Home » Cryptocurrency » What are the pros and cons of staking crypto?
- Amber Smith
- October 26, 2022
With the rise of crypto and blockchain technology, a new way of earning rewards through investment has been born — staking.
While staking can be a great way to earn rewards and support a network you believe in, there are also some risks involved. In this article, we’ll explore the pros and cons of staking crypto so you can make an informed decision about whether it’s right for you.
But before we do that, let’s begin by finding out what staking really is.
What Is Crypto Staking?
Crypto staking is the process of holding cryptocurrency in a wallet to support the operations of a blockchain network.
What actually happens is that the staker locks up their coins/tokens as a sort of collateral. And in return, they receive rewards for helping to keep the network secure. These deposited coins/tokens are then used to verify the transactions happening on the blockchain through a consensus mechanism known as theProof of Stake(PoS).
By doing so, stakers can earn rewards in the form of new coins for their contribution to the network.
The process is very similar to that ofminingin the Proof of Work (PoW) consensus mechanism. But in PoW, miners contribute their computational power to validate transactions, while in PoS, stakers simply need to hold their coins/tokens in a wallet.
How to Stake Crypto?
Staking crypto is not that hard. Here are the three main ways you can stake your favorite crypto.
The first is to simply hold your coins/tokens in a wallet that supports staking. For example, if you are holding NEO in the NEON wallet, then you are automatically staking.
The second way is to use astaking pool. In this case, you would deposit your coins/tokens into a pool, which would then stake on your behalf. The advantage of this is that it allows you to earn rewards even if you do not have a large number of coins/tokens.
The third way is to use a cryptocurrency exchange that supports staking. Binance, for example, has a “Staking Rewards” program where you can earn rewards for holding certain supported coins/tokens on the exchange.
Types of Crypto Staking
The two main types of staking are proof-of-stake (PoS) and delegated proof-of-stake (DPoS).
In PoS, users validate transactions and add new blocks to the blockchain by staking or holding onto their tokens. The more tokens a user stakes, the greater their chance of being chosen to validate a transaction and earn rewards.
DPoS is similar to PoS, but users vote for delegates, or validators, who then stake the tokens on their behalf. Delegates are often rewarded with a portion of the transaction fees they collect.
Now that you know all about staking let’s discuss its pros and cons.
The Pros of Staking Crypto
Some of the pros of staking crypto are:
Earn Passive Income
One of the biggest advantages of staking crypto is that it allows you to earn passive income. By simply holding onto your coins/tokens and keeping them in a wallet, you can start earning rewards.
Support the Network
When you stake crypto, you’re essentially helping to support the network. By doing so, you’re contributing to the security and stability of the blockchain.
No Technical Knowledge and Hardware Required
Another advantage of staking is that it doesn’t require any technical knowledge or expertise. Unlike mining, which often requires specialized hardware and software, all you need to do is hold your coins/tokens in a wallet to stake crypto.
Potentially Higher Returns
Staking offers the potential for higher returns. However, this depends on the specificcryptocurrency you’re staking. Also, income from staking is much more stable than mining.
Greater Security
Since your coins are locked up as collateral, they are less likely to be stolen or hacked.
The Cons of Staking Crypto
Cons of staking crypto include:
Loss of liquidity
One of the biggest disadvantages of staking crypto is that it can tie up your assets for a long period of time. For example, if you stake your coins for a year, you will not be able to access them during that time.
Market Risk
Another disadvantage of staking crypto is that there is always the risk of a potential adverse price movement. So, if you’re staking a token for a year at a 20% APY, but its price drops by 40%, you will be incurring a loss.
Slashing
Slashing is another risk associated with staking crypto. This happens when a validator is found to be breaking the rules of the network. When this happens, they are “slashed” or have a portion of their stake taken away.
Minimum Stake Required
Most networks have a minimum amount that you need to stake in order to participate. This can be a barrier for some people who may not have enough coins/tokens to meet the minimum requirements.
Platform Risk
Another risk to consider is platform risk. This is the risk that the platform you’re using to stake your crypto could fail or be hacked.
Takeaway
Staking crypto offers a number of advantages, such as the potential to earn passive income and support the network.
However, there are also some risks to consider, such as market risk and platform risk. Before you decide to stake your crypto, be sure to do your research and understand the risks involved.
