Proof of Stake Tokens: Earning Extra Income
This week’s been all about staking here on the CoinMetro blog. Staking, best Proof of Stake coins to watch out for this year, earning extra income with Proof of Stake tokens – you name it.
Today, the focus is on how staking PoS tokens works in general.
There is more than just one way to make extra cash with cryptocurrencies. Staking is a smart and easy way.
Proof-of-Stake (PoS) has made staking possible, that is why we only buy PoS tokens or coins to stake.
The process of staking involves buying PoS tokens and holding them in a designated wallet for a fixed period of time. Holding means you don’t spend them.
Of course, the choice is always yours, but if you decide to spend the tokens at some point, you will lose any rewards you could’ve had if you had held them over the agreed time period.
How to Stake PoS Tokens
As a rule, PoS tokens are held in a designated wallet or on an exchange platform.
Hands down, staking on an exchange has a lot of pros. First, you can buy the token(s) you decide to settle for on the chosen exchange. This simplifies the entire process. No buying somewhere and transferring elsewhere – comfort that saves time and money above everything else.
Second, you can swap your tokens against other crypto or fiat assets. Third, you get all the features and services you may need in one place.
If we take CoinMetro as an example, earning some extra income with staking is as easy as 1-2-3.
For starters, you don’t have to worry about buying a specific amount of coins to be eligible for a reward. Nor will having a cold/private wallet be an issue. All it takes is buying PoS tokens and holding them on the CoinMetro platform.
The result? Up to 5% staking rewards for just keeping the tokens in your CoinMetro account.
Things to Consider Before Staking
Most importantly, don’t expect to get rich fast with staking. You can, but it will require tons of investment.
Remember, staking a smart and easy way to make some extra money, not a shortcut to riches.
Staking is good because you are the one holding the tokens and can choose to discontinue any time – if you must. True, you will be left without rewards, but at the same time, you’ll have the say-so in terms of managing your money.
I’m Ready to Become a Staker
CoinMetro brings you reputable Proof of Stake tokens with great potential. Ready to explore your options?
Currently, we offer Quant (QNT), Chainlink (LINK), and Kadena (KDN) for staking. But since we’re growing at an amazing rate, more options will soon be available, including our very own native token, XCM – oops, did we just say that? Didn’t mean to.
Don’t wait any longer. Start your journey as a staker today.