I Might Be A Vegetarian, But I Know How To Stake
There is a very popular Reddit quote that applies to this blog so I am just going to leave it here to set the precedent of what may follow.
In this blog, I am not going to teach you "How to stake" but I will discuss why Staking is great. Not because I am a fanboy but because it actually works for everyone I know who's into it. Coincidentally, I have turned myself into a vegetarian this year (for real) and also introduced myself to the new 'stake'. Bye, Bye Steak! 😋
Staking is the process of locking up or delegating crypto holdings to earn rewards from the network that uses the Proof of Stake consensus algorithm. It is also a very popular DeFi method to earn interest for providing liquidity. If you are doing crypto and not staking then you are leaving money on the table. It's been one of the hottest subjects of 2021 and every new Layer-1 or Layer-2 blockchain is using PoS in some form or another. With PoS, transactions are fast, cheap, and eco-friendly. You can simply stake your coins to mine more coins. Isn't that cool?
Staking vs Savings
Banks have been lowering interests rates on savings accounts for years now and these days you can only expect to get 1 percent or lower with most of them. Don't forget that with savings, you are dealing with an inflationary currency. Seems like they print it like a daily newspaper.
With crypto staking, you can earn 2 ways:
- The value of your crypto might increase over time. So if you are staking in long term, you should be good.
- You get more crypto for holding more crypto via Staking.
- You own your funds if you own the keys to your wallet. DeFi Staking is risky to buy staking on native platforms is much secure and safer. No mediator like banks is required to confirm and secure transactions.
- Two-in-one Passive income opportunity in long term.
- Far better interest rates than savings. 5-10% and sometimes even more.
- No KYC is required hence anyone can take part. Staking banks the unbanked.
- Crypto is a wild place and your coins can go to zero in value if they are tied with shit projects.
- DeFi is prone to hacking. If you don't own the keys, you lose your funds. If you save your keys on the cloud, get ready to become poor.
It is clear that Staking is the new savings and that is the reason why banks and the government are terrified of it. They want us to be poor but this time we are going to make it. If you want to explore the latest and most profitable Staking opportunities, then do checkout Staking Rewards website for more info.
Do you stake? Let me know in the comment section below!
Posted Using LeoFinance Beta