The Unforeseen Benefit of Staking

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Avatar for handsam20
4 years ago

The problem that most of us have to face right now is how we can earn a living to support our family, our needs and other people that rely on us. Since the start of this global pandemic, many workers are either being forced to take unpaid leave, take a pay cut or even got laid-off since most companies are trying to reduce their operational expenses and play the waiting game than to add more loses months from now.

Individuals that lives are heavily dependent on their regular 8-10hr jobs will probably be hit the hardest and more prone in making unnecessary financial decision if businesses won’t resume for another 4-6months. After all, not all people have the luxury of saving enough money for the future.

Present situation is insane! No one and I mean NO ONE including your toxic; narcissist boss is safe from getting the axe.

Enter Proof-of-Stake (POS)

In a nutshell, Proof-of-Stake allows you to delegate and stake your coins to validators who participate in the consensus algorithm i.e. securing the network and validate block transactions. In return, you’ll start receiving your daily reward which you can either leave it as it is or re-delegate to earn more reward. Other coins require you to do absolutely nothing aside from keeping it in your own wallet and you’ll receive your reward in a form of gas token.

I won’t be name-dropping coins as I don’t want to give any bias and if you are interested in this asset class then keep in mind that as the general rule for all cryptocurrency enthusiasts, traders and retail investors: Do Your Own Research

Unforeseen Benefit

Obviously, the main benefit is the passive income you get on a regular basis but what resource does Proof-of-Stake really giving you right at this very moment?

The answer is TIME.

For an Average Joe that was recently hammered by the current financial crisis with no clear path yet on the horizon but fortunately went down the rabbit hole of this magic internet money thing then you just unknowingly bought yourself some "TIME" to figure out how to deal with your ongoing dilemma (kinda).

Though the staking reward is probably not enough to support your daily needs it clearly gives you a leeway and stretch your finances longer than the usual and hopefully you’ll figure it out by then how to ease your daily expenses and increase your earnings from different sources not just in cryptocurrency.

Note: Bear in mind that the reward depends on the number of coins you are willing to stake for a period of time.

Conclusion

Staking does not provide an absolute financial security by any means but having an additional resource (TIME) during economic uncertainty gives us a sense of a little bit of comfort so we can have our undivided attention on properly evaluating our next move after the lockdown or if in any case we decided to reboot / change our goals entirely from scratch without dwelling too much on the current state of our fiat holdings for our family and/or personal expenses.

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DISCLAIMER: Cryptocurrency investing is very risky as it can be very volatile most of the time in addition to hacks due to vulnerability exploits on some protocols. Do not put your life’s savings into it or even any amount that you are not comfortable and prepared to lose in the process.

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Avatar for handsam20
4 years ago

Comments

Have you ever seen this platform?

$ 0.00
4 years ago

Thanks for sharing your write up about the wallet it was a good read. This is the first time I've heard of it and it's quite interesting. And yes, the app looks dope for sure. I will definitely dig deeper and see the experience of others first before considering using it tho.

$ 0.00
4 years ago

I quite agree with you that POS is one of the ways to earn cryptocurrency online. It's high time people embraced online sources of income more than the offline sources, as the former is not affected by lockdown.

$ 0.00
4 years ago

Totally! It may not be enough but it definitely helps. Tho I think there are many options out there to earn while staying at home, I am a bit more comfortable doing staking / voting than doing other stuff.

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4 years ago