Introduction: cryptocurrency staking tutorial for beginners
You must have heard about cryptocurrency staking, but it’s good to remember that there are two different ways of staking. The first one is actual staking where you get rewards by participating in a proof-of-stake model. It involves buying coins and staking them in your wallet. The staking rules may differ depending on the blockchain you chose – in some cases, you’ll need to lock your coins for a certain period of time. The second method means that you don’t need to lock your coins. Staking platform like MyCointainer give you such a possibility – you can simply keep the assets in your wallet and get rewards anyway.
The purpose of this article is to provide you with a staking tutorial and show you that staking crypto is very simple – you don’t need to have any advanced skills, like in mining. Go through several simple steps to start earning passive income. Again, it depends on the platform but basically, the process is like that:
- You deposit some fiat currency into your account and exchange it for the crypto assets.
- You choose an asset on a staking platform and buy coins with different payment methods (like bank transfers).
Keep reading the post to find out more about 2022 staking in our mini-tutorial.
What are the best tools and websites to study on?
As a beginner, you might find it overwhelming to get the hang of crypto staking, so the first thing before you start learning is to find the best cryptocurrency review websites with trustworthy and up-to-date information. Below are three most comprehensive websites with reliable and clear data:
- Coinbase Learn. A great educational platform aimed at explaining the concepts of digital currencies and blockchains. The content on the platform will be useful for both beginners and seasoned investors.
- Binance Academy. The platform was created by Binance, a cryptocurrency exchange, to educate crypto beginners. It provides information about key crypto terms and concepts.
- Coindesk is a big media platform with news, podcasts and articles about cryptocurrency. Its quality content gets millions of readers around the world.
- Cointelegraph is an independent media platform delivering impartial news about the cryptocurrency market, both centralized and decentralized parts of it.
In case you’ve already learned a lot about the crypto market, you might be looking for the best cryptocurrency sites that will give you more profound analytical data and insight. Here are some of the top picks for intermediate-level investors as well as crypto connoisseurs: Investopedia, DeFi Rate and Coinbureau.
Cryptocurrency staking – the best way to step into the world of cryptocurrency mining & mining profitability!
Even though staking is much more affordable for beginners and sustainable, some people still might consider it more profitable and secure than staking. No matter what makes mining so attractive for you, staking can be the easiest way to get into it and here’s why:
- It’s less expensive. You’ve probably heard that mining requires costly equipment. Good news – nothing like that in staking. Just your laptop and/or mobile phone will be enough. Staking platforms like MyCointainer.com make staking so simple that just a few clicks separate you from earning rewards.
- No advanced skills needed. Mining requires computational skills to solve complex mathematical equations. In staking, you only need to read basic information about cryptocurrency. Sure, the more you stake, the more you learn about the market.
- You can do it anywhere, anytime. With a 2-year lockdown, show me those who didn’t appreciate the benefits of remote work. You’ll feel great flexibility and enjoy a chance to stake remotely with staking, since you won’t be tied up to the huge equipment.
A complete introduction to cryptocurrency storing
A good alternative to traditional staking is cryptocurrency storing which means that you don’t need to lock your assets in the blockchain. Once you open a crypto wallet on a trustworthy platform, you will be able to manage your crypto coins and keep them secure.
There are two types of wallets – cold and hot ones. A hot wallet is connected to the internet which means you can access it anytime. A cold wallet gives you an opportunity to store your assets offline. These wallets are considered to be more secure, since you can receive transfers at any time, but no one can deduct your funds. Hot and cold wallets have different purposes, so many investors go for both types. Hot wallets are used for frequent trading and cold ones are a perfect place to store assets long-term.
Here are the simple ways to secure your crypto coins in your hot wallets:
- Don’t click on suspicious links. Most legit websites have an HTTPS certificate.
- Use secure Wi-Fi. Avoid checking your wallet when you’re connected to a public Wi-Fi.
- Don’t put all your eggs in one basket, which means divide your funds to make sure you don’t store everything in one place.
- Use Two-Factor Authentication to access your accounts. This can be Google Authenticator, SMS or a phone call.
Storing crypto assets is as important as staking, so the sooner you’ll learn to store it safely and securely, the better for boosting your passive income.