What is Crypto Staking and Where Can I Try It?
There are some ways to receive crypto coins. You can buy them, you can produce them via mining, you can earn them as a reward in blockchain games, you can participate in airdrops, or you can stake them.
Cryptocurrency staking is the way to receive crypto coins without taking a significant risk. This is the reason why many people who are not ready to trade digital assets pick staking instead.
Crypto Staking Explained
As a matter of fact, staking is an option for passive income. To earn crypto via staking, you need to lock some number of crypto coins on the network, and when the staking period ends, you will receive more of such coins. That works similarly to a bank deposit. When you hold your coins in staking, you support the operability of the network, and in return, it rewards you with additional coins.
Where Can I Stake Crypto?
You can use any crypto platform that allows for staking. For example, WhiteBIT. The platform offers around 40 crypto lending plans from which you may pick. The plans may involve different staked assets and periods of locking. WhiteBIT supports only reliable cryptocurrencies for staking – those with significant liquidity and low volatility. Of course, the longer the coins are locked on the platform, the more benefits crypto stakers receive.
To participate in staking, follow these simple steps:
- Pick a digital asset
- Deposit it in your account
- Pick a staking plan
- Choose the amount and deposit.
After the deposit is made, you cannot change it. You also cannot withdraw funds before the staking plan expires.
There is a calculator that helps you understand how many coins you will receive, trying different initial amounts locked. There is a minimum and maximum deposit proposed.
Read all the staking conditions and options on the WhiteBIT official website.
