
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looks like you're going to have to
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transfer your cryptocurrency
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to another area of gemini known as
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gemini iron and basically you'll be
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earning interest
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over there in that area but once you
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want to withdraw you got to put it back
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into your trading account
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and then withdraw from there so as we
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scroll down
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you can calculate your crypto earnings
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so here's an example of 10
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000 in usd and that's in btc
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so over four years you're going to be
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earning this much in a dollar value
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based on bitcoin being 46
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878 dollars at the time of this
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recording
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and if you go to three years then it'd
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be 9.58 two years
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and one year basically and this
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basically is
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ten thousand three point zero five
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percent is essentially this much
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and this is apy so it compounds just a
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bit so that's why it shows up as a
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little more
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scrolling down interest is compounded
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daily world-class security
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redeem your assets at any time no hidden
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fees and it's available in all
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u.s states especially including new york
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scrolling down they say get started
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and have a referral link in the
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description so appreciate if you use
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that
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no pressure and how earn works so here
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we go
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gemini earn pays a higher interest rate
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than most existing options
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to earn interest on cryptocurrency so on
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the gemini platform customers can view
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their combined trading balance and earn
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balance as well as the interest they've
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earned
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and specifically interest is paid daily
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and will start at 4 pm eastern time on
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the next business day
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after funds are moved to gemini earn
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then they talk about
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genesis where essentially they're
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partnering with an accredited
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third-party borrowers
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and genesis i looked into it briefly but
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overall they have some credibility they
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have some articles about them on
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coindesk side and otherwise
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and in general if gemini is partnering
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with them then i would trust that
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they've made the right decision
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than not and finally gemini notifies
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customers when interest payments hit
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their account
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and it's daily so it's not going to be
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at the end of the month there's a
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statement etcetera etcetera all right
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now getting into the meat of it
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so here we go with gemini's interest
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rates so feel free to pause
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but overall looking at bitcoin you got a
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2.05 percent
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and down over here you got file coin and
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kyber network so you're advertised 7.4
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percent
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this is one of those examples so
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kybernet works famous in the d5 space
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1.77 percent
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you got over here you got your uniswap
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sushi swap
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3.59 310 and over here you've got
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dogecoin 2.25 percent
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and over here we got ethereum at three
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point zero five percent litecoin at four
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and a half percent
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and bitcoin cash at four point two nine
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percent right before getting to the
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actual live demo of how gemini earn
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actually works
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hands-on we'll be looking at some of the
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interest rates by some of gemini's
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competitors
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so we can get kind of the bigger broader
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landscape and specifically just for the
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scope of this comparison
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we'll be specifically looking at btc as
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well as eth aka bitcoin and ethereum
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so looking at some of the high level
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competitors for gemini in this
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cryptocurrency
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interest earning space basically we got
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gemini's competitors as nexo
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celsius blockfi and voyager and there's
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others out there as well
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but basically going over it nexo you got
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four percent in terms of interest rate
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there's some caveats and kind of
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dependencies within certain of these
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platforms
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for example with nexo and celsius as
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well as voyager they actually have a
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platform token themselves
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and with regards to block fine gemini
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this is not the case
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so there's assumptions slash notes on
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the right side
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and overall nexo at four percent you got
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no nexo token needed for higher interest
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aka if you joined today you'd get that
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four percent
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and it's the same interest for all
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cryptocurrency now you may not get all
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the same
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kind of opportunities that you get with
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gemiini but nexo has what they have
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and so there's that option with nexo and
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that's similar with celsius where
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6.2 percent now is the interest for btc
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and again that's assuming you have no
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sell token which is the name of
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celsius's token
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for that higher interest and up to two
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btc
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and after that with the platform you're
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gonna get three point five one percent
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with block five you got five percent
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there's three tiers
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and so up to 0.5 btc you're gonna get
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that five percent but after that two
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percent from 0.5 btc to 20 btc
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and after 20 btc you're going to get 0.5
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indefinitely and with voyager you got
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6.25
