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The rising adoption of the first cryptocurrency has led to the development of platforms and services that allow users to earn interest on their Bitcoin holdings.
Interest-earning Bitcoin accounts are offered by many of the largest exchanges out there.
To get started, you’ll need to sign up for an account and decide which terms suit you best.
Flexible savings accounts let you earn interest and withdraw your funds at any time.
Fixed savings accounts require you to keep your BTC on the platform for a specified period in return for a higher interest rate.
As you explore your options, remember that each platform has unique features to consider, such as the interest rate they offer, the minimum amounts required for deposits and withdrawals, and any specific rules or timeframes.
You should also do your research into the platform's security and reputation.
Hint: When identity verification is required, you know you've chosen a platform that complies with regulatory bodies.
Finally, be aware that earning interest on your BTC may have tax implications, so consult with a tax professional to understand your obligations.
Hint: This type of account has a set duration and does not allow your BTC to be withdrawn whenever.