Staking Cryptocurrency — The Future of Earning?
As they say, the day is Bright when Bitcoin is in sight. I made that up actually, but it should become a slogan someday.
In the ever-growing world of Cryptocurrency, we often hear stories of people who’ve had their fair share of losses. What if I told you there’s a way to potentially turn the tables and start making your Crypto work for you? It all boils down to having a smart strategy. Instead of constantly buying and selling, why not consider investing in projects you believe in for the long haul? By dedicating time to research and educating yourself, you can build a growing portfolio that stands the test of time. And when it comes to making your Crypto work for you, staking is a promising option. This method allows you to put your digital assets to work, earning you passive income rather than letting your Crypto sit idle. With patience and the right choices, your Crypto can become a valuable growing source of passive income on your journey to financial success.
Staking has become a trending buzzword in the world of Cryptocurrency. If you would like a more in-depth explanation of staking, check out this article by Coinbase.
Staking offers the enticing promise of earning a high percentage yield on your staked Crypto. However, The growing popularity of staking has also caught the attention of government regulators. This raises an important question. Is staking a reliable way to boost your Crypto earnings, or could it potentially bring risks down the line?
In this article, we will explore the reasons why I believe staking can be a favorable option, particularly if you have identified the appropriate platforms for staking. However, it is crucial to acknowledge that staking does come with risks. I will discuss the advantages and disadvantages involved and where I anticipate the true returns can be obtained through staking.
Before we delve into staking, it’s important to point out that the following article does not represent financial advice. I am not a financial expert or guru but rather an individual, just like you, sharing personal thoughts. I encourage you to share your perspective on staking cryptocurrency as well. What are your thoughts on this topic? Leave a comment and let me know.
To Stake or Not to Stake
Photo by Michał Parzuchowski on Unsplash
When you stake your coins, you’re essentially lending them to whatever blockchain network your crypto is using. The network then uses your coins to verify transactions and add new blocks to the blockchain. In return for your help, you’re rewarded with new coins.
The amount of rewards you earn depends on the number of coins you stake and the length of time you stake them for. Each platform is different. I will share some of my favorite platforms for staking later in this article.
Staking is a great way to earn passive income from your cryptocurrency holdings. It’s also a way to help secure the network and make it more robust. So if you’re looking for a way to make some extra money and help out the cryptocurrency community, staking is a great option.
But be careful! There are some risks involved with staking. For example, if the price of the coin you’re staking goes down, you could lose money. If something happens involving laws, taxes, and so on, then your coins are locked and you will not be able to get them out and make the necessary moves. You also need to remember Cryptocurrency is unregulated and “our leaders” can decide they have filled their pockets enough and start slapping laws wherever they can. I have faith in Cryptocurrency and the Cryptocurrency community. If enough of us stand up and refuse to follow, then anything is possible.
All staking platforms are different. Some platforms allow you to stake anywhere from no lockup, 30 days, 60 days, 90 days, all the way up to a year.
So before you start staking, make sure you do your research and understand the risks involved. But if you’re willing to take on a little bit of risk, staking can be a great way to earn passive income and help the cryptocurrency community grow.
Now I am sure you are thinking it is much safer to keep your Crypto in a cold wallet buried in your backyard or something along those lines, which in a way might be true but if you know what you are looking for and invest in the platforms that you believe will be here for the long term, then allowing your money to make you money is a good option. I can not stress enough to only invest what you are willing to lose. Investing in anything has chances of failing so always have a backup plan.
Staking cryptocurrency offers several compelling advantages. Firstly, it provides a means to earn passive income by simply locking up your tokens. Additionally, staking contributes to network security, effectively preventing double-spending attacks and ensuring the long-term health of the cryptocurrency ecosystem. Lastly, engaging in staking allows you to actively participate in the cryptocurrency community, supporting the network and the project behind it.
Now there are many things you need to think about before staking your Crypto. Cryptocurrency is still unregulated and no one knows the future of Crypto. When you stake your Crypto you will normally not be able to get it back until the staking period is over or you will have to wait a certain amount of time for your Crypto to get released to you. It really depends on where you are staking. Either way, there is the possibility of prices dropping and you losing money. There is also the possibility of laws going into effect in the future that affects staking. Right now investing in Cryptocurrency is a gamble. My personal opinion is that we are at the beginning of a financial revolution. The old way of money is failing. We can not live off of the old debt mentality. Crypto is the key to getting all of us out of this debt system we have been using for so long.
