Ever considered buying a PoS coin?
If you have your not alone! There are many great cryptocurrencies, some using Proof of Work (PoW), and others using (PoS). Recently I have been looking at different approaches to getting into cryptocurrencies. The main idea that comes to mind is mining them, but as most people know coins like Bitcoin, or Litecoin require ASICs to be able to even mine them. At this point in my life I do not have thousands to put aside into hardware just to mine, not to mention I would not be able to get rid of the heat they would produce being its already upper 90s outside!
By Xiangfu - Own work, CC BY-SA 4.0, Link
Recently I did buy an older GPU and up until I moved into the motorhome, my wife and I are living in, I was using it to mine Monero. So I have started looking at the idea of getting different PoS coins and setting up my computer to stake them. For these I have found I run into another problem. Some of the coins like Dash had a minimum needed to run as a master node. Others like PIVX you can run as a master node if you have at least 10k PIVX, or you can stake with fewer coins. The part I could use fewer coins to get started interests me, being I will be starting off with a few coins.
Staking
As with anything it seems that even to stake coins and remain at least profitable you need a large amount to be held. The Larger your stake, or more coins you hold, the more frequent your going to be the one who gets the stake! So someone with 10k a coin that stakes will stake more frequent than someone that only holds 1k coins. So, as an individual user with only a handful of coins in a wallet staking it may not be worth it in the long run!
Alternatives
If your like me, and do not have a large amount of any one of these coins, or at least not enough to make staking on your own worth your time, there are some options. Like with mining you can solo mine, or you can simply join a mining pool where you might be paid better and the profits are split between all the miners who contributed. I have found a couple different places where You can do the same thing using your PoS coins. I just recently started using POSWallet.com, yes this is a referral link, but what they do is use the coins to stake.
Image from screenshot!
Things I'm looking for
Right now in my life, I have been looking into alternative ways to make and grow a passive income. At the present moment, I am just getting started on getting things started. Of the coins I have at POSWallet.com I received them all from faucets, as a way to test the waters first. I started last night, and a couple of the coins I received from the faucet already started staking. I hope this might help increase my residual income as the coins stake.
Please Remember
This is not investment advice, please do your own research and make your own opinion about this or any other site before investing.
What ways have worked for you?
If your just getting started in cryptocurrencies, or your like me, and you don't have deep pockets, please share things that have or have not worked for you! What PoS coins are you considering? What coins are you staking?
Thank you in advance for your comments!