| operations | | 0. | | 0. | comment |
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| 1. | | parent_author | "" |
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| parent_permlink | hive-167922 |
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| author | roleerob |
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| permlink | introduction-earn-on-gemini-exchange |
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| title | "Introduction: Earn on Gemini Exchange" |
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| body | "Why did I decide to finally look into this investment option I've known about for several months?
<p><center><a href="https://www.gemini.com/blog/earn-interest-on-your-crypto-with-gemini-earn"><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmNeaZfMjS5vYeG35W4F4mzGuAYSKjZqNWHZUqVAJvhLyR/Gemini_Earn_Intro_@roleerob.png" target="_blank"></a></center></p>
<p><center><sup>Source: <a href="https://www.gemini.com/blog/earn-interest-on-your-crypto-with-gemini-earn" target="_blank">Press Release</a> on <a href="https://www.gemini.com/" target="_blank">Gemini</a> on 2 February 2021</sup></center></p>
The answer may provide you enough of an incentive, dear reader, to give serious consideration to this investment option for <em>your</em> portfolio!
Let's take a closer look ... 🧐
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmaMJw4cKQjnmb5JJ4cHePsTiPoHTd6mbxZkFC5AsZbf2s/pg%20divider%2001.png"></center></p>
<h1>Gemini Earn</h1>
In the midst of being bogged down in working through all of the complexities (don't ask ... 😏) of paying taxes on my crypto investments, I decided I needed to start saving ahead of the annual "big event."
So ...
Having begun to save a certain % of the income stream I have begun taking "<a href="https://leofinance.io/@roleerob/defi-income-mim-out-of-the-cloud-irl-transformed" target="_blank">out of the cloud</a>," I did what I have always done. Began to accrue $$s monthly in our savings account in our credit union.
You may wonder, dear reader, what do interest rates look like on savings accounts here in America?
<p><center>
<img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmZVU3skBUtkBKFrHf51rsC7q8nKPDfyNFcC6wxrNmALB8/image.png">
<a href="URL Pixabay"><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmdmH3uzvPEXfx2ykyyaQf9CKkGcJdcC6zZSYm1Um1hbFu/image.png" target="_blank"></a>
</center></p>
<p><center><sup>Source: Interest rates at @roleerob's credit union vs. <a href="https://www.bankofamerica.com/deposits/bank-account-interest-rates/" target="_blank">Bank of America</a></sup></center></p>
I despise these global financial giants and have been a member of a credit union instead literally all of my adult life. A quick glance at these figures gives you at least part of the reason why. Our APYs are <strong><em>5X</em></strong> those of the "wealthy" clients of Bank of America!
<center><sup>Which is, quite frankly, small consolation in a country that seems to be hell-bent on destroying<br> the value of its currency via endless rounds of printing ever larger amounts of it ...</sup></center>
So ...
How did <a href="https://www.gemini.com/earn" target="_blank">Gemini Earn</a> get my attention? Being on their mailing list, I typically just delete most of what they send me without ever opening it. Seeing one recently about an <strong><em>increase</em></strong> in their GUSD interest rate did the trick!
It had been 7.4%. It was increasing to 8.05%!
<p><center><a href="https://www.gemini.com/earn"><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmf5uzrjNFaCC2gcoHgVmDCkiY27aNHsS7aeUpDJ4zz4ge/image.png" target="_blank"></a></center></p>
<p><center><sup>Source: <a href="https://www.gemini.com/earn" target="_blank">Gemini Earn</a> webpage on <a href="https://www.gemini.com/" target="_blank">Gemini</a></sup></center></p>
When was the last time your financial institution increased its interest rates? Here in America, I can't remember the last time ...
Since <a href="https://www.gemini.com/" target="_blank">Gemini</a> is my "gateway" to get funds transferred "<a href="https://leofinance.io/@roleerob/defi-income-mim-out-of-the-cloud-irl-transformed" target="_blank">out of the cloud</a>" and back to our credit union (no cost ...), it was a simple matter to try out Earn.
How did it turn out?
<h4><center>In one <em>day</em><br>I had earned <strong><em>more</em></strong><br>than in one <strong><em>year!</em></strong><br></center></h4><br>
Okay, okay ... That might be a <em>slight</em> exaggeration, but that was how dramatic my first impression was, upon seeing how much I had earned in <strong><em>one week</em></strong>. Beyond that, did anything else stand out about my experience?
