Staking Crypto, Can You Really Make Money Online?
Staking Crypto, Can You Really Make Money Online?
Yes, with all the services online and devices that you can purchase at an affordable price you too can make money online staking crypto.
What is Staking Crypto?
staking crypto is similar to mining crypto. Anyone who owns crypto can potentially participate in staking crypto. If you own crypto that operates on a proof of stake blockchain you too can validate transactions and earn staking rewards. no equipment required.
How does staking work?
In order to start staking you must own a certain amount of the cryptocurrency. A node will deposit your crypto into the network as a stake.
The size of the stake matters. The more you stake the better odds of your node being chosen to forge the next block.
When your node is chosen and creates a block you will receive a reward as in comparison to crypto mining.
However if the validator double signs or attemps to attack the network it will lose part of their stake.
Staking with Coinbase?
As long as you are eligible to stake with coinbase you must hold a minimum balance if the crypro you wish to stake. For example in order to stake XTZ crypro you must hold 1 XTZ in your coinbase account.
Benefits of Using Coinbase.
- You still own your crypto. You are allowing coinbase to stake your crypto for you. They do make a percentage of your staking rewards.
- Your crypto remains secure. You are not taking a risk of losing your money.
What are the eligibility requirements for staking?
- Verify your Identity.
- USA residents only, excludes New York and Hawaii.
- You must have the minimum balance. You can transfer your crypto to coinbase or even purchase the required amount of crypto on coinbase.
- You must hold the crypto in your coinbase wallet as well.
How do you Delegate your Staking Power to Coinbase?
- First and foremost you must have a Coinbase account. You can always sign up for a Coinbase account here.
- You have to opt in, in order to start staking. You can goto Settings-Financial Services and then toggle Staking Rewards icon on/off.
Pro’s of Using Coinbase to Stake Crypto.
- You can withdraw or cash out your crypto at any point in time you chose to do so.
- You are not at risk of losing any of your crypto if the validator double signs or it attacks the network.
- Your crypto will remain in your wallet, safe, sound and secure.
- The rewards are based upon the amount of crypto that you have staked on Coinbase. The more crypto the greater tge reward is.
- You are not required to purchase any special equipment. You need nothing besides your crypto, Coinbase account and to opt in for Staking Rewards.
Con’s of Staking Your Crypto with Coinbase.
- Rewards can flucuate based upon several different factors. The rewards are calculated by the network itself. The network then sends the rewards to Coinbase. Coinbase then crefits your reward balance.
- Since we live in the USA Uncle Sam will want his slice of the pie. Coinbase will issue a 1099-MISC if your staking rewards are over $600 in one calendar year.
- Coinbase in their own words “Coinbase does not guarantee that you will receive Staking rewards, any specific
reward, or any staking return over time.”
- You have to stake your crypto with Coinbase 30 to 45 days before your intial staking rewars will be posted to your account. However after the intial time frame you will then receive staking rewards every 3 days.
Other Advantages of Coinbase.
You can now earn interest on all USD held in your Coinbase Account. if you are considering staking your crypto but are still on the fence about using Coinbase to do so. You should consider the options below.
Coinbase Earn Drops Make Staking Completely Risk Free!
Sign up Coinbase Account. You need to have a Coinbase account before you proceed any further with the below Earn Drops.
BAT Earn Drop. BAT is short for Brave Authentication Token. Brave aims to rid the internet of all the junk ads that no one wants to deal with and to stop sites from tracking you. They aim to preserve your privacy and they even have their own web browser which currently has over 8.4 million users (including myself) and growing fast.
DAI Earn Drop. Dai is a stablecoin that aims to be worth exactly one USD and has help up to its own standars since it launched. you will earn up to $20 USD worth of DAI with this earn drop.
XLM Earn Drop. XLM is by far still till this day my favorite cryotocurrency right next to XRP however that is another topic for another day, but witb XLM Earn Drop you will earn up to $50 USD worth of XLM.
XTZ Earn Drop. Tezos is a cryptocurrency and blockchain designed for safety, open participation, and upgradeability. Learn how it works and you’ll earn up to $6 worth of XTZ.
Final Thoughts on the Subject.
While Staking Crypto on your own can potentially cost you a lot of money with equipment needed, the risk of losing crypto and tie your money up. Using Coinbase eliminates all those factors.
You can track your funds using Coinbase.com on the web or you can use the Coinbase mobile app to track all your cryptocurrencies and stay up to date with latest news and price movements.
I would like to thank you for taking the time to read our blog. As always thanks for the tips and I wish you luck. God Bless You and may you too prosper.