Earn interest on your Bitcoin

mcxnowA friend of mine introduced me, a few months ago to bitcoin market which offered to pay you interest on any bitcoins that you held with them. So any positive balance of BTC that is in your account will earn you interest, for free.

I opened an account recently to check out the claims for myself. The first thing that I noticed, is that this is an exchange for many different  types of crypto currencies including Litecoin, Feathercoin and Maxcoin. And you will earn interest on any of these coins you hold in your account. According to their site the interest is paid out as follows:

25% of all fees taken by mcxNOW exchanges go towards paying interest on your deposits.

Interest is calculated as (your balance / total held in all users balances)* 25% of fees.

This is paid out every six hours and applies to every currency on the exchange.

I would like to point out, and you will probably know this if you hold any bitcoins or have seen the collapse of the huge exchange Mt. Gox, that bitcoin exchanges are mostly unregulated and therefore very risky (as is bitcoin itself). Exchanges can fail without warning and you may lose your account at anytime. That being said, I personally will be keeping a small amount of bitcoin on mcxNOW to earn interest as I believe the risk to be worth it. I have a bit more faith in this exchange, based on the following taken from the mcxNOW site:

“We don’t use your deposits in any way. mcxNOW doesn’t participate in fractional reserve banking and keeps all deposits sent to it purely in storage for users. The reason to give interest on payments is to encourage more people to use mcxNOW over alternatives, thus generating higher exchange fees and benefiting everyone.”

 

If you understand the risk inherent in any BTC exchange and would like to try the site out for yourself, you can create your own account below.

 mcxnowBanner

This entry was posted in bitcoin, Online investment and trading, Uncategorized and tagged , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *