Staking Crypto – Strategy to make Millions!

If you have read my previous posts you would have found a common theme that is I am a hardcore Bitcoin maximalist. I firmly believe BTC is the king of crypto and will continue to be the leader for decades to come. I had however been looking for some altcoins to diversify my portfolio mainly with the intention of having some possibility to cash out if needed as I don’t plan to sell my BTC anytime soon. 


Why I never trusted Staking!


I know that options of staking have been around for years but somehow I never trusted them. The key reason was that most of initial staking plans involved handing over your crypto to a third party which will control your coins and give you some recurring rewards. I never liked this concept as I know very well that “not your keys, not your coins”. With new forms of scams popping up every day I never had the faith to try out any of these staking platforms


 


My first experience with Staking!


Recently I did a post on Atomic Wallet and how was my experience using it which you can find here - https://www.publish0x.com/crypto-projects-sams-reviews/atomic-wallet-big-bang-or-damp-squib-xnlxjnd


While reviewing Atomic wallet I noticed they had a separate section for staking coins. As I was checking all functionalities of the wallet I decided to test the staking feature with small amounts of crypto. I transferred some Tezos I had got from Coinbase Earn and the faucet and staked it immediately. Next I moved some USDC, BAT and DAI I had been rewarded from the crypto platforms I am using and exchanged them to other coins which could be staked on Atomic. 


You can see in the screenshot below that I have already experimented with most of the coins which are available to be staked on Atomic.





 


Atomic has been adding new staking options regularly and some coins still have issues with the staking process but Atomic is actively fixing out these bugs regularly. 


While Tezos and Cosmos staking process is pretty streamlined the new coins staking still has a beta feel to it, This is natural and expected as some of these coins are very new to the market and will evolve and stabilize in the coming months.


Very soon I will be doing a detailed review on each of these individual staking coins and what’s my opinion and experience with them, so Stay Tuned! 


 


How will 5%-7% staking rewards make me a Millionaire?


While considering the earning potential of Staking coins you have to consider several factors:




  • Growth Potential- Keep in mind that most of these coins are very new so a Algorand coin which is worth $0.2 might be worth $2.0 or even more in the future. This means that the dollar value of your return will not be 5-6% it will in fact be 50-60% of your return. If you HODL them long term some of them might even do a 50X or a 100X making the return exponential. If you have been in crypto space for some time and do serious research for picking the coins to stake then you will surely get enormous gains. As the coin value grows so does your staking rewards.


  • 20% return is better than 6% return? Not at all. You need to consider the strength and fundamentals of the project. Taking an example if you compare Tezos giving 6% return and BAND token giving 17% return then Tezos is definitely a better pick. Tezos has the potential to grow 10X in the coming years and the 6% return will effectively become 60% return each year and a risky token like BAND might crash so the 20% return will not even be worth 2% effectively


  • Power of Compound Interest- If you have strong faith in the staking crypto then I would advise you to reinvest your staking rewards back into the stake. This will compound your year to year return and give exponential earnings over a 5-6 years HODL


If you are in the crypto game for the long term you must include some staking coins in your portfolio for the long term.


With ETH and ADA soon expected to be available for Staking the demand is going to explode.


Hope you found the article useful and if there is anything specific about staking you want more details on then do let me know.


 


STAY SAFE! From Coronavirus and from Crypto Whales!


 


Cheers,


SamBTC


_________________________________________________________________


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Read.Cash Referral - https://read.cash/r/SamBTC


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Brave Referral - https://brave.com/mil098


LBRY Referral - https://lbry.tv/$/invite/@Crypto_Sense:1


If you want to try out Atomic wallet yourself then download it here - Download Atomic Wallet! 


 


Posted on Read.Cash at - https://read.cash/@SamBTC/staking-crypto-strategy-to-make-millions-b64f2310

COMMENT

23

preview not available Hafsa M
14 Jun

my experience is not much good, I had staked adzb tokens and I lost around 50USD and decided that I will never stake crypto lol. its a profitable but very risky option to earn crypto.

17

Sam BTC
14 Jun

Don't be disheartened and take it as a learning experience. You know that for every genuine coin there are 3-4 fake or scammy ones.

Adzb was a very small coin which are prone to manipulations. If you ever decide to stake again go for a more reputable project like Tezos or Cosmos. Trust me you will not be disappointed by these great projects.

Very soon Ethereum and Cardano will open the option to stake, they are very safe bets.

All the best and I hope your next staking experience is positive. 

16

Muhammad Yasir
13 Jun

thanx for sharing this great post 

its very helpfull for crypto

17

Sam BTC
13 Jun

I am glad you liked it!

22

Sincere Helper
13 Jun

Your experiences have respect but for me stacking of Uptrennd will be superb.

17

Sam BTC
13 Jun

Let's see if Uptrennd enables staking function of 1UP in the coming months.

26

preview not available Lucas S
14 Jun

I should get the Atomic wallet if only for the staking that can be done on it. I agree, with ETH and ADA being added soon, that's two very loyal users bases that will help increase the usage of staking therin.

17

Sam BTC
14 Jun

You should definitely give Atomic a try. I never trusted external sites with my coins for staking but with Atomic your coins will be safely locked in your wallet.

That said, I still keep my BTC in Trezor and use Atomic only for the staking coins.

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