If you are a crypto enthusiast, you have probably heard about staking. Although it has always been there since the entry of proof of stake (POS) coins, it is only recently that its popularity has intensified.
The sweetest part is that crypto signals helps you to generate passive income. So, are you ready to start crypto staking? Here is all that you need to know to get started.
How Exactly Does Crypto Staking Work?
Staking is the process of adding new transactions to blockchains in crypto networks that use proof-of-stake (POS) protocol. This means that for new transactions to be completed, they have to be processed by the computers (nodes), which are spread on the respective blockchain network. Let’s take an example.
When a person initiates a transaction, the proof of stake (POS) protocol randomly picks computers that have some stake in the network to validate the details and add the info to the next block on the blockchain. So, if you have bought some proof of stake (POS) coins and set your computer as a node, it can be called anytime to confirm transactions. Then, you will be rewarded for it.
Apart from confirming transactions, staking also means you will be eligible to vote on important matters about the blockchain. Your vote will be required when new features are to be added to the blockchain network.
What Rewards Do You Get for Participating in Staking?
Before getting into any form of investment, it is important to look ahead and appreciate the expected benefits. When it comes to crypto staking, there are a number of benefits to anticipate, including:
- You are able to earn some profit from your crypto coins. You are rewarded for committing your coins to help with the validation of transactions.
- Crypto staking does not require you to acquire specialized equipment. Indeed, you can even start staking without a computer by using an online crypto wallet and a decentralized finance (DeFi) platform.
- You contribute to the blockchain’s efficiency and security.
- It is a good way of making income without selling your assets.
- Staking has a lower environmental impact compared to mining.
For many people, staking is a way of showing their support for cryptos by ensuring everything is running smoothly. The reward can also be very high, at times reaching 10-20% of the staked value.
How to Start Crypto Staking
Getting started with crypto staking is, indeed, far easier than you might think. You can get started in only a few minutes. Here are the main steps to follow:
- Decide the crypto coins to use for staking: As we indicated already, the coins you can use to stake are only those that use proof of stake (POS) protocol. Some good examples include ETH, ADA, DOT, and SOL.
- Acquire the right wallet and buy the coins of interest: After selecting the preferred coins, acquire the preferred crypto wallet. Good examples are hardware, software, and desktop wallets. Next, buy the preferred coins and secure them in your wallet.
- Send the coins to a staking pool: The easiest way to start staking your coins is using a decentralized platform (DeFi) platform. This means that you only need to send the coins to the DeFi platform where they are pooled with others to increase the chances of validating more transactions. From here, all you need is to relax and wait for the rewards to be sent to your wallet. Remember that the coins will be returned to your wallet at the end of the staking period.
Crypto Staking with hi.com
hi.com offers another method of making passive income with your cryptos. All you need to do is open an account at hi.com, and you will be rewarded with HI. When you refer friends to hi, you will also be rewarded with more. A portion of their bonus will also be channeled to your account.
With hi, sending, receiving, and converting cryptos to USD or vice versa is pretty easy. To get started with hi, you only need to visit hi on WhatsApp or Telegram, type “hi”, and fill up a short form to create an account. It is that simple!
Sign up today to receive the link for inviting friends to earn more from hi.com.