Interest-Paying Accounts in Bitcoin - is Japanese Exchange a Pioneer?

May 11, 2017 at 11:17 // News
Author
Lana Smiley
Japan to offer interest-paying accounts in Bitcoin. Are they pioneers or are there any other projects of the kind?

Japan to offer interest-paying accounts in Bitcoin. Are they pioneers or are there any other projects of the kind?

Japanese cryptocurrency exchange Coincheck is to offer the first interest-paying deposit accounts for Bitcoin. The project might have great influence on Bitcoin adoption, both in Japan and worldwide. As Bitcoin is getting increasing popular, such projects might greatly contribute to its adoption by common users.

One and Only? 

The Japanese project seems unique - in fact, they are indeed the first exchange to offer traditional deposit accounts in Bitcoin. However, there are other companies in the world offering Bitcoin savings accounts which allow holders to benefit from changes in the price of Bitcoin. 

BSave.io offers daily interest to secure savings accounts, and withdrawals at leisure, without fees or penalties. According to their web-site statistics, “over 1,000 customers grow their Bitcoins with BSave.” CoinStaker also offers savings accounts at an approximately 0.0082% daily return. 

Other Ways of Earning Interest From Bitcoin 

Besides interest-paying accounts and savings accounts, there are other ways to earn interest from Bitcoin. Some exchange providers offer a service called ‘leveraged trading’. For example, Poloniex and Magnr

One might also earn interest from Bitcoin mining. For example, Bter and  HaoBTC. They offer small profits not only from BTC mining but also from other altcoins. 

Coinidol.com has asked experts to comment on the Japanese exchange set to offer interest-paying deposit accounts in Bitcoins. Do they have competitors? We will add their comments to this publication, as soon as we get them.


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