<ul>
<li>Moving the USD in your account into GUSD on Gemini's Earn page could <em>not</em> be any easier.</li><br>
<li>Your interest is compounded and added to your account <strong><em>daily!</em></strong></li><br>
<li>There are <strong><em>no fees</em></strong> to put $$s in, nor to take them out!</li><br>
</ul>
What's not to like? 🤷♂️ In combination with how easy (and free!) it is to utilize this service, the GUSD APY is just <em><strong>too good</strong></em> to pass on. I have now begun accruing my "tax payment savings" USD in my Gemini Earn account as GUSD!<br><br>
<center><sup>"<a href="https://support.gemini.com/hc/en-us/articles/360001352466-How-do-I-buy-or-sell-my-Gemini-dollar-GUSD-" target="_blank">How do I buy or sell my Gemini dollar (GUSD)?</a>" - This webpage probably covers<br> just about any question you might have about Gemini's stablecoin.</sup></center>
<p><center>________________________</center></p>
Bottom line: I have elected to use Gemini Earn as temporary "storage" for my USD. Specifically until I need to withdraw it to pay taxes for my crypto investments. Yes, "storing" it here is riskier than having it in my credit union.
But ... The incredible difference in interest is just too great to pass up.
Here are all of the <a href="crypto rates" target="_blank">crypto rates</a> on Gemini Earn. As stated above, my specific interest is in temporary "storage" of GUSD, dear reader, but you may find others in this extensive (and growing) list, that is of interest to you.
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmaMJw4cKQjnmb5JJ4cHePsTiPoHTd6mbxZkFC5AsZbf2s/pg%20divider%2001.png"></center></p>
<h1>Trust and Security?</h1>
The <a href="https://www.fool.com/the-ascent/buying-stocks/articles/how-the-winklevoss-twins-amassed-a-6-billion-bitcoin-fortune/" target="_blank">story</a> of the Winklevoss twins and their legal battles against Mark Zuckerberg over the control of Facebook is well known. Particularly the best part. They choose to invest it into Bitcoin very early on and were (are?) legendary, billionaire HODLers!
I've always liked their story. Not so much that I "like" (never have met them and likely never will) the twins, as I absolutely despise Mark Zuckerberg and all that he represents.
Moving right along ...
In <a href="https://www.investopedia.com/tech/gemini-winklevoss-bitcoin-exchange/" target="_blank">2015</a>, they launched Gemini. I made my first investment into the cryptosphere in August 2017. Following recommendations I had read, I executed my first exchanges on Coinbase. Within the first 2-3 months, I learned about Gemini. Upon trying it out, I quickly quit using Coinbase in favor of it and have never looked back.
<p><center>
<a href="https://www.brainyquote.com/quotes/warren_buffett_149683"><img src="https://images.hive.blog/500x0/https://www.brainyquote.com/photos_tr/en/w/warrenbuffett/149683/warrenbuffett1-2x.jpg" target="_blank"></a>
</center></p>
<p><center><sup>Source: Warren Buffet <a href="https://www.brainyquote.com/quotes/warren_buffett_149683" target="_blank">quote
</a> on <a href="https://www.brainyquote.com/" target="_blank">BrainyQuote</a></sup></center></p>
Great. Having worked very hard over a long career to earn the $$s I have available now to invest, I try never to forget "Rule #1!"
Associated with that, I have always promptly moved my exchanged cryptos out of any centralized exchange, into a wallet. Back by my Ledger, wherever possible!
What level of trust can we reasonably have then in what is still a centralized exchange? We want "guaranteed" (sorry, no guarantees in life ...) safety and security!
<p><center><a href="https://pixabay.com/illustrations/safe-vault-steel-door-banking-913452/"><img src="https://images.hive.blog/500x0/https://cdn.pixabay.com/photo/2015/08/29/20/21/safe-913452_960_720.jpg" target="_blank"></a></center></p>
<p><center><sup>Source: Creator <a href="https://pixabay.com/users/8385-8385/" target="_blank">Inactive account – ID 8385
</a> on <a href="https://pixabay.com/illustrations/safe-vault-steel-door-banking-913452/" target="_blank">Pixabay</a></sup></center></p>
Well, it is no surprise that Gemini addresses this themselves:
"<a href="https://support.gemini.com/hc/en-us/articles/360056365391-What-are-the-Risks-of-Earn-" target="_blank">What are the Risks of Earn?</a>" - On this page, you will find an FAQ-style approach to answering this important question.
