Compound interest is the most powerful force in the universe - Albert Einstein
Even Albert Einstein, one of the brightest minds in history, did appreciate the compound interest effect. And indeed the compound interest is one of the best ways to generate great wealth in the long run.
To illustrate the effect, assume you currently possess 10 Bitcoins. If you generate 30 % interest on them every year, you end up with 511 Bitcoin after 15 years, which at the current price level would equate to over 1 million US-Dollar.
10 BTC *(1.3)^(15 years) = 511 BTC
30% is an interest rate which can be easily archived as interest by lending on Poloniex. For the last couple of months, the interest rate at Poloniex even hovers at around 50%. At this rate, you even end up with 4378 BTC after 15 years.
To setup an fully automated lending bot for Poloniex, the following steps are necessary:
- Create an account on Poloniex
- Deposit Bitcoin to Poloniex
- Generate API Keys on Poloniex
- Move your Bitcoins to your Funding-Wallet
- Create an account at Coinlend
- Setup your Bot by providing your API Keys to the Bot
Every step will now be explained in detail:
1. Create an account on Poloniex
- Go to Poloniex https://www.poloniex.com/ and click on Create Your Account
- Fill out your data:
- Check your email and confirm your account by clicking the link in the email. After confirming, you can log in to Poloniex
2. Deposit Bitcoin to Poloniex
- After you created your account, you can deposit Bitcoin (Or DASH, ETH, ...) to your account. Therefore, click on BALANCES -> DEPOSIT & WITHDRAWALS
- Search for BTC and click on Deposit
- Send your Bitcoin to the shown address:
3. Generate API Keys on Poloniex
- Select the wrench icon -> API KEYS
- By default, your API is disabled. Click on Enable API to enable your API:
- You will receive an email and you have to click the link inside to confirm the activation of the API. After clicking the link you will be redirected back to the API page. Click on Create New Key
- You will receive yet another email with a confirmation link. Confirm it and the API credentials will finally be created. Disable the trading permission, since it is not needed for lending. Copy and paste your API credentials somewhere safe or leave the page open.
4. Move your Bitcoins to your Funding-Wallet
- Go to BALANCES -> TRANSFER BALANCES
- Move all Coins you want to lend out from your exchange wallet to your lending wallet:
5. Create an account at Coinlend.org
- Go to https://www.coinlend.org or https://www.coinlend.de and click on Setup Bot
- Click on Register
- Provide email and password
- Click on the confirmation link in the email you will receive from Coinlend and click on Account to login
After login, you will be redirected to the settings page. Here you have to enter your API key as well as your API secret created at Poloniex. After you entered them, click save and your bot is up and running and will lend everything you have in your lending wallet.
- If you need some custom configuration for your lending, click on Settings
- Here you can exclude individual coins from lending, define a reserved amount or a minimum interest rate.
That's it! You set up your fully automated lending, can go to vacation or doing anything else and if you come back you will see your holdings grow and grow. Enjoy.
this is great i need to try this hope it work's for me
Sure and drop me feedback if you like it or if you have any problems!
Agree on einstine saying about compound interest
Followed you
@coimlend
Get a Job ! you steel from the reward pool with your automated comments.
Wow, I'm going to try this!
Thanks!
quick question.. how come your vote gave me $0.38 but gave yourself $1.98? can you limited the amount? I didn't know this was possible
This depends on the amount of voting power used for a vote
How do you choose?
Randomly... its a bot :)
a bot isn't random !
and i don't think you didn't choosed to reward yourself the most !
What's the cost of using the bot? Also, you should mention that poloniex can just close and steal your BTC (there are already problems with withdrawals for many users - check reddit.com/r/poloniexforum)
It's free of charge. You alway take a risk if you are not controlling the private keys of your coins. Hopefully people know this by now :)
Is there any fees with this? Am interested in this is it only BTC?
Poloniex keeps a feed of 15% of the interest
you forgot the "0."
Poloniex keeps a max fee of 0.15%, depending on volume
Get the impression you post some great content! Just followed you!
very helpful text
you must be up vote
Thank you!
@coinlend so poloniex is giving a 30% interest to lend bitcoins? Where do we check that? Are you the creatir of the bot at coinlend.org? This is a great post, very clear and easy to understand. Just upvoted. Tahnks for sharing this great system. @gold84
Thanks for sharing @coinlend
Im actually gonna try this right now!!!
This is very interesting. I’ll have to show my class this! We are doing a whole unit on crypto currency. You should go check it out! @shsibecon
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
Thanks for the achievement
I'm happy for you too @coinlend
great post , can you post something about bittrex and give us a guide about it , to win more profits , thanks for sharing.
There is no margin lending on bittrex yet :(
But you can checkout Bitfinex (Guide will follow)
https://www.bitfinex.com/?refcode=dwT9xqXWwQ
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPAnd how did it work for you? was it profitable?
It's very profitable. Checkout the lending rates at: https://coinlend.org/
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPThanks for the award!
Nice post!
Thanks!
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPthis doesn't look reputable
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPGreat Post.
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPI don't know how bitcoin works but now I am trying my luck.
This is great post i will try thanks
I wanna try have anyone done this ?
Thank you to have shared, I will give it a try @coinlend.
Regards
@safwaninisam
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPThank you for sharing! super valuable information. Best wishes.
@splendorhub
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPCongratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPInteresting.thanks @coinlend!
Nice post and great information! :) Followed
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPgreat post,followed and upvoted..would you like to follow and upvote me...
Just found this post... only 4 months late XD, but I never knew about Poloniex lending bots. I am going to check it out!
Thanks for the information!
good post
pls follow me & my post comment @anisullah
That's really awesome. Hope it's work for me .
great blog dear I get all the benefits thank you @coinlend
Congratulations @coinlend! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIntriguing.
very very nice post
greetingd
@walidsalah
https://steemit.com/@firmandaputrabbx