This content originally appeared on DEV Community and was authored by Course Probe
A lot of people that come to me for advise think the only way to make money in crypto is through trading, and because this seems so complex most of them end up looking elsewhere.
Earning money with Crypto, is super simple and Trading is not the only way. That's why I decided to offer another view into Crypto Earning through Staking.
I consider Staking as a less risky investment for beginners and something really simple to set up !!
This is probably very good news for you in 2022 since you will be able to get some Passive Incomre through your Crypto Investments.
What is Staking ?
Short answer: a way to earn rewards (more coins) by freezing and holding certain cryptocurrencies.
Staking is one of the best ways of earning Crypto Passive Income, it means freezing your coins in the blockchain so you can get an interest rate, an Annual Percentage Rate APR or an Annual Percentage Yield APY.
Is a process more complex than that, it involves nodes which are validating the blocks on the blockchain and many other factors which I'll leave out in this guide to make it as simple as possible.
How much can I earn with Staking ?
Running a simple calculation Today (market conditions change with time).
Let's say you decide to stake 10000 TRX that would be a value around 800$, leaving the coins staked over a 3 year period will get you 11440 TRX.
11440 TRX , if the price reaches 0.80 after those 3 years, means you would have: 9152$. Going from 800 to 9000 USD not bad for Crypto Passive Income.
This is not financial advise, just letting you know some scenarios and how staking could work. I encourage you to research more about the coin and this option.
I wanna do this right Now , I said Now
There are many ways you can start staking TRX and many other coins, you would need a couple of Apps for doing that:
Guarda Wallet: https://grd.to/ref/GcgX
Binance: https://accounts.binance.com/en/register?ref=K5XIYGD8
The links are friend referral links, they give you some perks like 10% discount on all coins bought in Binance for example.
Another way of Staking is by going the DEFI way, in this case I would recommend you to take a look at Pancakeswap.finance
You can easily stake some coins and tokens in Pancakeswap using Metamask as a wallet. (Questions on this contact me via telegram, link below)
There are many other platforms for DEFI trading and staking, some of them offer awesome APR% but they run on the Ethereum network and transaction fees are so high that I don't consider them as viable options.
3 Simple Steps to stake crypto in 2022 for passive income:
Step 1: Get a Wallet or Trading Platform capable of Staking.
Step 2: Buy the Crypto you are looking to stake.
Step 3: Click on Earn, select the Crypto, click Stake.
Some of the highest Annual Percentage Rates APR% in Guarda are:
These rates change from platform to platform and you might find better conditions on one trading app over the other, I encourage you to compare Guarda vs Binance for example when taking your decision.
Help and Support:
I'm available to help you out with any questions you might have through Discord and Telegram:
Discord: https://discord.gg/kTQpdTMArN
Telegram: https://t.me/cryptominingadvisor
Is Staking Risky in any way ?
Yes, as everything in Crypto there are some things you should know prior to staking.
One of the main drawbacks of staking is that your coins might be locked up for a period of time, in some cases the platform might lock your coins up for 30 days.
This means you are not able to trade your coins, you might get your coins back with certain penalties like loosing the APR earned so far if you decide to withdraw before the agreed period.
In the case of Staking TRX on Guarda, you will have your coins locked only for the first 3 days. After that you can get your coins and your full rewards at any given time.
Annother risk to consider are changes in prices of the coins, staking is great for long term holders who are staking a coin witha good future.
What are the main advantages of staking in 2022 ?
One of the two advantages of staking in 2022 for the traders and stakers, is the fact you will be able to generate more coins and rewards instead of leaving your coins sitting in your wallet.
The second advantage of staking is for the blockchain, it helps contributing to the security and efficiency of the blockchain this is done via voting for certain validator nodes which are going to be securing the blocks on the chain.
If you want to get some Crypto Passive Income in 2022, Staking is a very good way of doing so, I invite you to join staking and in case you have any doubts feel free to reach out so I can answer your questions !!
If you are also looking to learn more about trading and staking I tried to prepare a very basic mini course for beginners which you can find below:
https://www.youtube.com/watch?v=cjXWot3wA74&list=PLPsvPYOyfNwQcumrO05zAicj-LN-WAAzp
This content originally appeared on DEV Community and was authored by Course Probe
Course Probe | Sciencx (2021-12-29T17:45:18+00:00) What is Staking ? | Earning Passive Income with Crypto in 2022. Retrieved from https://www.scien.cx/2021/12/29/what-is-staking-earning-passive-income-with-crypto-in-2022/
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