You can get cryptocurrencies in two ways ... on the one hand with mining (proof of work) and on the other hand via staking (proof of stake) of cryptocurrencies but with both types, you first need some capital to invest!
When mining you need good hardware that is very expensive and if you still want to be successful in mining you have to invest a lot or work through a mining pool ... with staking you first have to buy cryptocurrencies and then use them for staking.
The staking of cryptocurrencies runs through various portals ... in this case, we use the Binance crypto exchange, and there simple staking with a fixed term and fixed interest for the cryptocurrencies used ... but there is also DeFi staking, but I recommend other portals ...
Easy staking of cryptocurrencies at Binance
- simple staking with a fixed term
- DeFi-Staking
- ETH 2.0-Staking
You can only start staking cryptocurrencies if you have some ... and only with cryptocurrencies that are listed in the staking list ... currently, there are plenty of different cryptocurrencies at Binance that can be used for staking.
How do you start staking cryptocurrencies on the Binance crypto exchange?
To do this, you have to register for free with Binance and either buy cryptocurrencies or transfer cryptocurrencies to Binance after registration.
If you now have the corresponding cryptocurrencies at the Binance crypto exchange, you can go to the "Binance Earn" area and then to the "Fixed terms -> Staking" area, and there you will find the list of all cryptocurrencies that can be used for staking.
The staking list includes the following information:
- Token
- interest rate
- Choice of duration from 14 to 90 days
- Minimum number of tokens that must be used
The interest rates are very different for simple staking and can be up to 40%, but unfortunately, most of the time all places are already taken.
In the list, you can find well-known and less well-known cryptocurrencies and if you continuously use staking for cryptocurrencies you can make a lot of profit over the entire year or receive a lot of new cryptocurrencies ... a great extra income that you no longer get at any bank.
Of course, an investment is required first ... you have to buy or own cryptocurrencies that you can use for staking ... but I think that it is cheaper than the costs for good hardware for mining and the running costs for power consumption when mining.
Before you have your cryptocurrencies in a wallet you can use them for staking and get more cryptocurrencies as interest.
Staking cryptocurrencies is definitely easier than mining and you have no running costs for electricity during staking as is the case with mining ... above all, you don't have to worry about technology and hardware.
It is a good way to get new cryptocurrencies with your own cryptocurrencies with the help of staking and if you do this continuously it can be a nice extra income for the year.
Happy staking and thanks for reading!