If you have been using the bitcoin.com wallet for a while you might have been notified of recent updates and the opportunity to earn interest of between 10%-20% APR paid out every 8 hours.
In this post post I will briefly explain how you can start to earn interest on you Bitcoin Cash from your Noise.Cash and Read.Cash earnings using the Simple Ledger Protocol within the bitcoin.com wallet. But First.
For those that aren't aware of the opportunities to earn BCH, you can get started earning bitcoin cash via your content on two social media and blogging platforms by clicking on the linked images below
Click the Images below to get started
What is Bitcoin cash
Bitcoin cash is a fork of Bitcoin with a larger block size that can accommodate more transactions in a shorter period, it is faster, with transactions normally within seconds and has significantly lower fees of literally pennies per transaction and can provide authors and creators with an addition revenue stream via posting original content on Read.Cash or posting noises on Noise.Cash which has been likened to tweets on twitter.
As with all social media styled platforms engagement is the key to building a following and these are no different except for the fact that you can earn Bitcoin Cash for your content and engagement.
Now you can Earn interest on those earnings, Using FlexUSD
Another new option to earn interest on the BCH earnings you have made in Noise.Cash and Read.Cash is to swap those earnings to FlexUSD using the Simple Ledger Protocol in the Bitcoin.com wallet for a fast and almost feeless transaction that will start earning you interest every 8 hours.
Quick note before we begin:
You can also do this with your Bitcoin and Ethereum in the bitcoin.com wallet using the method that I will explain. Although it will not be as fast or feeless.
Swapping your tokens to FlexUSD
Step 1:
To get started you will first need some funds in your bitcoin.com wallet, you can transfer them from whatever source you like or you can start earning them using the links provided above.
Step 2:
Once you have funds in your bitcoin.com wallet, you can begin with the swap, but first I would suggest setting up a new account in that wallet to receive your FlexUSD, or you can chose an existing wallet account.
Step 3:
Next step would be to scroll to the bottom of your wallet section in your bitcoin.com wallet, where you will find two options to either swap or sell you tokens. Click swap
Step 4:
In the swap window choose which token you would like to swap and then FlexUSD as the token you would like to swap too.
Step 5:
Select the amount of that token in USD value to swap, or you can choose a percentage of your overall HODLings in that wallet/ currency.
Step 6:
Finally choose your receiving wallet from the drop down menu and confirm the swap.
Once your funds have been swapped you will start to receive interest every 8 hours between 10%-20% based your swap.
Its worth noting that you should keep an eye on the exchange rates of both tokens and always swap when they are favourable to you whichever direction you choose to swap as FlexUSD is a stable coin and may not rise in value at the same rate or speed of cryptocurrencies during a bull market and will therefor also not fall at the same rate or speed during a bear market, hence the name stable coin.
The Definition of a Stable coin taken from Investopedia
What Is a Stablecoin?
A stable coin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stable coins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies. Source
Final Notes:
I hope those of you that are curious to find new additional income sources and earn interest on those token you already possess have found this brief article useful, It provides another avenue to help further your wealth creation and growth.
In the end your financial decisions are your own choice but you should always consult with a financial advisor before undertaking any financial decisions that you don't fully understand, Always do your own research before committing any funds you cannot afford to lose and never gamble with those you cannot afford to say goodbye too.
