2018-7-2 20:31 |
2018 Coin Staking Guide
Of the various consensus types powering crypto platforms and networks, none has been more recently discussed as the Proof of Stake. This is not surprising given its many benefits and increased preference to bitcoin’s proof of work consensus.
Similar to bitcoin, users can make money from cryptocurrencies using proof of stake consensus by either buying and holding those coins, or Coin Staking.
What Is Coin Staking?Coin Staking is simply buying and holding coins that use the Proof of Stake consensus in a designated wallet for a pre-approved length of time. During this period, users won’t spend or use the coins for any transactions.
Think of it in terms of a fixed deposit asset. You go to the bank, deposit some money, and leave it there for a certain length of time, in exchange for some returns in the form of interest. Upon maturation, you will be able to access your funds plus the interest –the interest being the profit.
As with all things, coin staking has it pros and cons. Its benefits include the ability to earn passive income, grow your crypto asset’s value, and reinvest the profits when the returns come in.
The cons however, include your inability to touch the designated crypto amount. If you do, you will lose the interest and other perks you would have benefited from the trade.
If you are still reading, chances are you are interested and would like to know the best cryptocurrencies for coin staking. In this article, we’ll provide you with a list of the best 10 cryptos for coin staking as well as the process involved for each of them.
2018 Top Cryptocurrencies For Coin Staking Lisk (LSK)Sharing strong similarities with ethereum, Lisk provides developers with scripts that makes it easy for them for develop decentralized apps (Dapps).
It is a readily available cryptocurrency and can be found on popular crypto exchanges like HitBTC, Binance, and YoBit.
Buying Lisk is simple. All you have to do is get on one of these platforms, buy the ethereum equivalent using your card or bank transfer, then trade that for Lisk coins.
Lisk Coin Staking ProceduresThe process is pretty simple and straightforward.
Download Lisk Nano wallet to your computer from https://github.com/LiskHQ/lisk-nano. Install and set up the wallet. Buy some Lisk from any of the exchanges. Send a small quantity to the wallet to test it. Once it reflects, send the rest. Start partaking in coin staking by voting for delegates. You can do this by clicking on the Voting tab in the wallet and selecting the delegates you prefer by checking the boxes in front of their names. Once done, click confirm and you’re good. Voting costs 1 LSK token. Your earnings will be in direct proportion to your voting. Earnings and returns are often determined by the delegates, so your returns are dependent on how much returns each delegate is offering –standard rates are between 6.25 and 100 percent. You can find out everything about each delegate, their reward options as well as calculate your returns at https://earnlisk.com/. Your chosen delegates will then run their nodes on your behalf.If you want to learn more about how this works, as well as need up to date information, go to https://www.liskmagazine.com/
NEO (NEO)Another Dapps centered platform, NEO is similar to ethereum and hopes to improve on ethereum’s flaws so it become the preferred platform for interested developers. In fact, it is often referred to as the Chinese ethereum owing to its massive adoption in that part of the world.
The first thing you need to know is the reward you get from staking NEO. Stakers are typically rewarded with GAS, which is a token that can be exchanged with other cryptos. If you want to know how to coin stake with NEO, this is what you need to do:
Decide on whether to use the NEON wallet or regular exchanges like KuCoin and Binance –these are the only platforms that rewards coin stakers with GAS. If you prefer coin staking with your NEON wallet, download it from https://neo.org/client. Returns on NEO coin staking is often around 3.34 percent yearly, and GAS earnings per NEO held is 0.0980.This is one of the reasons we’re not so hot on NEO as those returns aren’t particularly juicy.
NavCoin (NAV)NavCoin is cryptocurrency platform that’s big on decentralization, which makes it another crypto favorite for people looking to boycott regular financial regulations and carry out their transactions in private. Coin staking on NavCoin is as follows:
Get the NavCoin wallet from https://navcoin.org/downloads Install and set it up –instructions for that are readily available on the website Buy some directly with cash or buy some more popular cryptos like bitcoin and ethereum, and exchange with that NavCoin Then, send the stipulated amount of NavCoins to the wallet. Please note that as soon as you send to the wallet, it’ll take about 2 hours or 240 mined blocks for the transfer to be complete. During this phase, the cryptos will go into something called an immature state. So, don’t fret if that happens. Once it populates and integrates, the coin staking automatically begins. Returns on NavCoin are around 5 percent yearly. If you’d like to know how much you’ll earn on every navoin staked, use the available calculator at https://navtechservers.com/navtech-tools/staking-calculator/ Ensure that your wallet is active and open for the duration of your coin staking –it’s the only way to get your returns.That’s pretty much it for navcoin.
ReddCoin (RDD)ReddCoin’s unique use case is its aim to make virtual currencies easily usable in the real world. The goal is to become the go-to payment option on social networks for tips, payments and compensation. Coin staking on RDD is pretty straightforward:
Download the wallet from the website at https://reddcoin.com. Install wallet on your PC. Buy some BTC or ETH, exchange them for ReddCoin. Transfer to the wallet on your computer. Coin maturation and propagation typically takes a while, so don’t be worried if the tokens don’t reflect immediately. Coin staking returns on RDD is 6.1 percent yearly. Use the calculator at https://jsfiddle.net/yE6Vp/8/ to determine how much you’ll make every year.That’s pretty much all you need to know about coin staking the ReddCoin social currency.
