As a Newbie in crypto world, I tried to learn as many as I can to earn. Been trading to different wallet exchanges, tried to HYIP ( high yield investment program ) , and now into Staking Coins.
What is Staking and My decision to Join :
Staking was born out of the POS (Proof of Stake) consensus mechanism. The coin holder participates in the network system through staking, protects the network security and also implements the rights related to the cryptocurrency.
Compared to PoW (Proof of Work) where miners rely on computation-based mining, the crypto tokens in Staking mode act like virtual ASIC miners. POS miners rely on token staking to maintain network security, package transaction information, participate in community governance, and gain equity reward when the system issues additional tokens.
In simple words, crypto holders collect rewards from staking their tokens.
Passive Earning — This is the reason why I got attracted to Staking. It is 100% sure passive income, just holding some cryptos I earned from trading and airdrop.
Platforms available :
Staking is offered in many crypto exchanges, such as Binance, KUCOIN etc. More crypto wallets also have it, and this is the tool I chose. Luckily, most of the coins I have been holding are offered for Staking in ATOMIC wallet.
Drawbacks ?
Just like with everything else , staking has its drawbacks. Staking lets you lock up your coins for certain period of time. Just think of it as making a Time Deposit in a Bank and you can’t maximize the full interest if you take it away prior to its maturity date. And of course there are still risks associated with it, when you pick a “ wrong validator “ . Validators are like treasurers of your coins, they help you safekeep it while letting you earn more coins. And a wrong validator performs well on few weeks or months ( as your coin increases ) then suddenly stopped working ( and so your coin stops earning ) .
In you want to try coin staking and wanted to try ATOMIC wallet platform (like me), you could start by clicking on the link below :
https://atomicwallet.io/join?kid=18G4JQ or just simply my referral code — 18G4JQ
You automatically receive bonus coins ( AWC ) by registering at ATOMIC wallet.
Happy Staking Everyone !!!
