Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: King Shay on November 07, 2024, 06:28:03 PM
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The opportunities that come with staking are enormous. The good thing about staking is how risk averse it is.
Gleaning from the risk tolerance of traders, these opportunities come in handy. Through my trading journey, I've come across a couple that have let me earn decent APY.
Whenever I'm not scouting for altcoins, looking out for staking opportunities is my go to place.
Currently, the new trend is with respect to passive earning with altcoins. I'm looking forward to a few recommendations from staking enthusiasts like myself.
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On some wallets that supports altcoins, you will see staking where many coins are listed with their APR/APY.
I am not here to advice you about staking but I just want to warn you that you should be very careful. When bear market will come, the loss will be very huge than the APY.
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Staking is my favorite form of investment for the world of cryptocurrencies, providing liquidity on the dex certainly makes you more money but it is also more risky you have to follow it constantly, whereas staking if done from your own non-custodial wallet has really low risks
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I understand that staking can be one of the best ways to earn passive income with the cryptocurrency industry...this is akin to making a time deposit with the usual banks. However, because we are in the industry which is not yet that matured, we should be careful on the platform where are doing the staking and the assets we are staking with. No matter how we try to present that this can be a lot safer, there will always be risks involved and that is why one must be still careful a lot. One must listen to the market and must learn on how to evaluate things here.
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Staking is good and recommended for passive income, provided that you picked the right platform to stake your coin. I was rugpulled by one site that offered a very high APY. It turns out the site has a back door in his script that siphoned all the funds.
So check if the site is legit and its audited and most importantly, check if the APY is realistic; a 40% APY is a sign that the platform is likely a scam.
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Gleaning from the risk tolerance of traders, these opportunities come in handy. Through my trading journey, I've come across a couple that have let me earn decent APY.
Except for cases where crypto enthusiasts stake only stable coins, I do not consider staking a low risk earning opportunity. Although there are good opportunities to earn huge returns from locked up funds, investors still stand the chance to lose some or all their coins if they fall into the hands of malicious validators. To prevent this from happening, choose your staking platform rightly.
If the market crashes when your coins are locked up, you may lose everything before you could be ready to sell. It's still a risky opportunity for those who wish to earn passive income from crypto.
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Staking is good and recommended for passive income, provided that you picked the right platform to stake your coin. I was rugpulled by one site that offered a very high APY. It turns out the site has a back door in his script that siphoned all the funds.
So check if the site is legit and its audited and most importantly, check if the APY is realistic; a 40% APY is a sign that the platform is likely a scam.
Indeed, As you know Staking does offer an attractive passive income opportunity, but we should not forget the main point that we should work with a trusted platform only. We need to be sure that is site was checked and has good reputation, Even it is better to take low APY or no more than 20% the most important that site is trusted and checked. This way we can prevent danger and be safer running staking.
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Staking through the exchange like Binance or Bitget may sound a safe place but as far as I know they are taking a percentage when you unstake in untimely manner.
It will be a good option for investor to find a project where they can stake using the wallet with their private keys and unstaking tokens will not be penalized. I don't wanna shill a token but there are top project that allows this.
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I understand that staking can be one of the best ways to earn passive income with the cryptocurrency industry...this is akin to making a time deposit with the usual banks. However, because we are in the industry which is not yet that matured, we should be careful on the platform where are doing the staking and the assets we are staking with. No matter how we try to present that this can be a lot safer, there will always be risks involved and that is why one must be still careful a lot. One must listen to the market and must learn on how to evaluate things here.
- I also agree with what you are saying, mate, that yes, the staking method is good as long as we make sure that the exchange we are going to use, we will not have any problem here, whether it is a centralized or decentralized platform. You just have to know yourself that you are a risk-taker.
Because I also do that with other assets that I hold, but I only do it for a short period of time, like only 3 months, and after 3 months it's up to me if I want another 3 months; that's all I do.
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Staking through the exchange like Binance or Bitget may sound a safe place but as far as I know they are taking a percentage when you unstake in untimely manner.
It will be a good option for investor to find a project where they can stake using the wallet with their private keys and unstaking tokens will not be penalized. I don't wanna shill a token but there are top project that allows this.
The staking method using an exchange is very appealing because all of our investment will be protected by the exchange. However, choosing project that let us stake directly through personal wallet has its own benefits. In my opinion, if we stake in a private wallet it means we are in full control of our tokens and this gives us another layer of protection. It also gives us control of our own private keys which form a part of security of the crypto assets.
Further, there are many great projects that allow for direct staking without penalties should we decide to cease this early. Then, we will be able to adapt the strategies we set without being pressured regarding possible fee deductions. I do believe that holding directly in a private wallet may be a suitable strategy because we can earn decent returns while always having the site of our tokens.
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I'm looking forward to a few recommendations from staking enthusiasts like myself.
I am staking Hive, and it gives me about 3% apr, but you can delegate your staked hive to other users, so you earn much more. Personally, have delegated to p2e game called dcity, which earns me selleable cards, and if I were to sell these cards at current market price, it would be 12% apr for delegation and 3% apr for staking, so total of 15% apr I am getting.
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Although staking is good, an excellent form of earning passive income, but in my candid opinion, i don't consider staking a better options to earning rewards on the crypto space. There are risk involved on staking especially low caps coins.
Now, staking requires thorough research about the project development plans, usercase, marketcap, demand/supply mechanism etc. it is not a good idea to start staking any coins out there without proper knowledge of the projects just because there are huge APY.
Some times when you stake even those notable projects coins like Sol, BNB, matic, Ada etc, it not certain that your coin/tokens will maintain some stability during the staking period, the market may crash and your staked capital will be affected even your rewards could be worthless for a long period before any likelihood of the market recovery and the staked coind comes back.
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I can see why it's perceived as low risk. But most convenient option usually involve custodial staking service, where you need to trust them and there's duration to destake where you may miss timing to sell your altcoin.
On some wallets that supports altcoins, you will see staking where many coins are listed with their APR/APY.
I would use website such as https://www.stakingrewards.com/assets/proof-of-stake (https://www.stakingrewards.com/assets/proof-of-stake) which list APY of each altcoin.