Hi I hope I'm allowed here. I tried posting in r/UKPersonalFinance but they deleted my post so I'm trying to post here. Please don’t crucify me for getting into crypto without knowing everything, I honestly thought I’ve done enough research before investing 😞 So I recently bought Ethereum and Bitcoin which cost me 20% of my savings. I was going to wait for the value to increase and sell it eventually after a few years. I was reading about different ways on how to increase the value of my crypto when I stumbled upon Defi Banks (decentralized finance). What happens is that your crypto will rotate around the market through ethereum blockchain where they cut the middlemen to provide higher interest. I decided to go with Yield App since I really liked their offer. 12% for BTC and 16.5% for ETH and 20.5% for USD backed stablecoins . They have a fee every time I withdraw too. My friend who is also a beginner in crypto told me that this is too good to be true and that I wasted my savings for nothing. Honestly, I’m starting to feel the same. It’s too good to be true so it must be a scam. But I hope it is not.
Submitted October 16, 2021 at 06:12AM by CaramelOk9942 https://ift.tt/3FRB9Ye
