Are you new to the crypto space? Do you wish to earn passive income by staking but do not know how to start? You are not alone! There are millions of people not familiar with this area. But if you are willing to learn, you can start generating income without you realizing it. Here are 5 tips to start staking cryptocurrency, where you can earn crypto while you sleep!
Tips #1: Get to the basics!
Staking is holding a certain amount of coin in your wallet for a period of time. However, not every coin is available for staking. Staking is a mechanism that only works with coins that use the Proof-of-Stake (PoS) consensus mechanism on the blockchain. Before you get started, the wisest thing is to know what you are getting into. And by that, it means you have to learn from the very basic. You must understand what is blockchain, cryptocurrency, and PoS. Search around and learn from many sources. As long as you are putting enough effort, you will be crypto tech-savvy in no time.
Tips #2: Research, research, research…
Gambling is a big NO in crypto space. The market is very volatile and if you gamble it on the wrong coin, you will see your portfolio going downhill fast. Furthermore, there are some projects that are scams. Those projects only exist for fundraising and then disappear into thin air with all the funds raised. Therefore you have to be wise and know which project is the best for you. Be very picky on the coin to invest in, read their whitepaper to understand what they are doing, and research about their coin value graph movements.
You can choose the coin based on your risk preferences. Some people are risk-averse so they will prefer a well-known coin with lower ROI. On the other side, there are people who are risk-taker and prefer potential projects with greater ROI. Whichever side you are on does not matter as long as you do enough research and know what you are getting into.
Tips #3: If you still have no idea, surf into Youtube!
There are plenty of crypto space Youtubers that are ready with their reviews about interesting projects. They also sometimes recommend projects and give you insights on what is happening in the crypto space. You may search for some insights from leading Youtube influencers on blockchain technology here.
Tips #4: Prepare your supplies
If you want to do staking, you will need a wallet and also the coins. Each coin will have its own terms and conditions and gives you different rewards with different distribution frequencies. Make sure you have everything you need and you are ready to start staking.
Tips #5: Do this for hassle-free staking!
If you want the best staking experience, you can try staking on Staking-as-a-Service (SaaS) platform such as Honestmining.com. In our platform, you can start staking and join masternodes instantly with minimum investment. All you need is hit some buttons and the platform will run the masternodes or do the staking for you. You can generate rewards instantly and the platform will only charge a reasonable fee for the service. Besides, if you do not have enough capital, you can join many other stakers through shared masternode service and earn rewards together. You can also select a coin based n your risk preferences as Honest Mining has provide you with coin ratings. It is convenient and easy.
Now you have known all the tips to start staking, so why not start now? Register yourself to Honestmining.com and earn starting from 7% up to 80% annual yield for your staking. Happy Staking!