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There has been a very noticeable shift in the public conversation surrounding cryptocurrencies over the last year. We have seen a marked increase in the
- By Adam Cifu
Nvidia CEO Urges Firms and Individuals to Adapt to the AI Revolution or Risk Losing Out
In a groundbreaking commencement address at National Taiwan University in Taipei, Nvidia Corp. Co-founder and CEO Jensen Huang emphasized the importance of familiarizing oneself with
Forex Expert Advisors Explained – 5 Reasons Why You Might Need Them
With the advancement of technologies, automation is also being introduced to various industries and forex is no exception to that. Automated programmes are now able
- By Adam Cifu
Zoho CEO Sridhar Vembu Encourages Indian AI Innovation
Zoho CEO Sridhar Vembu is optimistic about India’s potential to become a hub of artificial intelligence (AI) innovation. At the Zoho Path event, he expressed
Machine Learning Uncovers Surprising ICU Revelation: Secondary Pneumonia Emerges As a Major Killer, Surpassing Cytokine Storms
Researchers at Northwestern University Feinberg School of Medicine have made a groundbreaking discovery in their study on the impact of COVID-19 on patients in the
Bing Chat Vs ChatGPT – All You Need to Know [UPDATED]
Summary: ChatGPT Generates human-like responses in conversational settings. Excels in natural language understanding and processing. Provides interactive dialogue and stimulates conversation. It can be used
AI Titans, Including OpenAI and Google, Come Together to Fight Deepfakes and Disinformation Through Watermarking Content
In a groundbreaking move to combat the rising threat of deepfakes and disinformation, major AI players, including OpenAI, Google, and Meta Platforms, have united under
What is Google Bard and How Does It Work?
Summary The global AI market is growing rapidly, from $150.2 billion to an expected $1,345.2 billion by 2030. Google Bard is an advanced AI chatbot
How to Generate Prompts for AI Chatbots like ChatGPT & Bard?
Summary: Write clear and concise prompts with short, understandable sentences. Avoid lengthy sentences with multiple sub-points. Include relevant context and specific information in your prompts.
Google Launches Search Generative Experience (SGE) with AI Answers Integrated into Search Results
Google’s Search Generative Experience (SGE) has introduced an exciting new dimension to the world of search engines. By seamlessly integrating generative AI into the search
Top 10 Artificial Intelligence (AI) Documentaries
Summary AI is a rapidly evolving field expected to be dominated by generative AI innovations in 2024. Documentaries play a crucial role in demystifying and
New AI Tool Outperforms Standard Approaches in Detecting Heart Attacks Using ECG Readings
Researchers at the University of Pittsburgh Medical Center (UPMC) have made a groundbreaking discovery in the field of cardiology. They have developed a machine learning
How to Become an Artificial Intelligence Engineer: Roles, and More
How to Become an Artificial Intelligence Engineer: Roles, and More Summary Artificial Intelligence (AI) engineers design, develop and deploy AI-based systems, working with data scientists
Indian Cinema Legend Amitabh Bachchan Joins Forces with Ikonz to Revolutionize Interactive Entertainment Using Generative AI
In a groundbreaking partnership that is set to redefine the future of fan engagement, Indian cinema legend Amitabh Bachchan has joined forces with Ikonz, a
Can Blockchain Revolutionize the Digital Signage Industry?
We all are familiar with bitcoin, ETH Ethereum, ripple and other decentralized cryptocurrencies. Blockchain is the automated digital keeper that includes every business ever executed
- By Adam Cifu
DragGAN: Unlocking Photoshop Magic with Point and Drag Controls
In a world where mastering complex image editing software like Photoshop can be a daunting task, a groundbreaking tool has emerged to revolutionize the way
Google’s Machine Learning-Powered Dashboard Protects APIs from Sneaky Attacks
In recent times, the use of Application Programming Interfaces (APIs) has become increasingly popular as more organizations adopt cloud services. However, this trend has also
Microsoft Introduces AI-Powered “Microsoft 365 Copilot” to OneNote
Microsoft has announced the addition of its AI-powered “Microsoft 365 Copilot” to OneNote, aiming to revolutionize the way people take notes and increase their productivity.
Why Managed Service Providers Need to Invest in Better BDR Appliances
If you own or work for a managed service provider, you may have noticed a surge in demand in certain industries because of the COVID-19
- By Adam Cifu
How to Secure a Six-Figure Salaried Job as an AI Prompt Engineer?
Summary: The AI-driven revolution in content generation has transformed how we interact with information, and AI Prompt Engineers play a crucial role in optimizing and
Top 10 Books To Learn Python in 2024
Summary Artificial Intelligence (AI) is a field of computer science focusing on creating systems that mimic human intelligence, involving tasks like learning, problem-solving, and decision-making.
What is Artificial Intelligence (AI) in Digital Marketing?
