Crypto staking is an attractive way to generate passive income with your cryptocurrencies. BLOX now makes staking easier than ever. This article guides you through the process of activating staking, explains why staking yields differ, and highlights both the benefits and risks of staking.
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How Do You Activate Staking at BLOX?
Staking with BLOX is straightforward and can be done directly through the BLOX app or the web version. Follow these steps:
- Log into your BLOX account and ensure your identity details are verified.
- Open the staking section in your BLOX account.
- Read the staking information thoroughly.
- Choose the coin you want to stake (note: only coins in your vault can be staked).
- Carefully read the risk information in the pop-up and activate staking.
- Choose whether you want to receive notifications about staking.
Congratulations, you have now activated staking and can start earning returns on your cryptocurrencies.
What Are the Returns per Coin at BLOX?
Here are some examples of the returns you could earn:
- Cardano (ADA): 1%
- Polkadot (DOT): 5%
- Solana (SOL): 1.5%
- Cosmos (ATOM): 7%
- Secret (SCRT): 7.5%
Why Do Staking Yields Differ per Coin?
The staking yields vary for several reasons:
- The consensus mechanism of each crypto network determines how staking rewards are distributed.
- The total supply of the coin, inflation, and the duration of the staking affect potential income.
These factors are important to consider when staking coins. The return is paid out weekly on Monday.
Why Can Staking Yields Change Over Time?
Staking yields can change due to multiple factors:
- More participants in staking mean smaller rewards per person.
- A busier network with more transactions can lead to higher rewards.
By knowing and understanding these factors, you can make the most out of your staking activities.
Can I Access My Coins During Staking?
Yes, at BLOX, you can always access your coins during staking and they remain available for trading.
Is Crypto Staking Safe at BLOX?
BLOX has taken measures to offer staking as safely as possible, but as with all investments in cryptocurrency, there are risks associated with staking.
What Are the Benefits of Crypto Staking at BLOX?
The benefits of staking at BLOX include:
- Earn up to 8% return on an annual basis.
- Flexibility to turn staking on or off per coin.
- Availability of your coins to continue trading during staking.
- Weekly disbursement of your earnings in the app.
Staking offers the opportunity to earn passive crypto, sometimes more than 10% per year, thanks to the proof-of-stake model.
What Are the Returns from Crypto Staking?
Crypto staking can yield more returns than a traditional savings account, depending on the course and characteristics of the respective coin. With BLOX, you can earn up to 8% return, which is paid out weekly in the respective coin and is automatically restaked.
How Is Staking Calculated and Paid Out?
The reward from staking is a percentage yield, similar to dividends or interest on an account. The amount of the return depends on the investment and the chosen cryptocurrency, as well as on price developments. This yield is paid out weekly on Monday.
What Are the Risks of Crypto Staking on BLOX?
Although BLOX has conducted careful research to minimize the risks of staking, it’s important to recognize that staking is not without risk. The market can fluctuate, which affects the percentage of returns.