There are many different ways to increase one’s cryptocurrency holdings. Some do it by buying more coins, while others try to mine altcoins with a GPU or ASIC. Another option worth looking into is known as cryptocurrency staking. While not all cryptocurrencies support it, it is a very powerful protocol to earn some passive revenue along the way.
What Is Cryptocurrency Staking?
As the name somewhat suggests, coin staking revolves around users locking up a specific amount of a supported currency in the hopes of staking it for additional network rewards. This process is very similar to how bank accounts operate and reward users with interest over time. Contrary to how a bank operates, however, coin staking cannot yield a negative interest, nor are there any surcharges for exploring this option.
To properly stake one’s coins, users will not have to undertake too much action. As long as their favorite cryptocurrency supports proof-of-stake and their wallet is connected to the network and running, they will be eligible for…