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Know How You Can Stake Cryptocurrencies by MantheDude: 7:30am On Nov 06, 2022 |
There are several ways to start staking cryptocurrency, depending on how much of a technical, financial and research commitment you’re willing to make. Your first decision will be whether to actually validate transactions using your own computer or to “delegate” your cryptocurrency to someone who’s doing that legwork for you. Networks that support crypto staking typically allow people who own tokens to provide them for other users to deploy in validating transactions, thereby earning a share of the rewards. • Using an Exchange The simplest option is to use an online service to stake your tokens for you. Some popular cryptocurrency exchanges offer staking in exchange for a commission, and they allow you to use fiat currency to purchase crypto and stake to get rewards in form of free coins when listed. A good example is the QDX staking on the Quidax exchange. • Joining a pool. If you don’t want to use an exchange for your staking — or if you can’t find one that supports the token you want to stake — you can join what is known as a “staking pool” operated by another user. To do this, you’ll likely have to know how to use a crypto wallet in order to connect your tokens with the validator’s pool. The official websites of many proof-of-stake blockchains include information about how to research validators, including links to details about how they operate. |
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