What is crypto staking?
Before we go further in the topic, we need to understand what staking is all about.
Crypto staking means the locking of crypto currency in a wallet on an exchange platform to validate blockchain transactions. in exchange, you will be rewarded with percentage of the crypto news staked. Although the rewards vary between platforms and cryptocurrencies. One can earn as low as 1 to 5% or as high as 70% to 150%.
Most people these days have multiple streams of income. the current economic state across the world needs you to have more than one way money is entering your account.
Yes, crypto staking has a lot you can earn from, but it also has its risk involved.
How to stake:
There there are several ways to stake crypto to earn rewards/money.
If you want to stake some ETH on the Ethereum blockchain, this is how to do it.
- Deposit ETH into a wallet on an exchange that supports the staking of cryptocurrency and select the period to which you want to stake as there are several periods for for example 14 days, 3 months or even 1 year etc which would be bringing in certain percentage of rewards according to the platform and the cryptocurrency staked.
- After the is over which might be any number of days or months you choose to staked and lock up, the staking provider makes the coins available for withdrawal. In addition, you get to receive your earnings from the staking after the service provider has deducted their service charge.
- You can either spend , withdraw or even re-stake your crypto currency ( plus earning ) to gain more rewards.
NB: there are two types of stake locking of crypto currency which we have;
Flexible staking that allows you to withdraw your crypto and earnings even even before the stipulated period of lock up is over.
Fixed staking that only allows you to withdraw or unlocks your crypto coin and earnings when the period of lock up is over.
Before we go further in the topic, we need to understand what staking is all about.
Crypto staking means the locking of crypto currency in a wallet on an exchange platform to validate blockchain transactions. in exchange, you will be rewarded with percentage of the crypto news staked. Although the rewards vary between platforms and cryptocurrencies. One can earn as low as 1 to 5% or as high as 70% to 150%.
Most people these days have multiple streams of income. the current economic state across the world needs you to have more than one way money is entering your account.
Yes, crypto staking has a lot you can earn from, but it also has its risk involved.
How to stake:
There there are several ways to stake crypto to earn rewards/money.
If you want to stake some ETH on the Ethereum blockchain, this is how to do it.
- Deposit ETH into a wallet on an exchange that supports the staking of cryptocurrency and select the period to which you want to stake as there are several periods for for example 14 days, 3 months or even 1 year etc which would be bringing in certain percentage of rewards according to the platform and the cryptocurrency staked.
- After the is over which might be any number of days or months you choose to staked and lock up, the staking provider makes the coins available for withdrawal. In addition, you get to receive your earnings from the staking after the service provider has deducted their service charge.
- You can either spend , withdraw or even re-stake your crypto currency ( plus earning ) to gain more rewards.
NB: there are two types of stake locking of crypto currency which we have;
Flexible staking that allows you to withdraw your crypto and earnings even even before the stipulated period of lock up is over.
Fixed staking that only allows you to withdraw or unlocks your crypto coin and earnings when the period of lock up is over.
