Passive Income Through Crypto-Staking

Written by jamie

August 4, 2020

Would you like to make money with cryptocurrencies but don’t want to involve yourself with the entire trading process?

In this article, we’ll be discussing crypto-staking and how you can use it as a way of making passive income.

Warren Buffett, one of the greatest investors in the world, once said, if you don’t learn how to make money while you sleep, you’re going to work until the day you die probably.

Well, no one wants to work till the day they die as we all want to make passive income without having to bother with the technicalities.

What Does Staking Mean in Crypto?

Staking cryptocurrencies is the process of holding coins and getting rewarded once more coins are discovered.

But of course, you won’t be involved in the mining process.

The more coins you have locked up or staked, the more rewards you’re going to earn with time, which is an excellent way to make passive income.

How Does Crypto-Staking Work?

Crypto staking is the alternative or opposite of mining as it involves you holding funds in a crypto wallet in order to support operations of a blockchain.

POS (Proof Of Stake) is a sort of consensus mechanism that is progressively being utilized in digital currency systems. The objective, as with some other consensus systems, is to create more blocks for the blockchain.

Each of these blocks contains transaction information and when another block is made, participating members who made the block will get coins as a reward.

In POS (Proof Of Stake), members with coins can “stake” these coins to approve new transactions.

That implies people can possibly approve transactions by owning a specific amount of the crypto-coins and the more coins you own, the more you can stake.

As miners are hooked up to the electricity grid and running transactions, they uncover new coins and get rewarded in the process called POW (Proof of Work)

With POS (Proof of Stake), instead of being involved in the POW (Proof of Work), that is, the mining process, you can take your tokens/coins and stake them or lock them up in a wallet such as Ledger Nano X which is by far the most secure cold wallet as it does not connect to the internet exposing your coins to attacks from hackers and this is a mechanism that lets you validate the coins and earn more from your stakes.

What Coins Can I Stake?

The demand for a cryptocurrency coin dramatically depends on its real-life usage, such as can it be used as a digital payment for sending and receiving payments? If so, then the coin is the right choice of investment.

It would be best if you also looked out for the flow of supply, which ensures the circulation of the coin in the market, thus maintaining a somehow healthy demand without causing inflation.

Below are some of the coins that can be staked and their potential yearly returns.

  • NEO (~7% interest rate)
  • Komodo (~5% interest)
  • Tezos (~8% interest rate)
  • Black Coin (~9% interest rate)
  • ICON (~19% interest rate)
  • ZCoin (~14% interest rate)
  • PIVX (~9% interest rate)

If you are looking to stake on other coins apart from the ones mentioned above, here’s a list of different coins to consider.

Is Crypto-Staking Safe?

While in some cases hacks do occur, popular and well-known platforms such as Binance & Crypto.com offer security and backup coins for their users, meaning that your staked coins are safe with a good and reputable company.

Its best to hold your crypto keys in a cold wallet such as a Ledger Nano X.

How Do I Get Started with Staking?

Are you looking to get your hands on the best POS coins?

Well, to get started, you’ve got to choose a coin, and by selecting the POS (Proof of Stake) coin, you’ve got to figure out the reasons as to why you want to choose the POS (Proof of Stake) coin.

Don’t just focus on the return on investment your ROI as you need to look at projects that are going to have good long-term success and a good income.

Pick a wallet that’ll be used in storing your coins.

Below are some of the wallets available to store your coins.

                     –Coindirect

                     –Bitcoin.com

                     –Blockchain Wallet

                      –Trezor

                      –Ledger Nano S

After signing up for one of the wallets above, log in to the respective platform and purchase the coins for staking.

Would you like to make money with cryptocurrencies but don’t want to involve yourself with the entire trading process?

In this article, we’ll be discussing crypto-staking and how you can use it as a way of making passive income.

Warren Buffett, one of the greatest investors in the world, once said, if you don’t learn how to make money while you sleep, you’re going to work until the day you die probably.

Well, no one wants to work till the day they die as we all want to make passive income without having to bother with the technicalities.

What Does Staking Mean in Crypto?

Staking cryptocurrencies is the process of holding coins and getting rewarded once more coins are discovered.

But of course, you won’t be involved in the mining process.

The more coins you have locked up or staked, the more rewards you’re going to earn with time, which is an excellent way to make passive income.

How Does Crypto-Staking Work?

Crypto staking is the alternative or opposite of mining as it involves you holding funds in a crypto wallet in order to support operations of a blockchain.

POS (Proof Of Stake) is a sort of consensus mechanism that is progressively being utilized in digital currency systems. The objective, as with some other consensus systems, is to create more blocks for the blockchain.

Each of these blocks contains transaction information and when another block is made, participating members who made the block will get coins as a reward.

In POS (Proof Of Stake), members with coins can “stake” these coins to approve new transactions.

That implies people can possibly approve transactions by owning a specific amount of the crypto-coins and the more coins you own, the more you can stake.

As miners are hooked up to the electricity grid and running transactions, they uncover new coins and get rewarded in the process called POW (Proof of Work)

With POS (Proof of Stake), instead of being involved in the POW (Proof of Work), that is, the mining process, you can take your tokens/coins and stake them or lock them up in a wallet such as Ledger Nano X which is by far the most secure cold wallet as it does not connect to the internet exposing your coins to attacks from hackers and this is a mechanism that lets you validate the coins and earn more from your stakes.

What Coins Can I Stake?

The demand for a cryptocurrency coin dramatically depends on its real-life usage, such as can it be used as a digital payment for sending and receiving payments? If so, then the coin is the right choice of investment.

It would be best if you also looked out for the flow of supply, which ensures the circulation of the coin in the market, thus maintaining a somehow healthy demand without causing inflation.

Below are some of the coins that can be staked and their potential yearly returns.

  • NEO (~7% interest rate)
  • Komodo (~5% interest)
  • Tezos (~8% interest rate)
  • Black Coin (~9% interest rate)
  • ICON (~19% interest rate)
  • ZCoin (~14% interest rate)
  • PIVX (~9% interest rate)

If you are looking to stake on other coins apart from the ones mentioned above, here’s a list of different coins to consider.

Is Crypto-Staking Safe?

While in some cases hacks do occur, popular and well-known platforms such as Binance & Crypto.com offer security and backup coins for their users, meaning that your staked coins are safe with a good and reputable company.

Its best to hold your crypto keys in a cold wallet such as a Ledger Nano X.

How Do I Get Started with Staking?

Are you looking to get your hands on the best POS coins?

Well, to get started, you’ve got to choose a coin, and by selecting the POS (Proof of Stake) coin, you’ve got to figure out the reasons as to why you want to choose the POS (Proof of Stake) coin.

Don’t just focus on the return on investment your ROI as you need to look at projects that are going to have good long-term success and a good income.

Pick a wallet that’ll be used in storing your coins.

Below are some of the wallets available to store your coins.

                     –Coindirect

                     –Bitcoin.com

                     –Blockchain Wallet

                      –Trezor

                      –Ledger Nano S

After signing up for one of the wallets above, log in to the respective platform and purchase the coins for staking.

To sum everything up, staking is indeed profitable and if you are more interested in acquiring the skill of trading cryptocurrencies, enroll for classes here and learn everything one on one with us to get started.

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