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🔒Crypto staking involves locking up one’s cryptocurrency holdings to earn interest or rewards. Technically, “staking” is how certain blockchain networks verify transactions.
⚡️Basically, staking allows participants to earn more crypto. Interest rates vary depending on the network, but participants can earn as much as 20% to 30% yearly. Many people stake crypto to earn passive income or invest their money.
đź’¸Generally, you make more profit with staking as you continue to stake more. However, there are other things to consider when it comes to increasing your profits:
Coin value: Steer away from staking a coin with very high inflation rates. You may earn big rewards initially, but since the value of the coin is volatile, you may be left with little to no profit.
Fixed supply: Ensure that the token or coin has a fixed supply. Limited circulation of coins within the market ensures a healthy demand and constant price boost.
Actual applications: Cryptocurrency demand largely depends on a coin’s actual applications. If it is widely used for various applications in the real world, such as for digital payments, it will continue to have a healthy demand and price.
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