At the end of September, the Bitcoin price slammed down to $8,000s, then it even went down to $7,000s and now constraints in $8,000s price. This downward slope of Bitcoin price brings the whole crypto market along with it. The bearish market is strong, and it might go on until next year. Is this condition alarming? Probably not. It might be the best opportunity that you could ever get this year to prepare for the bull run that is coming, and here’s why.
Trading is Out of Question, Staking is the Solution
Trading might not be the best option in this bearish market. With all coin price sloping down, people will want to hold the coin and wait until the price increase again. Some people have converted their coins into stable coins to mitigate further price decrease loss. However, converting your crypto assets into stable coin with stable value might not be the best solution in this situation.
Staking and running masternodes/nodes would be a more preferable option in the bearish market. Although the coin price is decreasing, however, the number of coins is increasing through staking rewards. The bright side of the bearish market is that it is the perfect moment to collect coins because of the ‘discounted price’. And staking will even compound the crypto asset. By the time the bullish market arrives, you will have more coins and gain much more profit.
Watch Out for the Risk
Staking might be the best option you have now, but it is not without risk. Therefore, you should really dig deep into research about the coins you are going to stake. Read the whitepaper and news about the projects that are backing up the coins and analyze the price movement of the coins. Staking provides people with guaranteed rewards payments, but you also have to make sure that the coins you are staking on are legitimate and the projects that are backing them up are productive and growing.
Start Staking with Easy Steps
Staking and running masternodes requires some extent of technical skill and resources such as stable server and minimum collaterals (for masternodes/nodes). However, today you can start staking immediately without any technical skill and with minimum investment on the Honest Mining platform. A few clicks will enable you to join instant shared masternodes and generate you staking rewards immediately. Learn more about staking on the Honest Mining platform here. Happy Staking!