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in terms of your bitcoin earning
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potential in terms of interest and no
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vgx for higher interest
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your minimum though that you have to
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have with voyager is 0.01 btc
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looking at something similar for
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ethereum basically nexo you get that
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same four percent without any nexo
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tokens
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celsius you get 5.05 percent and again
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no celsius token needed for
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any higher interest above this amount
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with block fi you got four and a half
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percent
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and again they have those tiers with
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their ethereum so up to 15 each
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you basically get that four and a half
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percent but two percent from fifteen
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eighth to one k each
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and zero point five percent for any
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amount of ethereum above one thousand
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and finally with voyager you got five
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point two five percent for your ethereum
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and again it's assuming no vgx which is
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their token specific
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to their platform and then you got
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minimum 0.5 ethereum though
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instead of no minimum required which is
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the case with gemini
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and now let's look at exactly how gemini
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iron actually works
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all right now we got the live demo time
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for gem and i earn
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so when you log into gemiini basically
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this is the dashboard view
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and so over here even though it's 878 in
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terms of portfolio balance
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we should be able to do this with no
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minimums so
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basically over here you got a referral
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link so feel free to use it appreciate
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it in advance
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and so what we do is at the top left we
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press earn once you press earn you end
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up at this screen over here
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so on the left you have the actual
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cryptocurrency names themselves
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as well as their acronyms and the annual
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percentage yield right over here in the
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middle
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and current earned balance so not yet
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earning and not for any of them over
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here and we're going to start that
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process here
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and at the top left over here so 86
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cents usd
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earned till date and so right now
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there's nothing earning
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and i do have a little bitcoin in this
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gemini account so what we do is go
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press earn over here and what we see
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over here is you can select your
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cryptocurrency over here and again they
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give you their actual apr
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so we know bitcoin and it says transfer
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trading balance as the source
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and if you actually press it you get two
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options so you can do it from your
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balance they tell you how much you have
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available
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and then over here you can actually buy
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new crypto using bank debit card fiat
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balance
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and what's pretty nifty is they give you
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btc's price right over here
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and i imagine for example if you go for
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ethereum for example in ui
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buy new ethereum they're gonna give you
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that price as well right over here
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so coming back over here we press
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bitcoin got the source
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right here we can do maximum so we just
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do the max amount
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basically they're saying it's
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approximately eight dollars and seventy
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four cents
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and projected one year interest is going
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to be this much at 0.000
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basically 412 satoshi's approximately 18
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cents usd
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at the price of bitcoin what it's
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trading here today so press continue
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so you have the summary so from trading
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balance to here you're going to have
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this 2.05 percent
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and you got this total over here so i'm
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going to press confirm
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and there you go so success you'll begin
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earning interest on this amount within
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one business day
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so as a rule say basically tomorrow 4 pm
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est
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by then it will just kind of like
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incubate percent after that i'll be
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earning interest on this amount so let's
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just say done for now
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so after pressing done basically we can
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see that hey this current earned balance
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is the same amount we deposited in btc
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and it's earning that 2.05 percent in
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interest
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per year and over here if we click over
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here redeem let's say we want to redeem
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it
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so we see how fast we can get it back so
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you can do crypto
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this current earn balance is this much
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so if i want to redeem it i press the
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max
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so continue so this is where it gets
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interesting so
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at the time of this recording basically
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this funds available by may 24th
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2021 is basically saying that it's
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basically seven days or
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or earlier so up to a week essentially
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so
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if you just want to put it in to earn
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and just take it out it could be stuck
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in that kind of
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fugazi kind of area where it's going to
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take some time for you to get back
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free to withdraw sell do anything you
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want so just a heads up there
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and that's it you press confirm it's
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done
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and that's it i'm back to that initial
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not yet earning nothing's going on
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no interest but there you have it so
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with that you know how it is
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thanks for coming to the end
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peace
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