Is Cosmos (ATOM) the best Proof of Stake cryptocurrency before Ethereum beomes Ethereum 2.0?
At the current levels, Cosmos will give you 8.91% return whenever you stake it for a period of time on your ethereum wallet. I havent tried this myself as of writing this, but Im wondering why more people havent caught on to this as of yet.
Ethereum 2.0 will close down the very profitable mining for us smaller investors and largely make ethereum less obtainable for the common man. Thats why Im very positive when it comes to looking at alternatives when it comes to mining such as Ravencoin, but I haven't really considered staking as an option until now.
If staking Cosmos is truly as obtainable and nets you the profits as promised, it will truly be a wonderful side income to the regular mining during a possible future bear market for small time cryptocurrency holders. While Ethereum will still reign supreme and perhaps even surpass Bitcoin itself in the common years, it would make it unobtainable for the common man, much like GPU mining of Bitcoin became obsolete a few years ago.
As of now, it seems the major issues with these kind of transactions is that you pay a transaction fee whenever you put your Cosmos for staking and as well whenever you withdraw your Cosmos. There are no risk of losing your staked coins as its not a stake in the same sense as you stake money in gambling, but simply offer up your currency to allow for voting on validating transactions.
There are more complexities to staking that I need to dig into before proceeding, but do you have any experience in staking on the EXODUS wallet or elsewhere? Feel free to share your experiences in the comments down below!
