What is staking in cryptocurrency? || 10% to Tron fan club
Hello Steemians! How are you all? I hope that you will be doing well. I'm also fine and enjoying my day. Today I'm going to share an interesting topic about Staking in Cryptocurrency in the Tron Fan Club. So let's start.
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Staking in Cryptocurrency is a process in which a user holds his digital assets and then he supports any of the Blockchain network by validating the transactions through that assets. Mostly this process used in the proof of stake (pos) mechanism. When we stake in cryptocurrency we holds our assets which are in the form of tokens in a digital wallet and when we do transactions we support the security of that platform in which we are staking our amount. Then in return we get some additional tokens as a reward.
The staking in cryptocurrency requires certain circumstances which May be according to the Blockchain network in which we are staking. These circumstances includes the required amount of balance for staking, certain nodes or delegation our assets to a trusted validator. The staking amount may not be accessible or returnable easily. Rather it provides some rewards later.
The working of cryptocurrency staking is quite simple but there important point to be noted that not every cryptocurrency support staking . Let's discuss about its working.
First of all you have to choose wisely that cryptocurrency which support staking and you have to choose that cryptocurrency which works on the proof of stake or proof of stake delegation mechanism.
Secondly you have to choose one specific cryptocurrency that can be stake. You can buy that cryptocurrency from the digital market.
Then you have to keep a wallet for keeping your cryptocurrency assets and that wallets which support staking.
In the fourth step you have to transfer your cryptocurrency amount in your wallet that you want to stake.
After this you have to set up your assets for staking. Staking is a automated process you have start this at once then it will keep going of his own.
Finally you have took a part in staking and support any of decentralized platform and then you are eligible for getting rewards of your staking which may be in the form of tokens.
There are a lot of benefits of cryptocurrency staking. So let's discuss about some of them.
By staking in cryptocurrency you get some tokens asa a reward.
By staking you are also actively contributing in the security and consensus of a platform and then you get rewards.
Staking in Steemit in the form of powering up also very beneficial for us because it provides us a opportunity to get more rewards from the steem curators.
So friends that was my discussion about the topic staking in cryptocurrency. And I hope that you will like it.
Thank you, friend!
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You have given us a detailed explanation of what staking is, thank you for sharing this with us 😊👍
Thank you so much brother for visiting my post and leaving a beautiful comment ☺️
This is an informative post done by you. There you shared about stacking in cryptocurrency
I'm very greatful to you for your valuable feedback 😊