Stake What?!
Photo by Jeff Hardi on Unsplash
If and when you decide to stake some of the Cryptocurrency, you will probably be wondering where is the best place and what is the best Crypto to stake. There are many options out there, but here are some of my favorites. I will also explain which platforms are my go to when staking and why I think they are going to succeed where a lot of other platforms will fail.
Exchanges
https://logos-world.net/coinbase-logo/
Coinbase is an exchange that has been around for 11 years. It is one of the easiest exchanges to use. Another thing I think is great about Coinbase is that it is a known company that is bought and sold on the stock market. Their stock ticker is COIN. This shows me that Coinbase is one of the safest exchanges around because it is regulated. Any company that sells stocks is regulated and their dealings are monitored by the SEC.
Coinbase allows you to stake the following cryptocurrencies.
Cosmos (ATOM) 18%
Ethereum (ETH) 4.5%
Tezos (XTZ) —?
Solana (SOL) 4.93%
Cardano (ADA) 2.27%
Polygon (MATIC)
Polkadot (DOT)
USDC 2.00%
https://commons.wikimedia.org/wiki/File:KUCOIN.svg
Kucoin has multiple coins you can stake with APY’s that go up to 137%. I am a big fan of Kucoin and have been using it for a couple of years. I always suggest not keeping all your eggs in one basket though. Only stake what you are willing to lose. The future is uncertain when it comes to this technology.
https://play.google.com/store/apps/details?id=com.mycontainer&pli=1
MyCointainer is a Cryptocurrency staking platform. I have found some of the best projects to stake using this platform. It is easy to use and allows you to stake multiple different types of Cryptocurrency.
MyCointainer has some of the highest APYs I have seen in a staking platform. This is one of my favorite platforms for staking and has so many staking options it is impossible to list them all. If you decide to check out MyCointainer then I suggest only investing what you can lose. Like I said before Crypto and staking Crypto are still unregulated and anything could happen in the future. Always be prepared but never be scared : ).
Play-to-Earn
Play-to-Earn has been growing in popularity ever since the first blockchain game was created in 2014 by the Xayla Team, called Huntercoin. If you want to learn more about the history of web3 gaming then click here. Since then there has been a huge boom in play-to-earn, NFTs, and instant payments. Here is one of my favorite play-to-earn platforms that allow you to stake.
https://www.crypto-reporter.com/press-releases/spielworks-womplay-14054/
Womplay is one of my favorite play-to-earn platforms. Womplay is a gaming platform that allows users to earn rewards for playing games. The platform has a variety of games to choose from, including casual games, strategy games, and role-playing games. Users can earn rewards by playing games and completing quests. I will be making an article and video on this platform in the near future. I will explain how it works and the best ways to earn the most.
Womplay has an easy-to-use staking opportunity. Womplay has its own token called WOMBAT. You can stake using WOMBAT on the POLYGON or WAX blockchain.
Womplay has a couple of different options. You can use flexible which will allow you to bring your VIP level up but not earn tokens with the option to get your tokens at any time. Your VIP level allows you to earn more from playing games. Or you can use one of the other three options, 90 days, 180 days, and 360 days. You will earn a decent return while also being able to earn more using the Womplay app. Womplay is available on Apple, Android, and PC. Check it out and let me know what you think in the comments.
Social Blockchain
https://commons.wikimedia.org/wiki/File:Uhive_Official_Logo.png
Uhive is a growing social Blockchain project that is different from all of the rest. It is one of the fastest-growing social blockchain projects at the moment. If you would like to know more about Uhive check out the video below.
Use this code if you decide to sign up: VD4R7R
Uhive has a promising staking opportunity. You have the option to stake anywhere from 30 days all the way up to a year at 20% APY. It is hard to find spots for anything other than the yearly option. If you are on top of it I am sure you can find a slot but every time I have tried to stake I have only seen the year available.
One more thing about staking with Uhive is there is a minimum you will have to use for staking. The minimum amount you can stake on Uhive is 100,000 HVE2. This is equal to around $50 USD at the time of writing this. I think as time goes on and more people see what Uhive is capable of we will see the price of HVE2 and Uhive spaces (NFTs) also go up in price.
