Never assume they know it.

At some point in this crypto journey, you will get to find out that there are millions of things you did not know or understood. Not everybody bothers themselves about researching on any crypto-project because they may have joined the crypto sphere just by chance and not intentionally. The truth is that at any level you find yourself in the crypto-world, you must be ready to learn and relearn even the things you thought existed before. In that way, you will understand that the entire cryptocurrency space is on a steady move which means that new things and methods of doing things will always change as the day passes. There are two categories of people in the crypto-world, namely;

·        Those who have a personal understanding of where, how and what they are doing in the ecosystem.

·        Those who are here by chance and do not have any clue about where, how or what they are doing in the ecosystem.

There is no shame in not knowing what you are doing in the crypto-world, the simple truth is that the earlier you accept the fact the better and easier it will be for you to cope and learn.

Ignorant investors

Source

These are the set of people who do not have any clue about where, how and what they are doing in the crypto-world but you see them continually investing because of the trust they have in someone. It may interest you to know that a lot of people in the world today do not understand anything about cryptocurrency or its workings. This is seen in the world statistics of people who are in the crypto ecosystem which is about 3.9% of the entire world population. This figure is on the increase because there seems to be a steady adoption of cryptocurrency by government agencies, Businesses and even Individuals. 

What do these statistics tell you? It means that there is a possibility that a handful of people are joining not because they understand how the ecosystem works, rather they are joining because they want to follow the trend or because of the fear of missing out on what is to come. It may also interest you to know that most of these people are among the whales we have in the crypto-world.

The Revelation

I am moved to write this post because of the discussion I had with a friend of mine whom I believe had a good knowledge of crypto and the way it works. I must say that I was very surprised when I found out that he did not know even the smallest of things. As we were discussing, at some point I told him that I staked the token I bought through Binance and it was at that moment that it occurred to me that what I said sounded like gibberish to him.

At first, I did not want to show my disbelief in order not to make him feel insulted but before I could open my mouth to say something else, that was when it became very much clear to me. He asked me; “what do you mean by staking?” I could not stop myself from giving him that weird look of disbelief which made him repeat his question but this time around with much seriousness. I did not know what to say because I thought that this friend of mine should have known about this even more than myself.

After looking at my friend for some seconds, I had to ask him this question which I believe you should also try to answer too. I asked him; when you buy any crypto assets, how do you save them? He looked at me as though I was mad or something but then he answered and said; I buy them and save them in my trust wallet till when there is an increase. As soon as I heard his response, I knew that there was a great need for me to tell him a little about PoS (Proof of Stake).

Before now, we all knew how PoW (Proof of Work) was the only way for crypto miners to mine and this was done by solving very technical puzzles but as innovations and new projects, especially the influx of DeFi was introduced PoS (Proof of Stake) came into the ecosystem. Now, we have a lot of tokens that can be staked even as you are holding them for a long term. This has made it easy for a lot of people to earn more of such tokens even as they are yet to increase in value. I had to explain further that $BTC, $ETH and $BCH are projects that are still using the PoW (Proof of Work) mechanism whereas $AdA, $MATIC, $SHIBA, $SOL and a lot of others uses the PoS (Proof of Stake) mechanism. When I finished he looked at me and said that I should explain in clear terms what he should do. I asked him if he had some of these projects and tokens I mentioned and he said yes. I told him that he will have to transfer them to Binance since he trades with it.

I helped him to stake all the ones he wanted to stake and as we were doing that, I felt the need to talk about it on this platform because I believe that no knowledge is a waste. For now, I use Binance for all my staking. That does not mean that there are no other platforms where you can also stake your tokens. Don’t be among those who are in the crypto-world but do not know or understand some of these little and easy ways you can earn more of your preferred tokens or coins.

A quick advice

·        Always consider a project with good fundamentals.

·        A project that has a good use case

·        Make proper technical analysis

·        Above all, try to stick to projects that can be staked in that way you can earn more of your preferred tokens or coins.

Disclaimer: This is not Financial Advice.

How to stake through Binance.

There are already lots of videos out there on YouTube and other places on how you can stake in Binance. One thing you must understand is that it is very simple and easy for anyone to do. All you have to consider is the duration you would want to you staking to last. You will see 30 days, 60 days and 90 days respectively. This also comes with the percentage you will receive for each of the durations. The percentage goes from 3% to 10% and above.

·        The first step is to register with Binance or download the app which you will see in the play store or apple store for Android and iOS respectively.

·        Complete your verification which is not a necessary thing to do before staking but it is for security purposes.

·        In the app or site, click on more, 

you will see a list of services including Staking 

click on staking and you will be taking to the page where you will see all the tokens and coins that can be staked.

·        Make sure that you have the preferred token or coin you would want to stake already in your wallet.

·        Once you see the token/coin name or symbol, click on stake now and another page will open.

·        It is on this page that you will be able to input the number of assets you would want to stake. You will also be able to choose the duration you want the staking to last. The percentage will also be there for you to see in other to know what you will earn at the end of the duration.

·        Once you are done filling the number of assets you want to stake and the duration, you will see be asked to sign the terms and conditions form.

·        Once that is done, you will be able to click the complete button and this means that you have successfully staked your assets.

Instead of buying or investing in projects just to keep them stagnant in your wallet, why not stake them now especially those you can stake. You will not regret doing so but then always make your researches on everything and anything you want to venture into in this Crypto-world.

I believe we are all here to lift each other. You already know these things there are a lot of others who do not know about these things so help me to share this post around.

Thank you for reading.

Davinchysax loves you…

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 Lead image.

Apart from the images that were sourced in this post, all the other one's were screenshots from my mobile phone.