Passive Income on Cryptocurrency: Staking Crypto
Newcomers to cryptocurrency trading who do not have sufficient experience with crypto assets may encounter many difficulties when trading for the first time. Effective trading requires extreme caution and a thorough understanding of market movements, and the right timing on entering and exiting a trade. Staking cryptocurrency is a way to earn passive income with crypto assets. That is what we want to talk about in this article.
Staking crypto is similar to depositing money in a bank. You deposit coins on a cryptocurrency platform and keep them there for a while. In return, you receive a bonus in the form of the same coins credited to your account. It is a reliable way to increase your cryptocurrency holdings with minimal risk. However, there are some peculiarities. First of all, not all digital assets are suitable for staking. It is recommended to choose coins with higher liquidity and lower volatility, which are the leading crypto assets in rankings.
Crypto staked cannot be withdrawn from the platform until the end of the betting period. However, if you want to withdraw them, you will lose the reward (this depends on the exchange you choose).
It’s a simple way to earn passive income: let’s see how it works on the WhiteBITcryptocurrency exchange:
How do I start staking crypto?
First, sign up and transfer your coins to your main account.
Choose one of the proposed crypto lending programs (depending on the underlying asset and the lock-up period, which can range from 10 to 390 days. The longer the lock-in period, the more rewards you will eventually receive.
Lock your assets in the crypto lending plan and wait until the program expires.
Receive your coins back plus rewards.
The WhiteBIT blog helps you to understand how lending works. The blog explains how to stake cryptocurrencies and offers guidance on how to do so in simple terms
