Loading...

CRYPTO STAKING

April 21, 2024
3
52
0

How I make R3000+ per month from crypto staking

While the whole world is having a crypto meltdown, lets talk staking. I earn on average R3000+ per month from staking my coins on Binance alone. I have no intention to sell my coins, so locking them up makes sense to me. Let me explain.
 

Staking is the way many cryptocurrencies verify their transactions, and it allows participants to earn rewards on their holdings.

 

Everybody loves passive income and staking gives you some of the best returns you will not get from any bank or dividend paying stock. Crypto staking is the process of locking up crypto holdings in order to obtain rewards or earn interest.

 

Cryptocurrencies are built with blockchain technology, in which crypto transactions are verified, and the resulting data is stored on the blockchain. Staking is another way to describe validating those transactions on a blockchain aka Proof of Stake.

 

When a crypto investor stakes their holdings, the network can use those holdings to forge new blocks on the blockchain. The more crypto youre staking, the better the odds are that your holdings will be selected. Information is written into the new block, and the investors holdings are used to validate it. Since coins already have baked in data from the blockchain, they can be used as validators. Then, for allowing those holdings to be used as validators, the network rewards the staker.

 

You get rewarded for locking up your coins and increasing the efficiency of the blockchain. You cannot trade your coins in the lock-up period. If you do, you lose your rewards.

 

SOME IDEAS ON WHERE TO STAKE CRYPTO

There are numerous platforms that allow users to start staking coins, and quickly.

 

There are big-name platforms that most crypto investors are probably familiar with, including Binance, Coinbase, Hotbit and Kraken, which allow users to stake coins. On exchanges like these, investors must opt in to earn rewards. However, if you stake Cardano on eToro, you immediately share in the pool for as long as you hold your coins.

 

The annual average yield (APR) is expressed as a percentage of the amount of cryptocurrency staked.

  • My largest crypto holding is ETH. I have locked up my coins on Binance for the maximum period of 120 days. I earn around 7% per year. You can see in the attached image some of the other coins I stake on Binance.
  • Tezos (XTZ) is an open-source blockchain network with its own native currency which can be staked on certain platforms. The current expected rate of return for XTZ staking is around 6%. You can stake XTZ on Kraken, Binance and Coinbase.
  • ADA is a multi-layered platform. One layer is utilized for the transaction of the ADA coin and the other layer is used for the development of DApps. Binance supports ADA staking, with yields of up to 16%.
  • Polkadot (DOT) is a newer cryptocurrency, created in August 2020. DOT hopes to provide interoperability and is designed to support parachains. Kraken and Binance support staking of DOT. At the time of writing DOT staking yields about 12% annually.

 

My Hack for Quick Staking

  • Buy USDC on your local exchange e.g. VALR
  • Transfer the USDC via the blockchain to the exchange that offers staking e.g. Binance (this will cost you 1 USDC)
  • Buy the coin your want to stake with the USDC
  • Opt into staking
  • Collect passive income daily, monthly, quarterly etc.


 

If you really want to do this and you are unsure if you are doing it right, that is okay. Reach out to me and I will help you through the process via Zoom. The first time it is scary because you don't want to lose your coins.


3 min read
Share this article:

Related Articles

All articles
Top