There are several ways to become an owner of a cryptocurrency. You may either mine it, receive it by participating in crypto airdrops, get tokens in blockchain games, or stake it. Staking is one of the easiest ways to acquire digital assets, so let’s discuss it in this article.
What is Stake in Crypto?
Cryptocurrency staking is an alternative to mining, having the following benefits:
- staking does not require expensive mining equipment and expenses for electricity;
- staking provides much higher throughput and charges minimum fees, compared with mining;
- staking is available for anyone with the Internet connection.
It is the option to make a passive income when you keep your crypto assets locked and receive interest in return.
How to Stake Crypto?
Some large crypto exchanges offer this earning opportunity. We recommend using WhiteBIT. This crypto platform offers 40 staking plans and the most popular crypto assets.
Usually, established and credible digital assets are used in staking, for example, SOL, ADA, ETH, etc. The key thing here is price volatility. The lower it is, the better.
Staking implies locking your crypto for some time without the opportunity to use coins as long as the staking program lasts. WhiteBIT allows leaving the program though you do not receive any staking rewards in this case. So it is crucial to assess risks and comprehend that when you lock coins, you do not withdraw them until the last day of the program.
How to Start Staking Cryptocurrency?
To get into cryptocurrency staking, you should register on the WhiteBIT exchange and add coins to the main account. Then choose a staking program. That may be a 10-day locking or even a program that lasts for a year. We recommend starting with the shortest staking period to see how it works. Once the plan expires, you will receive your initial investments plus additional coins earned in staking.