Staking can be hard, but it also pays off

staking, trading

The crypto market crashes periodically. Sometimes a lot. How can staking help? When it does, it is mostly about emotions for retail traders and sometimes the best thing you can do is basically do nothing. In other words, it can also be called “staking cryptocurrencies”. Let’s take a look at what staking is and how it works.

Why it should matter

Everyone who trades cryptocurrencies has at some point felt that when they bought, the cryptocurrency plummeted and when they sold, the cryptocurrency skyrocketed. It’s a long-standing joke in the crypto world, but like everything, this “saying” contains a bit of truth. It’s also quite possible that many people have learned this “truth” with great pain and financial loss. Another classical example of this situation is the sigh of relief when you owned 10,000 BTC a decade ago and then sold it when the price of Bitcoin was around $450 in 2015.

What staking is and how it works

The essence of staking is simple. A user locks their coins or tokens as a “deposit” and receives certain rewards and benefits for doing so. The rewards can be more than 10% of the annual appreciation. This is easy to say and, of course, harder to do. It’s a tough discipline, especially for those who monitor their portfolio regularly and see all the opportunities they may well be missing.

On the other hand, it is important to realize, that only 1 – 3% of daily traders are able to make a profit in the long term. It is very hard not to fall for FOMO effect or FUD effect, but if you do not feel like trading daily, chasing the markets and trying to hit the correct price, staking could be the right choice for you.

What you can do

If you’d like to learn more about cryptocurrency staking and possibly even try it out , we recommend starting with our Platon Trading Academy, which will guide you through the world of trading from scratch, with lots of hints and tips on what to do.

Source: cointelegraph.com

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