<p><center><a href="https://www.gemini.com/blog/total-crypto-in-gemini-earn-crosses-usd3-billion"><img src="https://images.hive.blog/500x0/https://images.hive.blog/DQmQEL3kFzgRkRCaHoqZcy8CdjtzR1kjPVU3MEZpeU7UQ3D/image.png" target="_blank"></a></center></p>
<p><center><sup>Source: <a href="https://www.gemini.com/blog/total-crypto-in-gemini-earn-crosses-usd3-billion" target="_blank">Press Release</a> on <a href="https://www.gemini.com/" target="_blank">Gemini</a> on 30 August 2021</sup></center></p>
I don't know about you, dear reader, but there is at least some "wisdom" in following the lead of "smart money." If $3B have already been invested after 6 months, that should provide you with at least <em>some</em> peace of mind about the security of your funds, should you choose to invest them in <a href="https://www.gemini.com/earn" target="_blank">Gemini Earn</a>.
<p><center>________________________</center></p>
All that said, anyone with any experience at all in the cryptosphere knows it is high risk. At least compared to almost any other asset class into which you may choose to invest your hard-earned $$s.
DYOR!!
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmaMJw4cKQjnmb5JJ4cHePsTiPoHTd6mbxZkFC5AsZbf2s/pg%20divider%2001.png"></center></p>
<h1>Closing</h1>
"Stable" coins have a place in the portfolio of any serious investor in the cryptosphere. Investing them into platforms where interest can be earned on them, while HODLing, is just common sense.
Few would argue that point. Where then, with our myriad (and growing) options, should we make the investment? Well, for a portion of my portfolio and the reasons explained above, I think <a href="https://www.gemini.com/earn" target="_blank">Gemini Earn</a> has a lot to offer.
If you have similar goals, I'd encourage you to give Gemini Earn serious consideration. I’d love to hear any feedback you may be inspired to provide.
Until "next time," all the best to you for a better tomorrow, as we all __*work*__ together to build up our Hive Communities and add increasing value to our Hive blockchain! 👍 😊
Respectfully,
Blogger @roleerob
Hive "Dolphin" 🐬, <a href="https://peakd.com/c/hive-167922/created" target="_blank">LeoFinance</a> "Whale" 🐋, & <a href="https://peakd.com/c/hive-174122/created" target="_blank">Man Cave</a> "Dragon" 🐉<br><br>
<h1><center>🐝 🍯 🐝<br></center></h1>
<p><center>________________________</center></p>
P.S. I am <strong><em>not</em></strong> a financial adviser. Please consider this post as financial information and / or opinion only. <strong><code>Please perform *your own* due diligence</code></strong>, in whatever manner you seems best to you, if you have found it to be beneficial.
P.P.S. One unfortunate caveat to considering <a href="https://www.gemini.com/" target="_blank">Gemini</a> is that it only provides service to all of the states in the U.S. and Singapore. Currently. I would imagine that will change over time, but ... For now, that is the case.
<p><center>________________________</center></p>
<center>Posted using <a href="https://leofinance.io" target="_blank">LeoFinance</a> and <em>“immutably enshrined”</em> in the Hive blockchain on <a href="URL" target="_blank">Friday, 3 September 2021</a>!
🌲 No trees were harmed in the publishing of this post! 🌲</center>
<p><center>
<a href="https://peakd.com/@zord189"><img src="https://files.peakd.com/file/peakd-hive/zord189/40Di30Y2-roleerob.gif"></a>
</center></p>
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmZmqUmR2hJ818x3dTXaERizt66HFZS8YzrSmvwGF1YjMG/pg%20divider%2002.png"></center></p><br>
<h5>Interested in reading more of my related posts?</h5>
<table>
<tr>
<th>Lead Image</th>
<th>Title, Link, & Summary</th>
</tr>
<tr><td>
<a href="https://leofinance.io/@roleerob/introducing-gemini-s-cryptopedia-and-renvm"><img src="https://images.hive.blog/DQmXVXxGTZV37KhMMT8LFwsNzJJhE98DS2bpk8ya1qUGzd6/Thmb_Intro_Gemini_Cryptopedia_@roleerob.png"></a></td>
<td><a href="https://leofinance.io/@roleerob/introducing-gemini-s-cryptopedia-and-renvm" target="_blank">Introducing Gemini's Cryptopedia and RenVM
</a><br><br>
Introduced Gemini's new info resource that day I learned about it. Upon finding crypto RenVM was covered, introduced that as well, as my latest investment.
