In this video, we walk-through how to stake Cardano ($ADA) to start earning free rewards in just a few, simple steps. Staking the cryptocurrency Cardano provides passive income just for holding ADA in your wallet! In this tutorial, we use my favorite software wallet: Exodus!
Staking is a great way to maximize your holdings in staking coins and fiat that would otherwise be sitting in your wallet. Once you have staked your assets you can earn staking rewards on top of your holdings and grow them further by compounding those future rewards.
What are staking rewards?
You can earn rewards when you stake cryptocurrencies and fiat for a period of time as an incentive to acquire and hold onto staking assets. To earn staking rewards, simply decide which cryptocurrency you wish to stake and then you can start earning rewards from the Proof of Stake process. In the case of the cryptocurrency Cardano, you can earn up to about 5% in rewards, just for holding the cryptocurrency, which is pretty awesome.
What is Proof of Stake?
Popular coins like Bitcoin are proof of work, meaning they’re generated by using machines competing to solve complex equations to “mine” coins and digital assets. Proof of Stake works differently by choosing from a pool of people holding the Proof of Stake coin. Staking is the process of actively participating in transaction validation, similar to Bitcoin mining, but on a proof of stake blockchain. Anyone with the minimum required balance of a specific cryptocurrency can validate transaction and earn staking rewards – or free cryptocurrency.
For this tutorial, we will be using the Exodus Crypto Wallet. The Exodus wallet is also available on your mobile phone as well or through the Trezor hardware wallet. I really like the Exodus Crypto Wallet because it has a very intuitive user experience, and it looks pretty awesome.
📺 The video in this post was made by Will Walker
The origin of the article: https://www.youtube.com/watch?v=iKDvqpDrfvI&t=12s
🔺 DISCLAIMER: The article is for information sharing. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Not investment advice or legal advice.
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