Bitrue Progress Report (Free) 📈

HODLer's Den By Aromatic (Free Version)

Jul 21, 2020

Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

Hey everyone and welcome to the HODLer’s Den!

Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective. This section will focus on HODLing cryptos and interest-earning platforms.

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Bitrue

A lot has happened with Bitrue during the past 4 weeks when I first release the first HODLer’s Den report. Here is a quick summary outline:

BTR (Bitrue) Voluntary Burn: 100 Million Tokens
White Paper 2.0: DeFi Integrations Coming
Power Piggy Updates
- LINK 7.3% (Chainlink)
- XRP (Ripple) & ADA (Cardano) Rate Adjustments

BTR Voluntary Burn

To celebrate turning 2, Bitrue committed to burning 100,000,000 BTR on July 16th, 2020. According to the email, this amount constitutes 10% of all BTR that will ever exist. The Bitrue team hopes that by reducing the total supply of BTR, it will increase the value of BTR due to supply and demand. They also hope the reduction in BTR supply will motivate Bitrue team members to continue to add new features. Ultimately, the burn is a way to provide value and give back to Bitrue users—and it certainly has for me.

As I mentioned in my previous Bitrue Progress Report, I am extremely bullish on Bitrue. I have a decent position in BTR before news of the 10% BTR burn and I am glad I trusted my instinct with investing in a transparent platform. The news sent BTR prices soaring from 0.035 USD to 0.07 USD when it peaked—I was up 100% with my position in BTR—but as of writing this article, it sits at 0.054 USD.

Bitrue White Paper 2.0

Platform Growth

When Bitrue started last year, I was skeptical with using the platform because new exchanges usually have low trading volume making it difficult to liquidate positions. However, with time Bitrue is growing fast and becoming a very reliable exchange with plenty of liquidity. I consider trading volume a major factor in my decision on whether I use an exchange or platform and with recent data released from the White Paper 2.0, it reinforced my conviction of the Bitrue platform.

The white paper also highlights exciting partnerships with Ripple (XRP) and being the most “XRP-friendly” exchange. I must admit they have a great—probably the largest—selection of XRP trading pairs. I have a small position in XRP so I skimmed over this section but take a look if you are a fan of XRP.

Security & Insurance

Another section that I want to highlight is security and although it did not go into much detail, I did like seeing the following:

Cold / hot wallet strategy - over 95% of funds stored in cold wallets
Publicly verifiable insurance fund

Cold wallets are difficult to hack because they are not connected to the internet. So technically you would need to have the physical wallet to access funds stored on it. It gives me peace of mind knowing that 95% of assets on Bitrue are stored in cold wallets which should mean 95% of my assets are also secured in cold wallets. As an extra precaution, Bitrue also has a publicly verifiable insurance fund in the form of XRP and BTR.

You can be sure that I verified both addresses to ensure authenticity. Here are the actual links to Bithomp and Etherscan. The way it works is that they will convert BTR or XRP into any desired cryptocurrency should they need to replace a loss. For example if they need to replace 1 BTC (Bitcoin) for a client, they can take enough funds from XRP and trade it for 1 BTC and deposit that 1 BTC into the client’s wallet. I think it is a wonderful feature and demonstrates how transparent Bitrue truly is. With the current going rate of XRP and BTR, the total insurance fund totals roughly 7.17 million USD. While doing the calculation, I noticed the XRP insurance address now holds 25,000,000 XRP—more than the 15,000,000 XRP that they originally stated. The BTR insurance fund remains at 40,000,000.

Another recent security feature added to communications from Bitrue is called Safety Codes. When you get an email from Bitrue, you can be sure it is authentic because it contains the correct Safety Code that matches your account. You can find the code by logging into Bitrue and going into Account.

Example email from Bitrue containing Safety Code in the heading:

I think it is great that Bitrue continues to improve on security for users of the platform and they are proactive about the entire process.

Roadmap

The white paper briefly talked about Bitrue’s plans for the future and outlined a a rough roadmap.

Moving forward, Bitrue hopes to hybridize into a platform that offers both centralized and decentralized services. With all the buzz in the crypto space about DeFi (Decentralized Finance), I am glad Bitrue is paying attention and staying up to date. I cannot wait to see what they have to offer!

Power Piggy Updates

Bitrue recently added LINK to Power Piggy with 7.3% APR (Annual Percentage Rate). This is amazing considering that you would need to stake 500 MCO (Monaco) on Crypto.com and lock it up for 3 months just to earn 6% APR. With Bitrue, you are earning 7.3% APR on flexible terms which means it will only be available for only a short period of time. From the current Interest Rate Tracker, you can see that 7.3% APR on LINK is the highest in the industry so take advantage while you can.

They decreased the APRs for ADA and XRP, but you can still continue to get the same wonderful APR by locking up your investments.

ADA: 3.8% APR Power Piggy, 7% APR Lockup Investment
XRP: 4.1% APR Power Piggy, 6.1% APR Lockup Investment

This is a major blow for clients who do not own BTR. Hopefully this will incentivize new clients to invest into BTR and honestly, owning BTR greatly increases the user experience on the Bitrue platform.

Interest Earned

So far I have accumulated roughly 2038 USD from Bitrue’s Power Piggy. As I have mentioned in my last Bitrue Progress Report that I did not put much assets into Bitrue until recently but I did have funds on the platform for about a year now.

Below is my current earning for the Lockup Investments with Bitrue. I did not start using this feature until mid May 2020 because they had the 10% APR promotion on BTC and ETH. I had to take advantage of such a great offer but even now, the rates are 6.5% APR for BTC and 6.3% APR for ETH.

So far my lockup investments have earned me 1543 USD.

You can click this link to a Google sheet which I will be documenting my interest earnings across the 4 major interest earning platforms that I use. In the last 4 weeks, I have earned an additional 1054 USD with Power Piggy and 597 USD with Lockup Investments resulting in 107% and 63% change, respectively. I will continue to track my earnings every 4 weeks and hopefully we get a better trend line but so far earning roughly 1600 USD every 4 weeks for HODLing on Bitrue is not bad at all!

Conclusion & Prospect

I have a decent chunk of BTR and so I want to fully utilize the benefits that come with it. I do have assets scattered across BlockFi, Crypto.com, and Celsius Network in addition to Bitrue. The price of BTR also surged quite a bit and is now sitting at 0.054 USD as I am writing this report—it may be the reason why my earnings for Power Piggy was so high compared to my Lockup Investments.

Benefits of owning BTR:

The recent burn reduced BTR circulating supply by 10%, which is insane considering the benefits and perks that come with owning BTR on the platform. This, combine with the roadmap for a hybridized Bitrue—DeFi and CeFi—will hopefully cause BTR prices to soar. As I mentioned earlier, I cannot wait to see what Bitrue will have to offer, especially for those who own some BTR.

Just a quick reminder that LTC addresses on Bitrue have been updated and deposits to the old LTC address will result in a permanent loss of your LTC. So make sure you update any whitelisted LTC address you have saved and verify all addresses before every transaction.

For now, I am extremely satisfied with Bitrue and will continue to use Power Piggy and Lockup Investments. I am looking forward to another great year and expect amazing things from this platform.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.

If you do not have an account with Bitrue and would like to support my work, please use this referral link to sign up for a chance to win free XRP. Much is appreciated!

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