Jump to content
TokenBaby

Get Paid Interest For Holding XRP on Uphold

Recommended Posts

What I would like to know is when they start this? When will they do it for xrp? And I'm assuming the interest rate depends on the movement of price. And do you get paid the interest quarterly, monthly, yearly?

Share this post


Link to post
Share on other sites
7 minutes ago, Kpuff said:

What I would like to know is when they start this? When will they do it for xrp? And I'm assuming the interest rate depends on the movement of price. And do you get paid the interest quarterly, monthly, yearly?

They said full details will be released on October 15.  I assume we'll find out most of these answers then.

Share this post


Link to post
Share on other sites
1 hour ago, Hatch said:

This is interesting given there will be much more incentive to hold XRP (crypto) and not sell in the future.  Let's say your crypto becomes worth a million, you don't want to sell as the prospects of it continuing to appreciate are significant, so you hold and earn 5%/year on $1M instead ($50k interest income).  Nice passive income.

This will create a lot more hodlers and put pressure on supply/demand.....

Well you have to trust they will not loose your XRP/get hacked/go bankrupt. 

Share this post


Link to post
Share on other sites
1 hour ago, Ezip1 said:

All I know is that my money market account pays 1.75%.  If I can get a 5% yield on my XRP that's pretty exciting.

It depends if it's compounded daily, monthly or yearly.

Share this post


Link to post
Share on other sites
50 minutes ago, LetHerRip said:

Well you have to trust they will not loose your XRP/get hacked/go bankrupt. 

PwC is the auditor.  The deposits will be insured.  All exchanges (I hope) have learned to keep most of the crypto in a cold wallet.  What can go wrong? :)

Share this post


Link to post
Share on other sites
2 hours ago, Hatch said:

This is interesting given there will be much more incentive to hold XRP (crypto) and not sell in the future.  Let's say your crypto becomes worth a million, you don't want to sell as the prospects of it continuing to appreciate are significant, so you hold and earn 5%/year on $1M instead ($50k interest income).  Nice passive income.

This will create a lot more hodlers and put pressure on supply/demand.....

Also if the coins are held this way they can be accounted for and removed from circulating supply when it’s calculated. Very interesting.

Share this post


Link to post
Share on other sites
4 hours ago, TheXRPer said:

It depends if it's compounded daily, monthly or yearly.

Well would it matter? I mean, if it stays "stable" or below your targets within a year, you gain interest, on the other note, if XRP skyrockets to 589, then 5% interest is still a shitton of money.

Share this post


Link to post
Share on other sites

My conversations with Uphold have always been very positive and I'm a fan of how Uphold works.

What I do find interesting aside from my own reasons for using Uphold is that it looks like it is becoming a place where you can store, exchange and transfer between their base currencies. This is quite exciting because as I have said before as a UK resident I have the ability to withdraw into GBP to an account, even whilst we are still very early in the game, this sort of adoption really does give you an insight to the possibilities that will be around when this market matures. Personally speaking I don't want to be relying on exchanges, this is just as important as Uphold proving they are secure with what could be potentialls millions and millions of crypto and fiat currency and user accounts, someone will try and break them at some point, I think for me to be able to use them I need to see how they handle something like this and what 'stories' come out of it by affected people. I don't want to be part of another Mt.Gox saga.

Edited by stevo7790

Share this post


Link to post
Share on other sites
Guest
2 hours ago, stevo7790 said:

My conversations with Uphold have always been very positive and I'm a fan of how Uphold works.

What I do find interesting aside from my own reasons for using Uphold is that it looks like it is becoming a place where you can store, exchange and transfer between their base currencies. This is quite exciting because as I have said before as a UK resident I have the ability to withdraw into GBP to an account, even whilst we are still very early in the game, this sort of adoption really does give you an insight to the possibilities that will be around when this market matures. Personally speaking I don't want to be relying on exchanges, this is just as important as Uphold proving they are secure with what could be potentialls millions and millions of crypto and fiat currency and user accounts, someone will try and break them at some point, I think for me to be able to use them I need to see how they handle something like this and what 'stories' come out of it by affected people. I don't want to be part of another Mt.Gox saga.

Only thing is, they have a 10k max withdrawal. If we are indeed going to the moon, that might be a tad small.

Still, I really like Uphold, great UI and very easy to use, I buy most of my XRP through them now.

Share this post


Link to post
Share on other sites
Just now, LamboToTheMoon said:

Only thing is, they have a 10k max withdrawal. If we are indeed going to the moon, that might be a tad small.

Still, I really like Uphold, great UI and very easy to use, I buy most of my XRP through them now.

i don't think the 10k a day is a bad thing as lets just say that you have 20k xrp and xrp hits £50 per coin, your'e a millionaire. But a millionaire in crypto... this is where I feel Uphold will really come into its own, you need to get that xrp converted into fiat, so you most your 20k xrp into Uphold, you can then transfer into fiat and onto a virtual card. My understanding on this from speaking directly with Uphold, is that these virtual card have no max or upper limit, so in essence you can instantly exchange 20k xrp for £1 million that £ figure remains on the card, even if xrp plummeted immediately after you still have that £1 million. So with that in mind I suppose it comes down to how desperate you are to withdraw the whole balance. If this ever happened for me I'm effectively paying myself 70k a week (based on 7 days) The only caveat here is that I am of the understanding that once my entire hoard of xrp has been converted that's it i'm done I really dont want to be messing around with having another 20% kicking around, Iv'e invested and done my time, if xrp hits 3 figures then that's me, I'm out. I have not reason to have any emotional attachment to it.

Share this post


Link to post
Share on other sites
Guest
Just now, stevo7790 said:

i don't think the 10k a day is a bad thing as lets just say that you have 20k xrp and xrp hits £50 per coin, your'e a millionaire. But a millionaire in crypto... this is where I feel Uphold will really come into its own, you need to get that xrp converted into fiat, so you most your 20k xrp into Uphold, you can then transfer into fiat and onto a virtual card. My understanding on this from speaking directly with Uphold, is that these virtual card have no max or upper limit, so in essence you can instantly exchange 20k xrp for £1 million that £ figure remains on the card, even if xrp plummeted immediately after you still have that £1 million. So with that in mind I suppose it comes down to how desperate you are to withdraw the whole balance. If this ever happened for me I'm effectively paying myself 70k a week (based on 7 days) The only caveat here is that I am of the understanding that once my entire hoard of xrp has been converted that's it i'm done I really dont want to be messing around with having another 20% kicking around, Iv'e invested and done my time, if xrp hits 3 figures then that's me, I'm out. I have not reason to have any emotional attachment to it.

That makes sense, thanks!

Share this post


Link to post
Share on other sites

×