Summary Businesses in digital marketing face challenges in managing vast data, identifying trends, and delivering targeted content to their audience. AI has become crucial in
AI and ML to Reshape Indian Digital Advertising Landscape Worth $8 Billion
In the ever-evolving landscape of technology, artificial intelligence (AI) and operational machine learning are set to redefine communication sectors such as advertising, public relations, and
HUL Uses AI to Predict Trends and Turnovers
In the rapidly evolving landscape of technological advancements, Hindustan Unilever (HUL), a leading FMCG company, has embraced the power of artificial intelligence (AI) to revolutionize
Scientists Discover Promising Drug to Combat Drug-Resistant Infections Using AI
The rise of drug-resistant infections has become a major global health concern, with the overuse and misuse of antibiotics contributing to the problem. Traditional methods
Harnessing the Power of Artificial Intelligence for Efficient Work Organization and Planning
Now AI is the main direction in the development of control systems, which can help you get the most out of your existing business and
Top 10 latest Artificial Intelligence Technologies in 2024
Summary AI has become a pivotal technology, with platforms like ChatGPT gaining over 100 million users in two months, indicating its undeniable impact on various
WhatsApp to Introduce Feature for Creating and Sharing
In an electrifying leap into the future of digital communication, WhatsApp, under the aegis of Meta, has ignited excitement in the tech world by unveiling
Artificial Intelligence in Finance: Usages and Benefits
Summary: AI can help detect and prevent fraud in financial transactions by identifying suspicious activities and flagging them for further investigation. It can assist with
Benefits of Artificial Intelligence in Our Daily Lives [UPDATED]
Summary: AI can improve energy efficiency and enhance security in our homes by controlling devices like lights, thermostats, and security systems. In healthcare, AI can
Google Unveils Med-PaLM 2: AI Tool Set to Revolutionize Access to Medical Information
Healthcare breakthroughs have long been a beacon of hope for humanity, embodying the power of scientific rigor, human insight, and compassion. In line with this
Top 5 Artificial Intelligence Trends in 2024
Summary AI is a top priority for 83% of companies in their business plans. The global AI market is currently worth $136.55 billion and is
Top 5 AI Trends You Can’t Miss
Summary The AI market is growing rapidly, projected to reach $407 billion by 2027. Challenges include addressing concerns about misinformation from AI. Rapid advancements in
How Can Developers Use Google Bard?
Summary Google Bard is a tool for developers, and there are over 10 million active developers on Google Play. This article explains how can developers
Top 10 Use Cases Of AI In Blockchain You Need to Know
Summary Blockchain is decentralized and secures data with its distributed nature. AI enhances security in Blockchain by monitoring transactions for anomalies. AI prevents fraud and
Everything you need to know about ChatGPT: Its Applications, Functioning, and Usage
Overview It’s been a long time since some tech words other than Web3, Blockchain, Metaverse, NFT, and Cryptocurrency have been in the air. ChatGPT is
LinkedIn’s New AI Feature Will Make Finding Jobs Easier
Artificial intelligence (AI) has taken center stage in the tech world, and LinkedIn is poised to make a major impact with its upcoming AI feature
Why AI is Important for the Metaverse
Summary: The Metaverse is an interconnected digital universe that goes beyond the internet, offering immersive experiences. Artificial Intelligence (AI) simulates human intelligence in machines and
HCLTech and Microsoft Strengthen Partnership to Accelerate Generative AI Adoption
In a remarkable collaboration aimed at empowering enterprises to harness the potential of generative artificial intelligence (AI), Indian IT services company HCLTech and tech giant
Rise of AI in the Workplace: Companies Rush to Hire ChatGPT Experts, Offering Over $185,000
In an era where concerns about artificial intelligence (AI) potentially replacing human labor loom large, there is a remarkable surge in demand for individuals well-versed
Top 40 Generative AI Questions And Answers
Summary Generative AI, a technology once seen in science fiction, is rapidly changing the digital world. This article explores the top 40 questions and answers
Top 5 Skills Needed to Become a Prompt Engineer
Summary Companies like Netflix are offering high salaries to prompt engineers due to the increasing demand for AI. Prompt engineers play a crucial role in
Google’s Bard AI Chatbot Excels in Mathematics and Coding Skills, Sets New Standards
In the ever-evolving landscape of artificial intelligence, Google has made significant strides in empowering its AI chatbot, Bard, with advanced logic and reasoning capabilities. Through
Top 10 Use Cases of Python in Real World
Summary Python is a versatile and powerful programming language widely used in various applications due to its simplicity, readability, and extensive libraries. Python supports multiple
UCLA Researchers Introduce PhyCV: The First Physics-Based Computer Vision Python Library
In the ever-evolving landscape of artificial intelligence, computer vision has emerged as a critical area of development. Among the forefront of these advancements is deep
6 Cryptocurrency Developments to Look Out For in 2022
The year 2021 witnessed both the bearish and bullish crypto markets, but to sum up, it was a “lucky” one for the investors. The market
- By Adam Cifu
Revolutionary Machine Learning Technique Uses Brain Responses to Predict Hit Songs with 97% Accuracy
In a groundbreaking development, researchers in the United States have harnessed the power of machine learning and neurophysiological data to predict hit songs with an
What Is Big Data and Why You Need a Professional To Analyze It
Since launching a startup has gotten much simpler these days than ever before, more and more young and ambitious students are trying themselves in business.
- By Amber Smith
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