Is it wise to stake your crypto currency - page 7.

KingsDen

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Quote from: Crypt jnr on May 01, 2023, 12:14:05 PM

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

In the cryptocurrency industry, nothing is 100% safe.
If you are not in immediate need of your coins and you wish to stake it in the trust wallet, you are free to do so. Whether it's a closed or open source code wallet, I believe it to be secured and it have served the purpose for a long time. So you can safely take your coins and it will be there for you whenever you want them back. Trust wallet is not gonna have issues immediately you stake your coins there.

DoublerHunter

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Quote from: carrie_white on May 06, 2023, 03:22:39 PM

if you use a basic calculation, of course staking will be more profitable than just holding in the wallet, but of course all investments have risks, even staking, but by using a trusted staking exchange, at least you can reduce the risk

^ I rather choose to hold in my non-custodial wallet than staking of exchange, why?
Because in the first place, it is hard to find an exchange that you can entrust to hold with your fund in the specific time agreement.
One of your problems could be the exchange failure risk, staking on an exchange involves trusting the exchange to hold your assets and distribute your rewards. If the exchange fails or becomes insolvent, your staked assets could be lost or become inaccessible. Dont rely on the trusted exchange, they are still possible that can be hacked.

carrie_white

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if you use a basic calculation, of course staking will be more profitable than just holding in the wallet, but of course all investments have risks, even staking, but by using a trusted staking exchange, at least you can reduce the risk

wajik-tempe

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Quote from: Crypt jnr on May 01, 2023, 12:14:05 PM

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 can be an effective technique to increase the returns you receive for your crypto holdings.
It might be a smart approach to earn extra benefits while supporting the network if you're a long-term investor who believes in the potential of a certain cryptocurrency. Holding it, on the other hand, could be a better choice if you'd rather have more control and freedom over the currency you own.

Rupok

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I use trust wallet, I haven't seen any incompatibility with trust wallet yet. Although the trust wallet is called a self-custodial wallet and many say the trust wallet user is not in direct control of their assets.Not really the best wallet to use for what they claim. But I think trust wallet is not for long term holding of any token or coin. If you want to hold tokens for a long time then I would suggest you look for alternative wallets.This is very logical The right decision about staking can provide a steady stream of passive income for holders of certain cryptocurrencies.

raidarksword

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Staking is the best way to make more of what you have especially you don't have the intentions to sell and while the market is still on bearish mode, then staking is the answer for it. I am staking my holdings for now hence bear market and I want to sell it when time comes like the bull market resumes.

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Quote from: Godday on May 05, 2023, 06:57:30 AM

I am one of those people who likes to do staking. It has given me several advantages over the years. I think people choose to do staking because they have several considerations and goals. I'm the type of person who enjoys something long term. And staking is what I love about cryptocurrency.

People have reasons why they choose staking in waiting for the market to improve or recover. But those guys have so many coins that they can get quite a return on it, so it's worth it for them to do it. But for people who don't have a large amount, it's better to just hold on to the coins, especially if they don't want to buy more when the price drops very deeply. Staking is good for getting more, but it takes patience to wait for the reward, and not many can do it.

Godday

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I am one of those people who likes to do staking. It has given me several advantages over the years. I think people choose to do staking because they have several considerations and goals. I'm the type of person who enjoys something long term. And staking is what I love about cryptocurrency.

siniminomorocomunisakito

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Quote from: abel1337 on May 03, 2023, 10:41:03 AM

I think no, Once you stake your crypto, It will be on other custody and they will have a control with it. That's what I understand about staking. I had once tried staking and I'm on loss after it. The token I staked was dumped so hard that I lost majority of the value that I stake on that platform. To be honest I was blind by the APY that time that's why I rushed in staking my coins not knowing that it is a locked stacking. I was pretty ignorant at that time and I didn't do any research at all. After that I haven't tried any staking up to now. There are people who can get massive profits from staking their cryptocurrency but I think it needs a massive research especially on the kind of token you are staking.

I personally want to say that what you said is the right decision about staking can provide a steady stream of passive income for holders of certain cryptocurrencies. On the other hand, staking comes with risks. For example, if the price of a cryptocurrency being staked drops significantly, the rewards gained from staking may not be enough to offset the loss in value. In addition, staking can be illiquid, meaning that someone may not be able to withdraw funds immediately if we need them. that is, not all cryptocurrencies are staked, so a user may have limited options depending on the assets he owns.

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decision to stake or hodl a cryptocurrency depends on your individual circumstances and goals. It may be helpful to consider the potential risks and rewards of each strategy, as well as the current market conditions and the outlook for the particular cryptocurrency you are considering.

