Topic: Is it wise to stake your crypto currency - page 10. (Read 1162 times)
Staking a cryptocurrency can offer potential rewards, but it also involves locking up your funds for a period of time. On the other hand, hodling a cryptocurrency allows for more flexibility in terms of buying and selling. Ultimately, the decision between staking and hodling depends on individual investment goals and risk tolerance.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
Staking, in my opinion, should be welcomed. In addition to a certain ROI, it can bring the opportunity to participate in retrodrope. I, for example, make staking of the STORMX through the corresponding application on Android In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
decision should be take after proper research, there are lots of previous examples that fail the whole projects after listing on market, so that staking has risk to be fail. However reputed organizations back to these projects when they release for staking, that would be make confidence to the investors to stake their stablecoins on top of staking coin.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
If it's from a custodial wallet, I wouldn't stake there and much better to just hold it. I've been from there for so many years to analyzing if it's okay to hold it. Nothing is wrong with holding if you don't trust the wallet because if it's a custodial, you are aware that they won't give you the private keys.
And just take the profit from holding it but if you think that you've got no problem staking it from that wallet, your decision follows.
Staking is good to get profit especially when the person does not know how to trade. Staking is like taking passive income while we are holding the cryptocurrency so it is one way of getting profit and taking advantage of the idle times while we are waiting for the bull run.
For start, it's not wise to keep your bitcoins in others' custody.
And without that there's no staking.
So the answer is: no. The custodian businesses are not regulated enough, they've not properly insured and the history shows that the real risk they transfer to their customers is far too big compared to the returns.
And since just keeping/holding bitcoin tends to give very nice returns over long enough periods of time... why taking unnecessary risks?
Op wasn't talking about bitcoins, and yes there's staking without third party sites. In fact most of the third party sites doesn't offer real staking. They just call it staking. It isn't staking as participating to consensus. And Trust wallet, that OP was talking about is self-custody wallet.
Proof of stake coins can be staked without third party sites , it can mint new coins just by sitting idly on your own wallet. This was originally done even before these staking programs are indtroduced where you need to deposit your token to a site and get rewards based on the amount you deposit on the site.
I would also suggest to stake the token by yourself if it is possible. It is always reaassuring if we have the control over our tokens than depositing it on the their party site and let them manage our coins for staking.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
For start, it's not wise to keep your bitcoins in others' custody.
And without that there's no staking.
So the answer is: no. The custodian businesses are not regulated enough, they've not properly insured and the history shows that the real risk they transfer to their customers is far too big compared to the returns.
And since just keeping/holding bitcoin tends to give very nice returns over long enough periods of time... why taking unnecessary risks?
Proof of stake coins can be staked without third party sites , it can mint new coins just by sitting idly on your own wallet. This was originally done even before these staking programs are indtroduced where you need to deposit your token to a site and get rewards based on the amount you deposit on the site.
But my answer to OP would be that if you can stake by yourself (meaning that you have private key to the wallet you are staking), i can't see any reason why shouldn't you stake your coins.
I would also suggest to stake the token by yourself if it is possible. It is always reaassuring if we have the control over our tokens than depositing it on the their party site and let them manage our coins for staking.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
For start, it's not wise to keep your bitcoins in others' custody.
And without that there's no staking.
So the answer is: no. The custodian businesses are not regulated enough, they've not properly insured and the history shows that the real risk they transfer to their customers is far too big compared to the returns.
And since just keeping/holding bitcoin tends to give very nice returns over long enough periods of time... why taking unnecessary risks?
But my answer to OP would be that if you can stake by yourself (meaning that you have private key to the wallet you are staking), i can't see any reason why shouldn't you stake your coins.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
First of all, I think this post would fit better in the altcoin discussion board as bitcoin has nothing to do with staking because it's PoW and not PoS.
Secondly, Trust wallet is not a custodial wallet it's a non-custodial wallet or as @Nwada001 said a self-custodial wallet although it's closed sourced; this is a proof that you need more studies to do on the types of wallet that we have so that you won't end up storing your coins in an exchange such as Binance,kucoin and the rest. [General] Bitcoin Wallets - Which, what, why?
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
For start, it's not wise to keep your bitcoins in others' custody.
And without that there's no staking.
So the answer is: no. The custodian businesses are not regulated enough, they've not properly insured and the history shows that the real risk they transfer to their customers is far too big compared to the returns.
And since just keeping/holding bitcoin tends to give very nice returns over long enough periods of time... why taking unnecessary risks?
I have learned to use the word self-custodial wallet instead of non-custodial wallet since users are directly in control of their assets, which makes it something personal.
Trust wallet is said to be a self-custodial wallet, but I have also learned in this forum that they are not open source, which means it's not really the best wallet to use. Why do you store your crypto in Trust wallet in the first place? Having a staking option simply means they will want you to give away control of your assets and hand them over to them, promising you a little APR, which you will get when you unstake your coins or tokens.
I don't actually know the best multi-wallet out there since you are talking about staking coins. It's probably not a Bitcoin coin; it should be some kind of altcoin. I guess Metamask is safer than Trustwallet, so you can use Metamask instead and use their staking option for coins that allow staking. But I will also advise you to do your own research.
Since this is not entirely about Bitcoin, I will also advise you to move this topic over to the altcoin discussion.
Trust wallet is said to be a self-custodial wallet, but I have also learned in this forum that they are not open source, which means it's not really the best wallet to use. Why do you store your crypto in Trust wallet in the first place? Having a staking option simply means they will want you to give away control of your assets and hand them over to them, promising you a little APR, which you will get when you unstake your coins or tokens.
I don't actually know the best multi-wallet out there since you are talking about staking coins. It's probably not a Bitcoin coin; it should be some kind of altcoin. I guess Metamask is safer than Trustwallet, so you can use Metamask instead and use their staking option for coins that allow staking. But I will also advise you to do your own research.
Since this is not entirely about Bitcoin, I will also advise you to move this topic over to the altcoin discussion.
In most custodian wallets like trust wallet staking is available for most crypto currencies including trx.is it better to stake such a coin or hodl it
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