My Thoughts on Staking
Keep in mind that all of this is unregulated, and anywhere you put your Crypto has the chance of going belly up just like FTX. I am a strong believer in Cryptocurrency. I believe that it will one day be a part of our everyday lives more than it already is. I believe that one day we will be able to use BTC at any major retailer using the Bitcoin Lightning Network. I am just a guy writing articles though, so what do I know?
Some of the best projects for staking are actually play-to-earn platforms and social blockchain platforms. I know what you are thinking. The majority of these platforms have lower staking options and a lot of people do not know how all of this works, but I want you to think about something. Platforms such as Womplay (up to 15% APY) and Uhive (20%) and many more have a big user base and are growing as time goes on. I think staking on exchanges can be a good idea but during these uncertain times, I think gaming is something that is going to be using Blockchain technology for years to come. All games have microtransactions but they are using the game's servers. You do not truly control your assets or items and the majority of games use in-game currency and can not be used anywhere else. Cryptocurrency is going to give you the freedom of buying, selling, and trading your in-game items when and where you want to and give the user true ownership.
Remember these are just my thoughts and in no way facts. I am just giving you my point of view on staking and what I think is a safe bet when investing and staking your Crypto. I could be wrong and the Crypto gaming world will die off. I personally do not think that is the case though. As this technology gets easier to understand and there is wider adoption then it has the potential of changing the world as we know it.
Final Thoughts
I have been a long-time supporter of Cryptocurrency ever since I learned about Bitcoin and how exactly it works. It has opened my eyes to a whole new world of money and I have met a lot of like-minded people. Since the creation of social and gaming blockchain projects, we have seen a whole new way of owning your digital assets and social profiles. I truly believe we are at the beginning of something world-changing and I am excited to be alive to watch Cryptocurrency evolve.
Staking is going to change the way we look at saving, investing, and allowing our money to make us money on a whole other level. Using a traditional bank to save your money you will normally have a 4% or lower APY. When using staking platforms you will have a lot higher APYs because there is no middleman skimming off of the top and everything is controlled by algorithms that disburse earnings and release your Crypto when it is time. It is a trustless system that takes out the large amount of corruption we have in our financial systems at the moment.
Check out all of the links I have shared plus more ways to earn Crypto below.
Faucets and PTC (Point to Click) Website/Apps
FaucetPay — read FaucetPay-Huge Update to learn more about this earning opportunity.
CryptoWin — Earn BTC
Cointiply — Earn BTC, DOGE, ETH, and LTC
GlobalHive — Earn ZEC
Social Blockchain
Torum — XTM
Uhive — HVE2
MAIN — MAIN token on BNB blockchain
Ecency — Social Blockchain on the HIVE blockchain
Blockchain Real-Estate
LoftyAI — Real Estate that runs on the Algorand Blockchain. Buy fractions of Real Estate and earn Daily from your investment.
Blogging for Crypto!
read. Cash — Earn BCH
PublishOX — Earn AMPL , ETH, and SPT
G’day Fam — Earn XRP
Watch videos and earn
Slice — Earn Crypto or PayPal by watching Youtube or browsing!
Crypto Sense — Watch ads and play games. Withdraw from over 20 different types of Crypto!
Play to Earn
Womplay — Earn EOS, MATIC, pBTC
ZEBEDEE — Earn Bitcoin LN
RollerCoin — Earn multiple different types of Crypto
PipeFlare — Earn ZEC, MATIC, and 1FLR
Arc8 — Earn GMEE
GAMEE — Earn PayPal money playing games.
Listen to Podcasts and earn Bitcoin
Fountain — Earn Bitcoin by listening to podcasts.
Wallets and Exchanges
Coinbase
Kucoin
Uphold
MyCointainer
Thank you for reading my article about Staking!
Please like, follow, and comment to help my page grow.
Follow me on Twitch to watch me play Web3 games and talk about Web3! I have not been on that much due to time but I am working on the time problem.
Check out my YouTube channel for all of my videos.
Check out my website for all of my content and to learn more about Crypto!
Original article on Medium
This is the best time to stake some crypto. The value were still low.