Whoever thought that innovation around cryptocurrency was at its peak, had better think again. Just when we all thought that the best way to ensure a return on the blockchain came from hodling funds and waiting for the currency to increase in value, we are shown that there is in fact a way to earn passive income using our existing Bitcoin wallet.
DLease.io has joined the Steem Blockchain in an effort to offer a new peer 2 peer lending system that has the ability to earn Steem Hodlers a passive income while they await better days in the market. It was only a matter of time before the implementation of lending operations would find their way onto the blockchain.
WHAT IS A HODLER AND WHY DO THEY HODL
Before we go any further, we need to understand what a ‘hodler’ is and why they provide a unique platform for leasing e-currency.
The word ‘hodler’ was adopted from an old cryptocurrency article, where a spelling error was not corrected and went to print. The intended word that was supposed to be used in the article, was ‘holder’, which referred to a person that saved their Bitcoin for a better day or an upturn in the market. Instead the word ‘hodler’ went to press. The term caught on, to the degree that cryptocurrency savers are now referred to as hodlers.
Hodlers are often investors with large sums of cryptocurrency, and whose key objective is to sit on it till it increases in value so they can sell for a profit. These dormant funds are a wealth of untapped cryptocurrency that DLease has found a profit-generating use for.
WHY DLEASE.IO APPEALS TO HODLERS
At the moment DLease is only available to those on the Steem blockchain, which is a top 50 market cap platform, consisting of over 1.1 million users. Steem works a little differently to some other cryptocurrencies, in the fact that it operates on a type of tier system. The more your stake (known as Steem Power) in Steem, the greater the dollar value of your up votes on the chain and the more resources available to you on the platform.
Members on this blockchain are constantly trying to grow their stake value. Their rewards begin to build exponentially for them as their spending abilities grow. They are also exposed to far more tools on the platform at the same time.
DLease has seen a market gap that would allow hodlers to lease ‘Steem power’ to their peers at a fraction of the cost of buying more currency. The delegated funds would register more Steem Power in the borrower’s profile and therefore open a new world of rewards to them on the platform. They then pay the funds back to the leaser daily with a service fee attached, which constitutes as profit for the hodler.
THE FUTURE OF CRYPTOCURRENCY
First of all, Steem should be congratulated on their implementation of a tier status tool on a blockchain platform, as it provides an incentive for investors to use their currency. This is a great way of readying a segment of the market to accept cryptocurrency in the same way they would fiat currency. We transact all the time with fiat money. If this was the case with cryptocurrency, the concept would become more natural to everyone, therefore gleaning more exposure.
The peer to peer leasing program truly only finds merit in its current setup, with a system that promotes the usage of currency. The concept is innovative and shows the crypto world that making your cryptocurrency useful is the way to go. Yes, awaiting a big payday may be an investment option, but why not ensure an extra income on top of it? Dormant cash is not productive. Bitcoin and other cryptocurrencies should be viewed in the same way.
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