Bitrue offers a unique way to earn passive income on your crypto holdings through staking. But what exactly is staking on Bitrue, and how does it work? In this article, we’ll explore the two main staking options available on the platform: Power Piggy and traditional staking.
How Does Staking on Bitrue Work?
The exchange Bitrue lets you stake cryptocurrencies like Ethereum, Bitcoin, and many of the biggest and most popular cryptocurrencies. You might ask yourself, “How can you stake cryptocurrencies that are not using Proof of Stake?” Well, the term staking is used in different kinds of ways in crypto. By staking, they simply mean lending your crypto out, which lets users earn an annual percentage yield (APY).
This APY varies depending on the lock-up period chosen, with options ranging from 30 days to longer terms. The longer the lock-up, the slightly higher the rewards will be. For anyone who wants access to their funds at all times, there is something else on Bitrue.
Power Piggy
Here comes ‘Power Piggy‘, which is a flexible staking option on Bitrue that offers a 9% APY for USDT without a lock-up period. This means users can withdraw their funds at any time, providing flexibility alongside the opportunity to earn a passive income.
But we have to remind you that anyone who wants to live off these passive income needs to stake more than enough to reap the rewards from these staking options.
Staking Guide for Crypto on Bitrue
To start staking Bitcoin (BTC) with Power Piggy, follow these steps:
- Click this link to access Power Piggy: Power Piggy – Bitrue
- Explore the available coins and their respective APYs.
- Choose any coin you like that is on the list and select a time period and APY that align with your financial goals and risk appetite.
- Click “Stake now” for your preferred coin and provide your investment details.
- Confirm your stake, and you’re all set to earn daily interest.
- Enjoy daily interest payments credited to your Bitrue account around 16:00 UTC.
Staking for Other Tokens and Long-Term Investments:
If you’re thinking about investing your cryptocurrency for a longer time, the traditional Staking option might be a better fit. It offers higher rewards in terms of Annual Percentage Yield (APY). However, your tokens will be locked up for a set period. For staking, stablecoins are recommended.
Conclusion
In a nutshell, Bitrue’s Power Piggy and Staking options give you great chances to make money passively with your holdings. But now that staking could also be lending, the term is an umbrella term for earning yield on your holdings.
If you are interested and find Bitrue a good choice, you can use the power piggy bank or the lock-up periods. But beware, you are trusting your assets to a third party in the end.