</td></tr>
<tr><td>
<a href="https://leofinance.io/hive-167922/@roleerob/macro-trading-a-success-story"><img src="https://images.hive.blog/DQmXkTxAPD3BogipP791JNee6GCa9hferM2SC4NoLTAibih/Thmb_Macro_Trading_Success.png"></a></td>
<td><a href="https://leofinance.io/hive-167922/@roleerob/macro-trading-a-success-story" target="_blank">"Macro" Trading! A Success Story?</a><br><br>
Not a trader, by any means, this post details the success I enjoyed in "macro" trading for 5,000 HIVE tokens, from Steem blockchain powering down revenues.
</td></tr>
<tr><td>
<a href="https://leofinance.io/hive-167922/@roleerob/money-goes-where-treated-best"><img src="https://images.hive.blog/DQmXNXCKB4xXctKgmoFxjRAt5Unuj4XRCQmFg1vbQg6NgKt/Thmb_Money_Goes_Where_Treated_Best_@roleerob.png"></a></td>
<td><a href="https://leofinance.io/hive-167922/@roleerob/money-goes-where-treated-best" target="_blank">Money Goes Where Treated Best!?</a><br><br>
With a decision to make re: where to invest future funds, in choosing between BRO and LEO, I take a closer look at this well-known bit of investment advice. Should we consider whether it really holds true for the Hive blockchain?
</td></tr>
<tr><td>
<a href="https://leofinance.io/hive-167922/@roleerob/your-money-making-money-sound-good"><img src="https://images.hive.blog/DQmNcJPedGxNT8L4mV5nM21hBgd4g2FEJ7xfsQGCLhY9JbE/Thmb_Your_Money_Making_Money_@roleerob.png"></a></td>
<td><a href="https://leofinance.io/hive-167922/@roleerob/your-money-making-money-sound-good" target="_blank">💲 Your Money Making Money! 💰 Sound Good?</a><br><br>How can we apply the "eighth wonder of the world" to the new BRO token of the relaunched Man Cave community? This post addresses that question, along with touching on some of the vital discipline needed for financial independence.
</td></tr>
</table><br>
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmZmqUmR2hJ818x3dTXaERizt66HFZS8YzrSmvwGF1YjMG/pg%20divider%2002.png"></center></p>
<p><center>
<a href="https://discord.gg/KgcVDKQ"><img src="https://media.giphy.com/media/U56fwKaFVCmUPLpksb/giphy.gif" target="_blank"></a></center></p>
<p><center><h6>
<a href="http://www.leofinance.io/" target="_blank">LeoFinance</a>: A Hive blockchain community devoted to investing!<br>
<a href="https://discordapp.com/invite/KgcVDKQ" target="_blank">Discord</a>: Engage with LeoFinance's Online Community!</h6><h3><a href="http://www.leofinance.io/" target="_blank">Check</a> it out!</h3></center></p>
<p><center><img src="https://images.hive.blog/700x0/https://images.hive.blog/DQmbFxQLkcWmajdNuqpwgAKGMZuGJDNpBzksSU44QsQ2RP3/pg%20divider%2003.png"></center></p>
<p><center><img src="https://images.hive.blog/350x0/https://images.hive.blog/DQmVop62RKFDwbv7esVW6Wiz6ToUSKd2RuphxG9yeS6fnBx/Hive_Coin_@doze.png"></center></p>
<p><center><sub>Hive signature GIF created by <a href="https://peakd.com/@zord189" target="_blank">@zord189</a>. Ask him to create one for you!<br>This account is protected by @dustsweeper</sub></center></p>
Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@roleerob/introduction-earn-on-gemini-exchange)" |
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