Staking is one of the easiest and safest ways to make money with cryptocurrencies for passive income earners, beginners, and crypto experts. It is a lucrative investment and an alternative to cryptocurrency mining.
Coin staking gives holders of a particular coin the power to participate in its blockchain network's validation process and earn a reward for their effort. The process is similar to earning interest from a bank's savings account.
Here is why you should start staking with cryptocurrencies.
How Valuable Is Staking For Cryptocurrencies?
As an investor, it is always important to first understand the underlying concept of your chosen investment so that you can rate its value and potential profitability to your time and money.
All blockchain ecosystems use a consensus algorithm to validate transactions either through mining or staking. Mining networks use the Proof-Of-Work (PoW) consensus, and staking networks use the Proof of Stake (PoS) Consensus.
Staking is a more scalable option in a blockchain ecosystem. It also eliminates the need to acquire high computing power rigs (nodes), which are expensive, consume a lot of energy and also need to be updated regularly as the network's hashrate increases with network expansion.
A masternode, which is also called a cryptocurrency wallet, is a node or computer that hosts a real-time, full copy of the entire blockchain network and gets rewarded in crypto coins. They usually have more coins and more power to participate in validating transactions and earn more.
To make the staking process fair, every staker joins the staking pool, which uses a random selection process to choose stakers and voters.
Bitcoin and Ethereum use the PoW consensus, but Ethereum is looking to migrate to a staking consensus, while other consequent developers have mainly adopted POS due to its many advantages. Some common POS coins include DASH, Cardano, Tezos, PIVX, Qtum, Stratis, Waves, etc.
How Do You Become A Staker?
It is very easy. You can simply get started with a crypto wallet and the minimum number of coins required to be a staker, which is different for every blockchain network.
Since every staking wallet is a copy of a blockchain, you would traditionally need to hold a wallet for every blockchain network. You, therefore, become a multi-staker when you decide to participate in staking in various blockchains.
One problem that arises from downloading many masternodes is storage space. This is because a blockchain network keeps a record of all transactions which you download to your masternode. It updates as more transactions are added to the blockchain network. As the network grows, so do your storage needs.
The other issue is about convenience in managing your staking portfolio. It can be tasking, especially to people looking for a passive income and not a full-time commitment.
Some developers have found ways to simplify staking for people like beginners and passive investors so they can make profits while they slowly ease into the intricacies of cryptocurrencies.
One of such applications is MyCointainer, which is essentially a one-stop-crypto-staking-shop with additional features and programs that will allow people to earn more while slowly embracing the cryptoverse.
Start Your Hassle-Free Staking With MyCointainer
MyCointainer is one of the best and highly recommended cryptocurrency staking platforms for beginners. Here, you find a vast collection of coins and masternodes to choose from and manage them from a single dashboard.
Here is how you can leverage its many features and programs to earn more and grow your crypto knowledge:
1. Coin staking Information
MyCointainer enables you to view a list of different staking coins and their properties, using a range of filters that will instantly inform your coin choice decisions.
These include details such as the most popular coins, yearly coin returns, coin reward percentages, and short coin descriptions. The percentage of returns tells you which coins have more active users and staking pools.
The percentage of rewards shows you how much you can earn from your investment, and the description informs your decision while choosing the coin with the strongest use case.
2. Giveaways, Airdrops, and Free coins
This is a feature that lists all available free coins you can earn from giveaways, coin promotion campaigns, and other free bounties. Here, you can subscribe to get email alerts for any new giveaways.
There is also an option for members to submit a new airdrop they would like to share with the community, which is then added to My Computer's listings.
This feature allows you to grow your coins, and you can decide whether to keep them or use them for further stakings.
3. Super Membership Benefits
MyCointainer uses its community of super members to promote decentralization and involve its members in its decision-making process.
Super members are subscribers of either the PLUS or the Max power subscription options. Super members who decide to become MyCointainer ambassadors are welcome to sign a private contract, which enables them to earn a monthly salary.
The membership is open to all stakers, both new users and those who started with the Basic level membership. This gives them access to certain staking privileges, discounts, and the ability to influence decisions and earn more rewards.
4. Affiliate Marketing
This is one of the most passive but lucrative ways of making money online and is now available for cryptocurrency stakers on MyCointainer.
A special referral link will earn you 20% in profit by inviting friends to become stakers on the platform. It is a great way to supplement your coin rewards from all other programs.
Traditionally, stakers need to have one wallet for each coin or a multi-wallet, which they use to stake coins individually. This concept can take time to understand in order to take full advantage of it.
In MyCointainer, you can stake as many as ten coins without having to worry about managing a wallet, buying a costly masternode, or really understanding every intricate detail of staking mechanisms.
You can stake and have your money working for you, while you explore other incentivized offers that will inform and award you with more earnings.
Staking is more profitable when the network is more active. The idea is well received inside the crypto community, but the outside world still remains speculative for the most part. Most coins have great use cases, and they are pretty affordable. This is the right time to start staking with cryptocurrencies, and MyCointainer is a perfect place to start.