Ledger will make you secure, but not rich
Holding your crypto in Ledger or Haru Invest?
Currently, in the crypto space there are two groups of people, which can be summarized with the following statements:
- "Not your keys, not your crypto"
- "How my crypto can earn more?"
Obviously, there is a big rift between both. People from the first group believe that they must ultimately protect their crypto at all costs. For them crypto is like a safebox, which you lock and forget about until 20 years later.
The second group is the one of which I am also a part of. I always think to myself: "How I can utilize my crypto better? Can I make it work for me?"
I had these questions in my mind in 2020, when I saw the Bitcoin price skyrocket. I didn't have even one satoshi prior 2020. It was actually a client of mine, for whom I worked, wanted me to help him to buy some Bitcoin. At first I told him not to do it. I was thinking that all cryptocurrencies are essentially a scam.
But he was very persistent, so I agreed.
That was exactly at the time when the Bitcoin halving has happened and we watched his portfolio triple in just two months. So I bought my first BTC.
HODL vs Earn
However, to my disappointment (of course) the price fell soon after I decided to buy even more Bitcoin. I have read about the DCA strategy (but at regular intervals no matter the price). However, here's the thing: I didn't have an "infinite amount of money supply", so I couldn't continue buying Bitcoin like that. Besides, I didn't trust cryptocurrencies that much yet either.
However, I wanted to invest my virtual money in something, just as I do with my physical cash. Why let your money stay and rot in your bank account (where the bank takes it and lends it somebody else anyway)?
Making your crypto work for you
So, I started my research on Reddit: "What are crypto banks?". "Are there cryptocurrency hedge funds?". "Can I lend my crypto to somebody for interest?". "How I can use derivatives with crypto?".
Reddit gave me new and new articles with other users, who asked themselves the same questions like me. I learned about Binance, about Nexo, about Celsius and many others. I created a little table, where I started writing down the interest rates.
To my surprise, a website named Haru Invest offered the highest interest rates for depositing your crypto with them (in 2020 it was about 15-20% APR). At first, of course, I thought this was a scam, but I always like to test things. I decided that I will create an account and I will invest only the minimal amount of possible sum.
So, in March 2020, I deposited my first 0.05 BTC to Haru Invest and I officially joined the world of DeFi!
I still remember the next day when I logged in my account and I saw my crypto:
0.050027
"Wow!", I thought. I have literally earned free crypto! I've hacked the system!
It was almost too good to be true, as no one had paid me ever interest on my money until that point (my bank account always had 0% or negative interest rate on my deposits and investment funds in my country required minimum of $5000 initial capital).
Slowly, I added more, bought more and earned more with Haru Invest.
Now, almost 3 years later, I have earned enough (and cashed it out) to continue to believe in the decentralized future of our economy. I can hardly imagine holding any significant assets in a bank anymore.
My Ledger
So, do I have a Ledger? Of course I do! But I hold only a symbolic amount of crypto in it, sort of like a "panic fund". Diversification is important. However, I always ask myself: "Does my crypto work for me, or I work for it?".
With holding crypto in your Ledger I think neither are true. It's essentially a safe box, which never changes. Almost as life. Wise people say "Life is what you make it."
If you don't do anything, you can hardly expect something to happen in your life.
In my life I prefer to work and for things to happen, rather than just sitting and wait. Sometimes you have to take a risk. And remember - taking no risk is a risk too!
But, to each its own!
Thank you for reading!
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