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Has anyone used Element wallet for staking BTC?
0 sats \ 3 comments \ @LowK3y19 28 Jan bitcoin
I discovered element wallet like most people from Coinbase for a quest. I see that they do offer 5-8% interest when you stake your bitcoin. But I see the reviews about the app people saying that it’s a bad app and some people couldn’t get into their accounts. I can’t tell if that legit concern or just when the app first came on and had some glitches. Has anyone used element wallet to stake I wanna try it out but u need to stake a minimum of million sats. I was considering moving it since I do have some sats just sitting. Is this app legit and worth moving some bitcoin over? It is a non-custodial wallet so it would still be my keys. Any information would be helpful if I should try it out and stake some bitcoin
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0 sats \ 2 replies \ @NovaRift 28 Jan
I see that they do offer 5-8% interest when you stake your bitcoin
is a non-custodial wallet so it would still be my keys.
How is it possible for this to be a non-custodial wallet? I mean, when you stake something, it’s being used by that party for a specified time. They’re using your Bitcoins and then providing interest on it? You should double check; I think staking bitcoin is the riskiest thing to do, and when reviews are negative, it's a big red flag 🚩
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10 sats \ 1 reply \ @ama 28 Jan
There is no staking on Bitcoin, maybe it's some kind of wrapped BTC on another network? Or simply you give custody to them (and they call it staking) so that they can do whatever they do to try to make profit from your BTC?
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0 sats \ 0 replies \ @NovaRift 28 Jan
I'm not much sure how this works. The general idea of staking works like this: you give your funds for some time, and until then, you'll be paid back with some interest. That's how it works outside the Bitcoin world. But I didn’t know if it is safe to do so in Bitcoin. Lots of companies nowadays put your funds somewhere else and use them for their own profits, and banks also work like this. There is no guarantee that your funds are safe, especially when it’s Bitcoin. It’s private, and no one is sure which party they are dealing with. They could run away with your sats, and you might not even have a clue. Even in the fiat world, these types of scams are so common.
Anyways, I would never stake my Bitcoins. Remember, "Not your keys, not your coins?" I hope OP doesn’t do this mistake.
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