While growing – essentially while I was in high school, I learnt about the Fixed Deposit, Current and the Savings kinds of account. I cannot clearly remember if there are others but these are the common ones. I would give a little focus to the Fixed Deposit.
A Fixed Deposit account is a type of savings/investment account that promises the investor a fixed rate of interest. In return, the investor agrees not to withdraw or access their funds for a fixed period of time. In a fixed deposit investment, interest is only paid at the very end of the investment period.
During this period, the bank uses your invested money for quite a number of things – they earn their profit and give you your share in form of a percentage agreed upon on signing the contract.
I do not think it’s a worthy investment here in Nigeria as I do not often hear people talk about this. A major reason would be because of the interest rates or percentages attached to it. Yes! The rates are very minimal – and not worth tying your money down for. I would rather invest in crypto and join the likes of Jeff, Vitalik and Justin Sun. Lol
Unfortunately, the banking world has failed us all. It’s really sad that we can’t rely on them as worthy investments.
And fortunately, there is what we called STAKING in the crypto world – This, I would call a worthy investment.
Just like the Fiat world, Staking is simply holding or locking your coins in your wallet for a Fixed Period (on your terms) then earning interest on it. The reward you earn from staking varies depending on the length of time you hold it. The longer the stake duration, the higher your returns.
Also, the earlier you join the staking pool the better the reward.
Giving this brief introduction, I would be asking, Have you Staked your 1up?
Yes I did and I am one of the earliest stakers and its amazing to let you know that I have been earning 1ups for locking a few of my 1up tokens. You know that feeling when you wake up and see your Uptrennd Balance Bar increased? Yea, that’s the feeling.
Unlike the fixed deposit, staking dosen’t have a fixed amount as it is transparent and open for everyone to see. The 1up is added when it should and can be immediately withdrawn back to your wallet. Which means that, the longer you stake, the higher the reward.
You can unstake at any time you want, you can withdraw at any time too. Am sure I would be the last man standing. You want to know why? Here it is >>>
When someone leaves the staking pool, 5% of the total staked amount is shared (in percentages) amongst those who are still in the pool. Oh Yea! You heard that correctly. – this also applies to those who joins the pool too. Now, you know why we say, the earlier the better and in this case, the patient dog eats the fattest bone. Lol
Are you already asking how do I stake?
Using your wallet Dapp (eg Trust Wallet) – type in stakeup.io and follow the processes. Its easy and simple to understand.
You can stake up any amount you so desire and unstake too when you are tired. Your earnings remains withdraw-able and untouched.
For those times you would be asleep let stakeup earn for you.
Little drops of water make a mighty ocean.
See you at the pool
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