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10 sats \ 1 reply \ @ama 28 Jan \ parent \ on: Has anyone used Element wallet for staking BTC? bitcoin
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?
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.reply