The process of steaking is an alternative to traditional mining and allows you to earn rewards for manipulating cryptocurrencies. The income from such operations depends on the value of the coins and the duration of the investment. It is now a very popular way to invest, especially after the public interest in the Ethereum cryptocurrency, which has moved to the Proof of Stake (POS) algorithm.
In this article, let’s look at what staking is, how it differs from mining and how you can earn with it, as well as present three projects, including the new “green” cryptocurrency Bitcoin BSC, which provide such an opportunity.
The best coins for steaking in 2023
There are three cryptocurrencies on the market that deserve the most attention:
- Wall Street Memes – a coin that combines memes and the stock market, with great prospects.
- Bitcoin BSC – a green BEP-20 version of Bitcoin based on the BNB Smart Chain smart contract.
- PepeCoin – a scandalous coin based on a frog meme.
Wall Street Memes
In May 2023, pre-sales of the Wall Street Memes token, created by industry renowned developers, began. The $WSM token pre-sale is currently wrapping up, having raised nearly $30 million, but investors can still buy the token for as little as $0.0337 before listing on Sept. 27.
Typically, meme tokens succeed because of community support. WSM has an objectively good chance of success due to its millions of fans online and the scale of funds raised.
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Optimistic predictions for Wall Street Memes are based on the project’s roadmap. First, the team is launching a steaky annualized return (APY) of 69%, which is of interest to investors looking to increase their passive income. Secondly, the project’s entry into high-level platforms like Binance should also help increase its popularity.
Considering the success that WSM has already gained before its entry to the exchanges, it may have a bright future ahead of it. Crypto analyst Faro believes that WSM could even surpass the success of Shiba Inu.
Wall Street Memes has been written about by reputable online publications including Analytics Insight, U.Today, CryptoPotato, CoinGape and The Coin Republic. The project has even caught the attention of Ilon Musk. Considering its relevance in the crypto world, we can assume that WSM has all the prerequisites for multiple growth.
Key features of the project:
- A team of experienced professionals who have already achieved a high reputation in the industry.
- The token will appear on cryptocurrency exchanges at the end of the month.
- The possibility of additional income thanks to steaking.
Bitcoin BSC
Bitcoin BSC is a project inspired by the pioneer coin in the cryptocurrency world. Its goal is to improve on the idea of the first decentralized digital currency by securing the ability to earn passive income through steaking.
Bitcoin BSC aims to change the rules of the game in the cryptocurrency world and offer a new Stake-to-Earn mechanism. It allows Bitcoin BSC token holders to earn a return, now equal to 1,100% annualized, from locking in their tokens. This mechanism incentivizes long-term ownership and active participation in the community.
Bitcoin BSC utilizes BNB’s advanced Smart Chain technology and combines it with the historical value of Bitcoin. The project aims to be a green alternative to mining, offering low fees and environmental care. It addresses the importance of creating a sustainable and efficient ecosystem that will benefit all token holders.
The Stake-to-Earn Bitcoin BSC model is a new approach to earnings using staking. Participants are rewarded in proportion to their share of the mining pool and current yield (APY). This allows for a decentralized and active community that contributes to the growth and development of the project.
Key features of the project:
- Easy access to BTCBSC through common decentralized applications such as Trust Wallet or MetaMask.
- The BNB smartchain is built on Ethereum code, which provides strong security.
- 69% of the offering is reserved for staking rewards.
PepeCoin
PEPE is an outstanding example of a meme coin that, like most others, has no fundamental value. However, despite this, it is hugely popular on the Ethereum blockchain.
What started as a joke has turned into a successful cryptocurrency with loyal fans. In 2023, PEPE has become one of the most profitable meme coins, reaching a market capitalization of over $1 billion in just three weeks after launch.
PepeCoin also offers the opportunity to earn around 130% APY through staking. This is a passive income generation method through which users can earn profits without actively trading. Passive earnings from PepeCoin staking encourages community participation and strengthens the coin’s ecosystem.
However, making transactions with Pepe should be done with caution due to the recent scandal surrounding the asset. The price of PEPE fell heavily after three of its founders exploited a loophole in the cryptocurrency’s multi-signature transfer system. The founders reportedly withdrew $15 million dollars worth of PEPE, causing the price of PEPE to drop nearly 40% in the past two weeks.
Key features of the project:
- One of the “fastest” cryptocurrencies in terms of transaction processing speed.
- Proprietary blockchain on Ethereum ensures the security of transactions.
- The Proof-of-Stake (PoS) algorithm underlying the PEPE cryptocurrency provides a double benefit to the network.
What is cryptocurrency steaking and how to make money from it?
Cryptocurrency steaking is similar to a deposit in a bank, but instead of money, the user withdraws their cryptocurrency from circulation. That is, he temporarily does not participate in trading with it, for which he is rewarded by the cryptoproject ecosystem. Staking provides security and efficient operation on the blockchain. It is, among other things, a greener and less costly alternative to traditional mining. The key difference with steaking is that users earn assets without buying expensive equipment.
Cryptocurrencies can be stored in wallets or platforms to keep the blockchain running. Investors see staking as a way to generate passive income, similar to a bank deposit, as rewards are provided for the service provided. The Proof of Stake (PoS) algorithm secures the blockchain from tampering and posting inaccurate information. The more cryptocurrency the owner has, the greater the chances of generating a new block.
Staking is a popular method of earning money because it does not require large financial investments and entails little risk. The profitability of steaking depends on the coins and their storage, but it is guaranteed. The only risk is a possible drop in the price of coins, which affects the percentage of remuneration.
Experts recommend choosing stable coins for steaking. You should not invest the last money, it is better to use free funds. Asset allocation and diversification also play an important role – getting income from several tokens reduces risks.
Wrapping up
Staking can be an interesting tool for passive income. On average, it is definitely more favorable in terms of interest than traditional financial instruments. However, you should take into account the nuances of transactions with cryptocurrencies and always remember the risks.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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