What exactly is Cryptocurrency Staking?
So what exactly is cryptocurrency staking? I'm sure you've heard of cryptocurrencies; basically second generation stocks. If you know what cryptocurrency is, skip this video below. If you haven't heard of cryptocurrencies, then watch this video below for a thorough explanation:
I assume that you know what cryptocurrency is now that you're reading this. I will show you how I'm making about a dollar an hour without working from just cryptocurrency staking. It's all passive income!
So let's dive deep into the term. What do you think of when you hear cryptocurrency staking? I've told many of my friends in real life about staking yet they struggle to understand what it actually is or how to do it. Cryptocurrency staking essentially involves earning interest or rewards for maintaining ownership of the coin. A better term that describes staking is POS also short for Proof of Stake.
There are many popular currencies that have this feature, but not all. I will list my personal favorite cryptocurrency several paragraphs below so you'll have an idea and understanding. Are you wondering how much you can earn from staking? Well... it all depends.
How Much Am I Making From Cryptocurrency Staking?
With the amount I have invested (confidential), I am currently making around $0.50 to $1.00 per hour from just staking alone. But know that cryptocurrencies can deflate or inflate in value depending on the market and what coins you choose to invest in. If the coin you're staking is about $1.00 worth of that coin, then in 5 years, it could be worth $10 or $0.10. It all depends on the project and market.
You can too if you invest in your desired coin and it also depends on how much you're investing. Some coins have an ROI of 5% and others have 100% or more.Â
Every coin has different stats so to get an estimate of how much you can make from staking, you'll have to read the coin's white paper.
Before you plan on investing, please invest at your own risk. This is my personal stats and opinion, not financial advice.
Am I Too Late To The Party?
You're not late. There are even early adopters that are even living their life from simply just staking cryptocurrency. Just because you feel like you're a late adopter to a currency or market, doesn't mean there aren't new currencies that will reach an all-time high one day. You will just have to do the right and correct research for it. You can even start off with the top 10 currencies, but the rewards won't be so high, but it's also less risk because of community trust.
And trust me when I say that we're still at the beginning stages.
As you can see from the screenshot above, I'm earning block rewards almost every 30 minutes from staking. I can sell these coins for Bitcoin to exchange for USD.
I can basically purchase a case of beer per day from just staking.
My Personal Top Cryptocurrency Staking Coin:
AceD Coin- With this gambling coin that's also new in the market, I believe that it's great to join an early project like this. They have a legal contract and with new developments every month, I see that the ROI will be great especially when it's a low market cap currency. I would suggest being one of the early adopters for staking.Â
There are many other cryptocurrencies that also have POS. Hundreds, actually. Several notable coins in the top hundreds are DASH, NEO, PIVX, and QTUM.Â
When you're choosing your desired cryptocurrency, make sure to do in-depth research about the currency because there are many scam coins out there in the world. We don't want another Bitconnect situation obviously. And believe me when I say that there are many scam coins with fake ROI to convince you into investing. If you have to join a group chat to learn more about a certain coin, DO IT. If you can read up on their updates and chat with team members, DO IT.
Cryptocurrency is a risky business if you're not quite sure about what you're doing.
My advice for avoiding scams? RESEARCH!
How Do I Start Staking?
Once you have found your desired cryptocurrency, be sure to read their whitepaper or guide on how to set up that currency's wallet. After you have your wallet and bought your favorite cryptocurrency from an exchange, you can deposit it into that wallet and leave your computer on to connect to the blockchain. When your wallet is opened and unlocked for staking, you can start earning from the pool of rewards as long as your computer is connected to the internet.
Your reward will be determined by chance on who gets the reward from cryptocurrency staking. Is it you, or another person from across the world holding the same coin as you? To have a higher chance of getting rewards, you'll have to purchase more of that cryptocurrency.
These are called block rewards.
Each block reward is randomly assigned to a random person. The higher the holdings, the higher the chance of getting that reward.
Beware of SCAMS!
I warned you several times above and I will warn you again! Beware of scams because there are tons of scams in the crypto world. Even when there are dozens of people praising a coin in the crypto space, they are most likely shilling you. Only trust what you know and don't trust others in the crypto space because it can be very manipulative.
You sure to do your research. I remember there was a story about a guy taking out his house loan and the next day, his investments basically became worthless all because of a scam coin.
The feeling of losing $100 doesn't feel good, but just imagine losing a house...
While there are many other stories like this one, you don't want to be that guy.
Enjoy Your Profits!
I hope that you found the right currency to invest in. The coins that I listed above, please make sure to do your research before investing. You will need to invest in something that has the feature to stake for a passive income. There are hundreds of coins out there which also means there are scam coins as well, so be careful!
Remember to invest in only what you can afford to lose. Don't take out a loan. Remember that investing in cryptocurrency is like gambling, but with research, you will have an edge against the house.
Now...
Let your wallet connect to the network for about a few hours and enjoy seeing the gains from cryptocurrency staking.
If you think you're a late adopter, you're not. This is the second generation stocks, the future of the world, and gaining tons of popularity and usage throughout the world. In my personal opinion, I believe that the crypto space is still fairly young. You're not missing out on much. The city I'm from has several stores with cryptocurrency ATMs and it's expanding throughout the world every single day.
