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What’s in cryptocurrency?

November 2, 2020

Staking out cryptocurrencies is a pretty straightforward process. All you have to do is select an exchange of your choice, one that is trusted and reputable by its users and that also offers this staking service in one or more cryptocurrencies. Once the exchange has been selected, open your account by specifying the requirements that exchange has for processing your request. It should be emphasized that the security data that you will receive from the registration process in order to recover your account must be kept in a safe place just in case.

When your account is ready you will need to go to the application in the staking cryptocurrency section and hand over the amount of crypto you want to stake in. If you simply put your cryptos in this mode, your money will receive an annual interest rate that is directly related to the type of cryptocurrency you are using. Use the amount of cryptocurrencies invested and the exchange you have selected for your investment.

It is necessary to do your research before making a decision, as some exchanges charge commissions and require a minimum percentage of cryptocurrencies to participate in the activity.

Altcoins

What’s in cryptocurrency?
What’s in cryptocurrency?

There are many altcoins that are offered for staking cryptocurrencies, with different interest rates and different volatility indices. Among some of them are the following cryptocurrencies with an estimate of the percentage of interest they pay annually:

  • Algorand (ALGO) 16% – twenty%
  • KAVA 14% – 16%
  • Loom 10% -12%
  • Fetch.ai 8% ndash; 12%
  • A 8% – 10%
  • TRON (TRX) 7% – 9%
  • Tezos (XTZ) 4% – 6%
  • Stellar (XLM) 2% – 4% nbsp;
  • NEO 1% – 3%
  • EOS 1% – 2%

See also: ConsenSys Developer: Deposit Agreement for Ethereum 2.0 Launch This Week

Platforms (Binance, Coinbase)

Binance and Coinbase are two of several exchanges that offer cryptocurrency staking services and are highly respected within the crypto asset community.

In the case of Binance, it is one of the largest exchanges in the world with a staking service for different types of cryptocurrencies based on a work philosophy based on responsibility and seriousness. It offers both desktop and mobile applications and its API is designed to provide an easy and efficient way to integrate your business application into your platform. It offers its customers 24/7 support.

To bet on Binance, all you have to do is open an account on this platform with your email address and password. Nbsp;Go to the stakeout link that the application has for this purpose and deposit the amount of cryptocurrencies that you want to stake out. The interest is also deposited monthly. You need to divide by 12 to find the amount that will be deposited into your account for staking your cryptocurrencies. The user can withdraw their cryptos from use at any time, and Binance does not charge any commissions for the cryptos stored on its platform.

In the case of Coinbase, the client delegates the cryptocurrencies that it wants to use to the company, and the company carries out the operations with these cryptocurrencies. According to the company’s philosophy, the high level of experience of those who carry out the operations reduces the investment risk to a minimum and ensures a positive return by reducing the commissions incurred. They burden the profits made.

Stuck pools

The staking pool is a strategy that consists of pooling the computer resources of users who wish to participate in staking cryptocurrencies in order to have a greater chance of receiving block rewards from the network.

There are two types of pool members in this shared resource scheme. The pool manager and stakers, all united to achieve the same goal, increase the chances of getting rewards by using cryptocurrencies on the platform. These rewards are often small as they are shared among members of the pool, but constantly.

The advantage of the pools is that the participants avoid the technical obstacles that arise in the activity, although for this reason, in some cases, they have to pay a commission on all the money received in the pool.

See Also: Game Theory Meets DeFi: Ideas That Revolve Around Token Design