Aside from trading and holding some crypto investors also go for staking. I thought staking before is like gambling on Casinos using cryptocurrency lol, so I didn't bother to know about it since I don't like literal gambling. The imagination of a naive person is really wide. Then some time ago, I read some users that aside from blogging they are also earning from “staking”, so I got curious again. Then, I saw this Nexo advertisement keeps popping on my brave browser since I am using this one. I wasn't interested at all upon seeing the advertisement but when I read that user that they were earning profit from staking at NEXO, I got interested in it. I also ask sir Telesfor if Nexo is legit and in his opinion, it is legit so I tried my first staking in there. But before that what is the meaning of staking?
What is staking?
In the cryptocurrency ecosystem staking means “locking up’” your digital asset or by “staking” it in a respective blockchain depending on the coins you chose to stake with. It means you are agreeing to securely operate the blockchain and in return, you will be rewarded in form of newly minted coins.
In simple terms, you are putting up your digital asset into a staking service platform and in return, you will receive “interest” or the “staking reward” depending on the platform agreement whether it's daily, weekly, monthly, or yearly. It is called “soft staking” wherein some platform takes charge fee from the percentage of your staking amount.
There is also another term which is the “exchange staking” which is operated by a digital assets exchanger.
Staking was made so that people who lack technical knowledge about it can participate using the third-party platform may it be staking as a service platform or exchanger.
Why Nexo?
I chose Nexo because I already made my account there and upon reading reviews and asking some users who used it I see that it is legit and working well.
Nexo has 40+ fiat currency, they offer 4-5% APY on your favorite digital assets and 10% APY on stable coins. They also offer a 5.9% APR credit line, they offer to lend on your favorite crypto assets.
As for now, I stake my XRP, TRX, and BCH. It was just a small amount for trial purposes and the interest are cents only 😆
As you can see on my screenshots, I started October 9, the daily payout of interest is real as you can see I received the payment for today, October 23, 2020. The amount is small because my capital is small too😆 Even if you sleep you will earn profit from staking.
What do I like about Nexo?
I like it there because unlike any platform or wallet exchanger you don't have to send your ID for verification of your account so you can participate in staking, you just have to activate you 2Factor Authentication and every time you log in you will input a verification code that they will send you to access your account, you will remain anonymous. You can top up or deposit by just copying their wallet address. You can also withdraw your funds anytime you want. You can download the app or just use their website.
See a video about Nexo
I am not a financial adviser so if you want to start staking you should do own your research and chose the platform you want, there are many of them you just have to study it first before doing actions.
If you are interested in a stake in Nexo here is the link.
If I happen to mention the wrong info you are free to correct this noob writer, thank you for reading! ❤
...and you will also help the author collect more tips.
I'm a newbie in Crypto and bmjc98 told me to read your articles and I'm glad I did. Naliwanagan ang brain cells ko hehe.