Is L-BTC a similar thing to SWAP-HIVE on Hive-Engine or is that something completely different. I've been wondering whether it might be a simple way to buy small amounts of BTC with Hive but I'm guessing the rates would be poor. Just a gut feeling with no experience to back it up! 😁
Posted Using LeoFinance Beta
Yes correct it’s a representation of Bitcoin on another chain called the liquid chain! So you’ll need your Bitcoin wallet set up for liquid to use it
You can also use lightning, if you want to let’s say swap hive for BTC in small amounts and hold it in your own wallet then the best I’ve seen so far is having a Bittrex account
There you can sell your HIVE for Bitcoin and then remove your Bitcoin from the exchange to a lightning wallet and you’ll pay no fees
Hmmm. OK. Thanks for the extra explanation. Copied and pasted. 😍
!ENGAGE 20
Posted Using LeoFinance Beta
I have about 5% of my BTC on lightning 10% on liquid and 30% with CEFI platforms and 55% on main chain in cold storage! If my percentage gets too big on one the other chains I draw down and lock it away
😬 don't want to risk too much
Useful information and great timing. Thanks. I was just checking into the details of Celsius and Nexo etc. and wondering how much to put there.
Since my Bitcoin is still on various exchanges I suppose moving it to Celsius and Nexo etc. will probably only increase the risk slightly from where it currently is.
!ENGAGE 20
Posted Using LeoFinance Beta
Yeah I’m not too confident over these platforms there no insurance and we don’t know how well capitalised they are so I don’t leave too much with them
I would really prefer a non-custodial service where I can lock my coins into a multi-sig instead.
Hopefully as things progress well get that
I've heard others say they are waiting for this. But how do you lend coin for security if you don't give the lender access?
!ENGAGE 20
Posted Using LeoFinance Beta
With multi sig wallets you can create let’s say a 2 of 3 key wallet so 2 keys of 3 release the funds
One key goes to you
One key with the platform
One key with the borrower
So when the deal is done you and the borrower sign off and you get the funds back! If there is a dispute the platform can sign off
If I default on the loan the platform and lender can sign off and get the funds back
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