When it comes to cryptocurrencies, mining them is the common way people know to get them. However, there is another way we can use it to earn money. That way is called staking.
But, what is the difference between staking and mining? And why you should choose one over the other.
Differences between staking and mining
Until recently, to earn cryptocurrencies, you could either mine them or purchase them. Crypto mining is a huge industry that grows every day all around the world. Countries on all five continents are embracing this technology, with cryptocurrency farms operating 24 hours a day.
However, a new method called crypto staking can be done for this. Crypto staking is a way to earn cryptocurrencies passively; you just need to block a certain amount of tokens. This method is very attractive because you don’t need to invest in expensive equipment, maintenance, and high energy bills. You can safely put to work the tokens you have to make more money.
How does crypto staking work?
In essence, crypto staking consists in blocking a defined amount of coins to get interests, passively, for the deposit you have made. This type of investment can be done in different exchanges or pools. The objective of this type of operation is to make money passively.
As for which coins can be used to make staking, the truth is that most coins can be used for this purpose. It depends solely on the platform where the coin is listed.
How to make crypto staking?
Crypto staking as an investment method is a straightforward process as long as you know how it works. The first thing you need to do is determine the objective you are pursuing. As for generating passive income, the key aspect is selecting an adequate platform. One of the most popular platforms for it is BetFury, where users can get passive income from crypto staking.
After choosing the platform, the next step is signing a smart contract to freeze the money and start the staking process. In the contract, the time in which the funds will be blocked will be determined. As time passes by, you will be generating passive income, and once this is completed, you will be able to withdraw your earnings.
On many platforms, staking is a method that refers to a deposit of tokens, so the company can make something with it. This is something like a loan, and then the company can make something else, like trading, for example. However, in other platforms, staking can be used as a mechanism to validate other transactions through validation nodes. This is a system used in crypto-projects like ADA and Polkadot. Ethereum, the second largest cryptocurrency, will be adopting a similar method soon.
Pros and Cons of Crypto Staking
Crypto Staking has many different advantages and disadvantages. They allow the investor to determine how they will use their money.
Pros
- There are no operative or maintenance expenses.
- You just make your deposit and wait for passive income.
- Investors have quick and easy access to their investments.
- It can be used in exchanges all around the world.
Cons
- When it comes to staking, you need to trust a third party who will manage the funds.
- Because a third party handles the funds, it tends to look like a centralized system.
BetFury for crypto staking
BetFury is an online bitcoin casino with different tokens that was created in 2019. On this site, you can make crypto staking. The platform offers to stake BFG tokens and get daily payments in BTC ETH, BNB, TRX, and USDT.
The operations within site are made using the native coin of BetFury, BFG Token. The minimum deposit is 10 tokens, which at the time of writing is around 0.16 USD. This is what you need to do to enter the staking pool of BetFury.
One of the most attractive options offered by BetFury is the fact that the staking pool is released every 24 hours, and they are distributed among all the owners of the BFG token. Therefore, the more tokens available, the greater the rewards for participation.
Summary
Staking is a perfect method if you want an alternative to the traditional mining system. Get some tokens and start staking. As we have seen in BetFury, you just need as low as $0.16 to start staking and earning money, so give it a go.