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Quote from: Crypt jnr on May 01, 2023, 12:14:05 PM

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 you stake it you will earn and if you hold it you will also earn if bull run start because most of the altcoins start rising when bull run begins, but it depends on your way of getting profit, most of the investors will never do staking because of the risk in connecting your wallet in the staking platform which is so risky, however if you have experienced staking on a legit platform then you can do the staking for good.

mich

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Well the way things have been happening in recent times with exchanges, I do not favor staking them any more. There was a time in the past in which I did stake some alt coins on Binance exchange but it made me nervous to do so.
I trust Binance not to scam me but not having those coins in my possession is just something that stays on your mind. Anything can happen at anytime. That being said, I don’t think it’s a great arrangement for everyone because you’re taking on a great deal of risk.
There is some serious disadvantages of having my coins being tied up unnecessarily for so long. I think for me it, for very small a portion of my portfolio it did work in the past but I don’t usually recommend others being tied up in this position for so long.

goaldigger

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Quote from: Crypt jnr on May 01, 2023, 12:14:05 PM

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 you are just planning to hold that coin/token for a longer time then staking will be fine, just know the APY if its worth it or not and make sure to compute if your capital will be enough for you to earn more. I do staking in Binance and I can say that its all good while the market is still in sideways trend. Custodian wallet can also be good when it comes to security, know what's token is available for staking and do some research as well about their future plans, that can be a big help.

ammo121810

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Quote from: Crypt jnr on May 01, 2023, 12:14:05 PM

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 crypto currency can give us potential earnings. Using custodian wallet for staking can have some positive benefit such as convenience and it is easy to use. But it is also means that you are trusting the custodian wallet to stake your assets which involves additional risks. It is important to do your own research and choose a reputable custodian with high rates of reviews and a strong security and reliability. It is better to be in control over your private keys and you may use a hardware wallet for better security.

albon

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I think it is wise to make a stake for your currencies, so what is the wisdom of leaving them idle in the wallet without getting some returns from them, even if they are small? The return on staking varies according to the type of currency, whether the stake is fixed term or flexible, the duration of times the currency will be staked, and your capital; among these factors, you can determine how much the ARP will be and the interest rate. BTW, You do not lose anything by staking your coins; only your coins are subject to price fluctuations if they are not stablecoins. Also, I advise you to choose the top exchange platforms, which may be that the stake ARP of the currencies listed on it is lower than other platforms, but it is safer, and you can't fall into any scam.

Kelvinid

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Quote from: Psynthax on May 02, 2023, 06:57:11 PM

Why not?
I think staking is fine even providing liquidity is also fine, so long it generates additional increase of value for you.
after all they are created for purpose that is for investment for select people out there, I think if it fits your need just stake it.

It generates additional income for you which is the sole purpose of staking while waiting for the price to grow. This is what the exchanges promise to the holders. However, we are also taking high risks and the possibility of losing them all if ever the site where we use to stake collapses or a scam. In fact, so many cases happen like this which is why we should take caution where we stake, and much better if we choose reputable sites/exchanges instead of choosing new sites to lessen the risks. Leading crypto exchanges like Binance offered such features.

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Quote from: darewaller on May 03, 2023, 03:25:45 PM

...This fits perfectly in staking because staking has a lock-in period. Once you commit your coins there, there is no way that you can pull them out just instantly because you change your mind. It happens because you don't have a clear plan...

There are different types of staking, respectively, there is also a type in which you can pick up your coins at any time without paying a fine. This type of staking on the Binance exchange is called Indefinite staking (Flexible Staking) and it allows the user to stop participating in the validation process at any time.

Bolivar_Tony

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If you are holding your coin for long term and the wallet you are using to hold the coins supports staking, go ahead and do that, you run no risk staking your coins,
it will generate more coins for you, except you are day to day trader or medium term holder, that sells when prices surge, then it might not be ideal for you

MIner1448

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Staking on your own crypto can be a profitable way to earn passive income in crypto, especially if you have a trusted wallet that offers this feature. However, like any investment, betting on your cryptocurrency has its risks, and deciding whether to bet on your coin depends on many factors, including your personal financial situation and goals.
Staking a coin can be beneficial if you plan to hold that coin for a long time and don't intend to sell it anytime soon. Coin grinding can help increase your cryptocurrency position, as you may be rewarded for holding your coin in a trusted wallet. However, you should understand that betting on your cryptocurrency may come with risks such as market price changes, volatility and technical issues that can cause you to lose your coin.

darewaller

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Quote from: smile1218 on May 02, 2023, 03:53:05 AM

Staking cryptocurrency i think is a good way to earn passive income. But of course it is like any other investments, there is also risk involve in staking your crypto currencies. It is important to do your own research and study and understand the specific risks and rewards that is associated in staking your chosen crypto currency. Also ask and evaluate yourself if you can tolerate the risk that you are about to face in staking your crypto currencies before making any decision. Try to set also what is your investment goal.

I like the last part that you said which is to set a goal. This fits perfectly in staking because staking has a lock-in period. Once you commit your coins there, there is no way that you can pull them out just instantly because you change your mind. It happens because you don't have a clear plan. Speaking about the risk. The lock-in period is associated with it because the coins value can go down before we can be able to unstake them.

It's also known that putting money on centralized or custodial platform is risky but I think most staking business are done here. It does not totally mean that staking in a decentralized way is now 100% safe especially in the defi space as there are lots of hacks happening here.

Topic: Is it wise to stake your crypto currency - page 7. (Read 1162 times)