Staking on Coinspot
Hello fellow Hivians and in particular my Australian friends.
Today was i was looking for a list of all the coins you can stake on coinspot (to make sure i was not missing any) and i could not find an easy access one with the current yield rates. Without going in and checking.
for the newbies: IF you stake your coins this is like putting your money into a high interest savings account. Instead of earning your money in FIAT, you get back crypto. Either the same one back, or sometimes it might be the coin for the exchange or another related coin. You normally/should know what you get in return.
Regardless the rates are so many times better than anything a bank can offer.
here they are:
Please note: to my best knowledge these are correct at time of printing, but as always these things change so often. Also please read to the disclaimer below
Current Coins you may stake on Coinspot - All subject to change
(ADA) Cardano current APY is 5.1%
(ALGO) Algorand current APY is 6%
(ATOM) Cosmos current APY is 10.9%
(AVAX) Avalanche current APY is 6.9%
(AXS) Axie Infinity current APY is 78%
(BNB) BNBcurrent APY is 5%
(CRO) Crypto.com current APY is 11.1%
(DOT) Polkadot current APY is 12.5%
(EGLD) Elrond Gold current APY is 12.1%
(FTM) Fantom current APY is 4.2%
(LUNA) Terra current APY is 8.1%
(SOL) Solana current APY is 6.6%
(TRX) TRON current APY is 5.9%
(VRA) Verasity current APY is 19.2%
(WAN) Wanchain current APY is 6.3%
(XTZ) Tezos current APY is 4.2%
(ZIL) Zilliqa current APY is 15%
(MATIC) Polygon current APY is 12.8%
(ONE) Harmony current APY is 9.2%
(KSM) Kusama current APY is 18.5%
(FLOW) Flow current APY is 6.5%
(KAVA) Kava current APY is 23.5%
I own many of these.. but not all, so the list is helpfull to see if there is anything i would like to add for "income" purposes.
As always shop around as some interest rates are better on difference platforms. Also look at the safety of the platform and the COST TO GET IT OUT of the platform. Watch those fees.
Also... as crypto is so volatile, don't forget, either remove your staking periodically, or be prepared to hold over the long winter.
The Two main game plans - Which are you?
The Large amount in - withdraw the income and keep the "float" there
The Put in an amount and hold till you have made your millions or gone bust trying :-) lol
My current game plan is to stake coins that i think have a long future so i can get "free coins" and grow my capital with compounding returns. Each year i have more coins to earn interest from, and hopefully the value also increases.
I do like the idea of having a large say $20k amount to plug into a particular coin and get 5% return. but alas... i don't have that sort of money laying around right!
Affiliate link
If you are yet to sign up to coinspot, it would be awesome if you would share the love and do so from this link as if you do... Coinspot pay me a small commission based on what you buy. Ive not done this with them before and have not mentioned this anywhere else. So please... be the first.. lol
Link below
https://www.coinspot.com.au?affiliate=MWFLR3
Link above
Caution
First off i am not associated with Coinspot - Just reading their figures as are available online.
Financial advice
Please note, this is not financial advice as always there are risks involved in buying crypto.. Please ensure you understand these before you risk your capital on crypto. Also be aware of the TAX implications of buying and staking crypto. What ever you think about it, Australia mostly sees staking as "income" and you are likely to be liable to pay taxes. Also if you sell anything you might be up for Capital Gains Tax. As always speak to a tax agent to ensure your obligations in this area.
Tax Implications
Also even if the coin tanks badly you are still liable to pay tax on the "income" you derived even if this is now worthless.. however if this IS the case, remember you can always sell some / all of the crypto and recieve a capital loss on your taxes. IF THIS IS ALLOWED in your tax area. As always speak to your tax agent.
Link below
https://www.coinspot.com.au?affiliate=MWFLR3
Link above
Anyway thanks so much for stopping along and reading my posts I am just loving my HIVE experience so far. Such a fun platform for sure.
For those that don't know my i'm currently focusing on Daily painting and somewhat amusing my self and my family with Acrylic pouring.. lol.. i wish i had a separate studio for that as it is so messy.
My other HIVE interests are:
- cooking
sunset photography (i take photos of the sky every night)
Art
Graphic Design
Gardening (just a smidgion)
Ballet
Sewing - I make Tutus and ballet costumes too...
Here are a couple of snaps of some of the stuff i do outside what you see up in the posts above.