ARK (ARK)A platform whose unique use case centers on providing blockchain solutions for developers, users and startups, ARK is a potentially massive cryptocurrency that’s poised for huge adoption.
Its creation of SmartBridge, a technology that helps different blockchains talk to each other further ensured its viability. So far, it’s the only cryptocurrency platform with a working product.
Getting the ARK token is easy. Just go to Cryptopia, Bittrex, Binance, or OKEx, buy some Ether or Bitcoin, and exchange it for ARK. Once done, you can start earning decent passive income through coin staking.
Because it runs on the delegated proof of stake (DPoS) consensus, returns are largely dependent on the stash each coin staker holds. Coin staking with ARK is easy.
Start by downloading the wallet from https://github.com/ArkEcosystem/ark-desktop/releases. Then, transfer your tokens from your exchange of choice to the wallet using the wallet’s address. Once done, you can start staking by clicking the “Vote” tab, followed by the “Add Delegate” tab. Select the delegate of your choice by checking the box against their names, and click “Add Delegate”. Rewards on coin staking are nearly instant. So, for every delegate you add, your token volume will increase. Go to http://calculator.reconnico.com/ to see how much you can earn over time.ARK has great potential as a cryptocurrency. Coin staking is one of the easiest ways to increase your stash, so that you can trade it when the price increases and the value goes up.
Bean Cash (BITB)Transactions on bitcoin and to a lesser extent, ethereum are notorious for being somewhat slow. People don’t like this, which is why developers are coming up with faster alternatives that will help execute transactions instantly.
Bean cash is an incredibly fast network, with excellent scalability. It’s poised to be a major bitcoin challenger if it attains mass adoption due to its 20MB block size –same as bitcoin- and incredibly faster transaction speed.
If you need a reliable coin staking alternative, this is a great option. The BITB coin staking process is pretty straightforward too:
Go to http://beancash.org/downloads.html and download the wallet Install the wallet, and wait until the blockchain syncing is complete Encrypt the wallet by clicking on Settings, followed by “Encrypt Vault” It’ll ask for a passphrase, enter one of your choosing, and let it run Once done the window will close Click the wallet again to open it, click Settings again, followed by “Unlock Vault”. Enter your passphrase, check the “For Staking Only” box, followed by “OK”. Buy your BITB from any exchange of your choice, and transfer to the wallet. Token maturation is 6 hours after which you can start earning from your BITB coin staking activities. Rewards are at 4 percent monthlyAs you can see, BITB’s coin staking rewards are faster than other coins. This is what makes it particularly promising, even if the price of each token is still ridiculously cheap.
PIVX (PIVX)Short for Private Instant Verified Transaction (X) and formerly known as Darknet (DNET), this is a fork of DASH and is a cryptocurrency with a decent potential.
Its use case is centered around decentralization and privacy, which makes it an in-demand cryptocurrency, and one that appeals to people who want to keep their transactions private and anonymous.
The goal really is a virtual currency that can be used for transactions in the real world, and is designed to function in a manner similar to regular currencies –this is why it has no supply limits. PIVX coin staking is easy and straightforward. All you have to do is:
Download the wallet from the site at https://pivx.org/wallet/. Once downloaded, install the wallet on your computer and allow it sync to the blockchain. During set up, you’ll be asked to choose a passphrase. Keep that securely. Go buy some PIVX from your crypto exchange of choice –usually involves buying well known coins like bitcoin or ethereum, and then exchanging them for PIVX. Send those from the exchange to your wallet. Enable coin staking options on your wallet by clicking on “Settings”, followed by “Unlock Wallet”, enter passphrase, then check the “For anonymization and staking only” box, click “OK”. Wait until the green arrow comes on at the bottom of the wallet interface. Start staking –this will require a permanently on computer Long term holding is highly encouraged and rewarded and returns are about 4.8 percent per year.PIVX is currently cheaply priced as are many PoS consensus based cryptos. It doesn’t mean that they won’t grow in value. PoS is fast becoming the preferred consensus. Once that becomes really popular, the value of coins like PIVX will go to the moon.
Decred (DCR)A fast rising cryptocurrency, Decred’s use case is a bit like bitcoin, but broader. Its focus is on sustainable development, community contribution and transparency in government. It intends to provide a platform that addresses all of these issues.
Currently running on a mix of PoW and PoS consensus, its growth and development is very transparent, with the community largely dictating what goes in or not. Coin staking for Decred is just as easy as the rest:
Download either Decredition wallet at https://www.decred.org/downloads/ or opt for the WebWallet. Install wallet on your PC if you’re using Decredition Allow the wallet sync to the block Generate your address while waiting for the sync to complete Buy BTC or ETH and exchange it with Decred on any exchange of choice Send the DCR to your Decredition wallet. Go to https://docs.decred.org/mining/proof-of-stake/#list-of-stakepools and join a stakepool. Run the wallet, click the “Purchase Tickets” tab, select your registered stakepool, enter the corresponding API you were given when you joined the stakepool. Ticket price will reflect at this point. Determine the number of tickets you intend to purchase and buy.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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