Earning Passive Income Through Crypto Staking

[Mika]

If you have a portfolio of crypto assets that have a Proof of Stake consensus mechanism, you can use your cryptos to make passive income through staking. There are a lot of platforms that offer staking.

Staking means you freeze your crypto assets for a certain time and earn rewards from your assets. However, on some platforms, you don’t even have to freeze your assets. When you stake, your principal amount remains the same. Therefore, the risk is zero (provided you are using a legit platform)

How much profit you can make through crypto staking depends on what crypto assets you are using and how long you are staking your assets. For example, on Binance, if you stake ADA for 120 days you can earn 13.7 percent annual interest. If you stake for 90 days, your annualized return is 11.29 percent. If you are staking AXS on Binance, you can earn a 96.6 percent annual interest rate for staking for 90 days.

 

[Jasmine]

You can of course earn passive income through crypto staking, however, you need tremendous amount of crypto to earn size-able rewards. Even to earn $1 daily staking rewards, you might need more than $3000 worth of crypto (based on current value). That's a lot of money. There is also a lot of risk with freezing your assets on crypto platform. In recent times a lot of crypto companies have gone bankrupt, therefore, you will be risking your investment. When it comes to crypto, we cannot be sure of anything. Celsius Network, a profitable company that offered loan services as well as interest on deposit went bankrupt and over a million people are going to lose their investment. Not for the purpose of earning rewards but to make your existing crypto assets make you extra money, you can stake and make additional income. When you want staking rewards try to use high reward assets.