About a month ago, I was looking for some staking opportunities with coins I wasn't familiar with and I found KAVA, and I picked it for a technical and logical reason... I liked the name. Kava is the Serbian/Hungarian (and a few more) word for 'coffee' and I'm a big fan of coffee, so I thought... why not?
I know that some people are going to giggle because a lot of YouTubers out there allocate thousands of dollars for this experiment but I'm a lot more conservative than that (and poor-er) so I thought $95 would do. On December 13, I bought 27 KAVA at 3.5248 per coin, so that's $95. I staked that amount for 21 days at a 33.7% APR.
Twenty-one days later, staking had generated an additional 0,4845, on January 4, when I claimed the rewards, that amount was worth $2.57. In the meantime, the price of KAVA has gone up so my initial $95 investment is worth $150.69.
So what have I learnt? Two things. One, I stake all of my stakable coins on Binance and/or with wallets that allow it and use various apps like BlockFi to earn interests on the other coins. But I do that with coins I'm familiar with, and most of it is in BTC anyway. This was basically a gamble, and yes, I bought when the price was low but I certainly wouldn't rely on this strategy in the long term. Two, I sold half of my KAVA (for BTC, duh) and kept the rest just 'cause you never know. And two, coffee never fails.
I've crossposted this article on my blog bitcoinea and LeoFinance