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How to Stake Crypto?

Published on
June 22, 2022
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How to Stake Crypto?

Do you wish to invest in cryptocurrencies but have no idea how to maximize your gains? Then you are on the right page.

We'll be teaching you how to earn a steady 5 to 10% on your token in a few steps. Many newly launched crypto-tokens use the proof of stake protocol to confirm proceedings. The evidence of stake is your gateway to secure profits on crypto.

Like the bank pays you interests on your money in savings, you can earn when you stake your tokens. Your rewards for staking your token are even more interesting than the interest you get from banks because, with crypto, you can earn as much as 10% or more compared to the insignificant amount paid by banks.

It might seem tricky at first, so we won't bore you with technicalities. Just follow the simple steps we'll be giving below.

Step 1

The first and most important thing you should know is that not all cryptocurrencies have proof of stake. So, you need to purchase a token with proof of stake. Luckily for you, numerous new cryptos have what you need.

Part of the first step is to make sure you're not barking the wrong tree by choosing a token with prospects but don't be too driven away not to notice a wrong token. This is because some tokens offer fat rewards but are bad investments in the end.

Always look towards the long term and not the short-term gain. Ethereum would be a stackable token soon, but in the meantime, you have options like Terra, Solana, Tezos, Cardano, amongst others.

Step 2

With the options you've been given above, you can choose anyone or do a bit more research. If you want more options, buy anyone you see with long-term prospects. But we need to warn you to be wary of where you buy from because it is better to buy on a platform with the staking feature. This is because not all of these platforms allow you to stake your token, and some won't even allow you to transfer the tokens you bought from their platform.

Some exchange platforms that give you total control of your crypto are Kraken, Binance, and Coinbase. As long as the token you bought can be staked, you are free to stake them on these platforms. And if you wish to stake elsewhere, these would allow you to transfer your token.

Step 3

Now that you've successfully gotten to where the money is, you need to follow the instructions and leave no room for mistakes. If the platform you used allows crypto staking, then you'll most likely have the staking icon on your screen.

You can also stake by pooling, which means you join hands with other investors to maximize the rewards. To pool your token, you should move your tokens to a wallet and choose a pool to join before sending your token to the pool's wallet. After completing our instructions, relax and watch your token add up value.