CoinPot's New VIP Rewards Allow You to Earn Interest on Your Bitcoins
One of the drawbacks of holding Bitcoin and cryptocurrency is that it doesn’t earn any interest while it sits in your wallet.
Most hodlers accept this in the hope that the overall value of their coins will appreciate in time far more than their fiat money would do in a bank given the historically low rates of interest currently on offer.
But as cryptocurrency matures and becomes more widely accepted by financial institutions, there’s a growing movement towards enabling those who own crypto to make it work harder for them.
The recent DeFi explosion is the most high-profile example of this, and some major exchanges are getting in on the action as well, such as Crypto.com.
But even some smaller crypto operations that operate in a less mainstream sphere are now getting in on the act.
Interest on microearnings
Once such site, which is partnered with the hugely popular Moon Bitcoin free Bitcoin website along with several others, has just announced it is to allow members to earn daily interest through VIP Rewards on its platform.
Coinpot.co microwallet, one of the most popular microearnings sites around right now, has launched a VIP Rewards section which offers various earning tiers depending on how much crypto you keep on deposit.
For several years, CoinPot has operated its own ‘token’ currency whereby members gather additional rewards for every faucet claim they or people they’ve referred make.
Additionally, all crypto earnings, whether in Bitcoin, Bitcoin Cash, Litecoin, Dogecoin or Dash, can be instantly converted into the tokens (and vice-versa), which can also be used to buy lottery tickets for the in-house game.
An official announcement on the CoinPot website reads:
“The VIP Rewards system allows you to use your CoinPot tokens balance as a free, instant access savings account!
“There are no fees and no lock-in - so you are free to spend/convert your tokens at any time without penalty.
“ As well as daily interest, you will also receive other rewards depending on your reward level.”
There are six tiers available, with the rate of interest and rewards (free lottery tickets and a higher level of token earnings per faucet claim) increasing as your assets grow.
The interest rate starts at 7.57% APY (Annual Percentage Yield including compounded interest over the course of a year) and goes all the way up to 54.92% APY at the time of writing.
No barrier to entry
Realistically, you need to hold a minimum of 5,000 tokens on the site before you’ll earn interest (around US 0.57 / GBP 0.44 at the time of writing) which means its easy to start earning.
To recap on how to earn tokens – each time you claim from one of the free faucets connected to the site you’ll earn 3 tokens. You’ll also earn 1 token each time a referral claims as well.
If this is too slow for you, you can also deposit Bitcoin, but you’ll need to transfer a minimum of 100,000 Satoshi otherwise it won’t be credited.
In terms of security and whether CoinPot is a scam or not; CoinPot has been operating for several years now and has a huge membership base.
There is no indication that there is anything untoward about the operation and it is probably one of the most highly respected sites operating in the Bitcoin earning and free Bitcoin faucet space.
In addition to faucet earnings, CoinPot offers several other ways to increase your cryptocurrency holding, including a multiplier game and daily challenges.
If you’re interested in seeing the daily usage statistics for the platform, visit this page.
Another website that enables you to earn interest on your Bitcoin is Freebitco.in.
Any balances over 30,000 Satoshi will automatically earn 4.08%, although you can switch interest off if you choose.
Your earnings are paid daily in Bitcoin and are compounded over the course of year.
DISCLOSURE: We have used CoinPot virtually since its inception and earn a small amount of cryptocurrency via referrals. You do not have to use our referral links to use the CoinPot faucets, but if you do it helps us to keep this site going. Thank you.
* This article does not constitute financial advice or an investment recommendation. Investing in cryptocurrencies is high risk and highly speculative. The value of your investments can go down as well as up.