Are you new to crypto staking? It has become a hugely popular undertaking in the blockchain world. Staking is the process of locking your crypto coins to the respective native blockchain network so that it can help with the validation of transactions. The main advantage of staking is that you do not sell your coins. Instead, you will get back the coins at the end of the staking period plus the rewards. Crypto Staking Coin-
If you want to stake your coins correctly, the most important thing is the coins that you commit. First, these coins should be based on proof of stake consensus (POS) protocol. This post will highlight some of the best coins that you should consider.
What are the Benefits of Crypto Staking Coin?
Before we can highlight the best coins for staking on the market, it is crucial to identify the main benefits to anticipate. The most notable advantage is that you generate some passive income. This means that you only need to relax and let your coins work for you. If you stake your coins over a long period, staking can be a good source of regular passive income. Other benefits include:
- Special satisfaction of knowing your coins are helping with blockchain security and governance.
- If your staked coins increase in value, you gain more because you are not selling them and they will be returned to your wallet at the end of the staking period.
- Locking the coins means that you are reducing the supply on the market. Therefore, this might come in handy to help push the price up based on laws of demand and supply.
The Best Coins to Consider for Staking
Now that you know the benefits to anticipate from staking, what are the best coins to consider? Here are some excellent suggestions:
- Ethereum (ETH)
Today, Ethereum is considered the most valuable altcoin. However, it is the second most valuable crypto after Bitcoin. Note that Ethereum was not originally a proof of stake (POS) crypto. Originally, it was designed as a proof of work (POW) crypto, just like Bitcoin, but it is in the process of shifting to POS protocol.
Because of its highly aggressive team and unique products, such as smart contracts, which are playing a huge role in advancing the blockchain niche. Ethereum’s value has been rising pretty fast since 2019. Now, its value is expected to shoot up even further and at some point surpass Bitcoin. Therefore, do not hesitate to stake ETH.
- Polkadot (DOT)
If you want to stake your coins through DOT, the process differs from others because you are required to use Slot Auctions. This means that you lend your DOT coins to projects that are taking place in their native blockchain network. These projects aim to develop parachains to run as independent and parallel chains with Polkadot, the main blockchain. Stakers are rewarded with native coins.
- Tezos (XTZ)
This is another common crypto that you can count on to make impressive passive returns. The most notable benefit of Tezos when staking is that you do not need a lot of coins to get started. With only a few coins, you are ready to go.
The easiest way to make passive income with cryptos is staking. With a good DeFi platform, staking is easy and enjoyable. It gives you the opportunity to buy some coins and see more income passively flow into your wallet. Remember that your coins remain intact, and you will get them back at the end of the staking phase. Therefore, do not be left behind as others rake the multiple benefits of using cryptos. Visit hi.com to learn more about cryptos, including how to buy, send, convert, and earn with them.