Hello fellow Crypto billionaires. As stated previously, I’ve taken up staking. Since there is already tons of good information out there, I will keep it rather short on technical explanations and focus more on why I find Staking interesting and how I managed to stake my first coins. In any case I encourage you to do your own research.
What is staking - for those of you who are unfamiliar with Staking I strongly recommend to go through following materials:
- First point of learning for me was through BINANCE academy. Highly recommended for everyone who is actively using Binance as a platform for crypto activities.
- What is Staking by Binance academy
- Secondly, as I still didn’t quite understand, I checked PUBLISH0X for valid articles, and one particularly good one caught my eye.
- Thirdly I looked through a bunch of YouTube videos to understand even more. Some of the best ones which I found:
- What is Proof of Stake? - Earn Passive Income with Staking
- How To Make Money with Staking on Binance (NEW 2021 TUTORIAL)
Why I find Staking attractive - Each investor should take action based on their risk and activity profile. I personally prefer to be a passive investor rather than an active one, therefore I search for investment opportunities where I can do a set of actions and forget about the investment for a certain period of time. I prefer an even smaller yield if it will guarantee a good sleep and ease of mind. Taking into account previous, staking suits me well and on top of that gives me an opportunity to learn about new coins and projects.
Staking on Binance - Staking through Binance, in my personal opinion, is rather easy and relatively risk free, if we take out of the equation platform and technology risk. After registering and validating your account you need to choose from upper menu Finance and Binance Earn:
Binance has multiple options of Staking. By today I have only experimented with Locked staking as in my opinion it provides decent APY and users are guaranteed to receive interests even if the market drops. On the downside of locked staking, cryptocurrency which is locked is reduced from your account, this means you will not have access to it while it is used for Staking.
At the moment of writing this article there are 69 different Staking products available with a wide range of APY and durations. Once you have chosen the product press Stake now and configure the amount you want to stake. Important notice: Each product has a minimum viable amount for staking. For instance, for BNB it is 0.1. If you have less you need to add funds as you can see in my example:
In order to view progress of your Staked products choose Wallet -> Earn -> Locked Staking -> Locked:
Current progress with Staking - My first Staking launch was in July and with the BNB coin. Take the following picture as an example with different products. Yes the overall value of staked coins might not be much, roughly 88$ at the moment of writing, but to me personally is much more valuable knowledge and the experience with the products.
Interest from Staking coins is transferred each day to my wallet and I can put them to use in new projects or trade with other coins and repeat the process.
That’s my touch on staking, feel free to comment and give feedback.
