A few people love Mondays. Many a rhyme has derided the value of a Monday. Then, there are those of us who say something else - Mondays are for Atomic Wallet Staking.
Just a quick aside here. If you haven't checked out my previous article on Aircoins and Atomic Wallet, you can see it here;
Now back to the program!
What is Crypto Staking?
There has been a high number of questions recently about staking. What is it? How does it work? Why haven't I heard of this before?
From our friends at the Binance Academy here's the simplest definition I could find;
It involves holding funds in a cryptocurrency wallet to support the security and operations of a blockchain network. Simply put, staking is the act of locking cryptocurrencies to receive rewards.
At the root of the definition lies the beauty of the activity itself. You hold cryptocurrency in your wallet and receive a return. It is really that simple.
How Does it work?
The cryptocurrency ecosystem is growing and developing everyday and for the risk of potentially making this more complicated than it needs to be, I want you to think about two different types of validation. Proof of Work (POW) and Proof of Stake (POS)
Proof of Work is just what it sounds like. When a distributed ledger requires validation - the work required to complete the validation is compensated. This is where you hear about all of the different machines, power consumption and mining farms that are showing up across the globe, all in search of inexpensive power.
Proof of work describes a system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power, such as sending spam emails or launching denial of service attacks.
Now Proof of Stake is where it gets interesting. Validation is still required across the distributed ledger, but instead of the mining operation actually being compensated from the work completed, the amount of coins staked (temporarily locked) shows how much can be mined.
In simpler terms from our friends at Investopedia:
Proof of Stake (PoS) concept states that a person can mine or validate block transactions according to how many coins he or she holds. This means that the more Bitcoin or altcoin owned by a miner, the more mining power he or she has.
Both processes are used in todays ecosystem.
Why Haven't I Heard of This Before?
I'm sure that you have heard of this at one point or another, maybe not specifically. What has been really interesting over the last year is the velocity that POS has reached.
A main advantage of POS is that you receive a return on your temporarily locked coins. Your coins never leave your wallet or your custody, yet you are staking them so that a miner can unlock the currency blocks.
It's really quite elegant.
Now This is Where the Fun Begins
When a cryptocurrency holder stakes some of their coins, there is a return. Those returns can be substantial in comparison with other less active types of investments.
For example, if you look at the staking of the different coins available in Atomic Wallet, you will see that different annual returns are listed.
This graphic only lists a couple of the dozen or so digital assets which are available for staking. I would like to point your attention to BAND protocol and AWC.
Specifically, AWC has an APR of 20-23% depending on how many coins you stake. I realize it's not the 10, 20 or 30x that everyone is looking for during the run up to the next bull session.
BUT, what I would say is that would it be nice to have 20% more, just 12 months later. Compare that to any other thing you might have going on. Nothing to turn a nose up to.
This is Just Monday
We are at the start of the week. Even if you read this on a friday, there's another 7 days in a cycle for you as well.
My point is that AWC usually cycles through their benefits and rewards on Sundays, therefore Mondays are for Atomic Wallet Staking.
Hey thanks, for taking a moment to check out this article. Your time is valuable and I am grateful for your attention.
If I can leave you with 1 nugget that would be fantastic. If you're already using Atomic Wallet, no worries, you're covered.
If you're on the other side of that answer. I recommend not waiting another minute. It's free to join and with a couple dollars USD in your wallet, you will receive nearly $10 in Atomic Wallet Coin.
If you use my referral code, you will receive a few more AWC, so will I.
Either way, I want you to use Atomic Wallet.
With my referral: https://atomicwallet.io?kid=10FGCY
Let's get to it.