Cryptocurrency and blockchain technology have fundamentally changed the way economic operations are run across the globe today. These new technologies have been instrumental in bringing change to the economic environment. Within the ecosystem, investors can participate in many new processes and functions to earn handsome returns on their investment.
What Is Staking, and How does it work?
Staking is one such process that can prove very beneficial for investors thanks to its ability to provide rich dividends in the form of attractive rewards. The staking process can be defined as locking or holding cryptocurrency so that it can be used to further the operation of a blockchain network. In other words, it is the use of digital coins to support the expansion of the blockchain network and, in return, earning through this process in terms of the rewards.
How to Start Staking on WazirX?
WazirX is the most trusted name in the cryptocurrency exchange domain when buying and selling cryptocurrencies in India. The platform can also be used for the staking process, and to start it, one needs to have the proof-of-stake (PoS) tokens and hold the minimum quantity of these tokens on the platform. The best part of the process is that you need not pay any fees for staking on WazirX, which further enhances the returns to the investors. The platform also handles all the technicalities involved in the staking process. The rewards earned by the investors are distributed within the first 15 days of the month. Get more on about WazirX by reading WazirX exchange review here.
Benefits of Staking
Staking is a beneficial process as it involves offering the reward to investors without any cumbersome process. It has a simple and straightforward mechanism, and all you need to do is hold the minimum amount of tokens in your account to earn the rewards. The technicalities will be handled by the platform, which comes as an added advantage for the investors.
How Do You Earn on WazirX From Staking?
To earn rewards by taking on the WazirX, investors have to pledge tokens in their accounts. According to the terms and conditions, a minimum number of tokens must be there in the investors’ account, and once this condition is met, rewards can be earned on the platform. All the technical requirements will be handled by WazirX, which means you can sit back and relax while your tokens make money for you as an investor.
Can Trading and Staking Work Simultaneously
One can do the staking and trading on the platform simultaneously as no restriction will inhibit investors from undertaking both processes simultaneously. The tokens used for the staking will not be locked in the trading process; however, one must keep in mind once the trade is executed, the corresponding number of tokens will change in your account, and accordingly, the status of rewards in the staking will also change.
Is Staking Safe?
Staking is a safe process and especially recommended for the ones who are new to the cryptocurrency field. The process can help to generate rewards and a steady stream of passive income for investors – an excellent proposition for novices who have just taken a plunge in the crypto domain.
WazirX has come across as a credible platform, and it offers several advantages over its counterparts, including no fees convenience for the staking process. Just by depositing tokens on the platform, one can start with the staking process and get a chance to earn handsome amounts of money as rewards. So, what you are waiting for, deposit the tokens on WazirX and start earning rewards through staking right away. Even if you are new to the crypto domain and have just started buying and selling crypto, the staking can help you make money without any technical issues. It is uncomplex and straightforward, and hence, the process can be used for making money by one and all.