Sirwin
Sirwin

Staking with Uphold

By Mcthru | mcthru | 11 Jun 2022


And here we are again talking about uphold. I had written an article some time ago about this platform, and in general I was very happy to use it as the huge advantage (within the site) was the instant exchange with other coins, without fees (or at least with a very small fee). The competition with gemini within brave browser meant that the site developed a special area for those wishing to staking together with various changes within the platform ... not bad right?

 

The platform

The platform was originally much less user friendly, but with the new interface, everything has changed. This site deals with cryptocurrency trading, some importable and exportable from the site, others only importable. I've written a whole article about it, so I'll just stick to the formalities here. Over the years this platform has improved significantly, favoring an ever greater influx of users, and the main key to this was the integration with Brave Browser, which allowed me to discover this incredible site.

The services offered

The services currently offered on the site concern the possibility of trading crypto and FIAT coins. Not so long ago you could trade stocks and precious metals. By carrying out trading operations on the platform during exchanges, there is the possibility of having to incur a very small fee for the exchange (mostly I think it is due to the spread on the prices of currencies). Recently on the site we can stake several coins.

Coins supported

It has been a long time since I wrote the article about this platform, and here uphold has made the difference, implementing different coins that were later used on the platform to stake. Here are the 98 coins you can find:

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And along with these, there are also EUR, USD and GBP which are currently supported FIAT coins.

Staking

And here is where the uphold ecosystem was flawed, namely staking. Until recently, staking was not covered on this site. Initially, there was a beta with subscription, which allowed many to be among the first to be able to staking some coins, with the possibility of later adding other coins eligible for staking. Currently the supported coins are 9, but soon 2 more will be added to the list. Here is the complete list:

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How to make money

There are currently only 4 interesting coins: KAVA, KSM, DOT, ATOM. These 4 coins have APYs that exceed 10%, up to 19.5%! However you need a minimum of coins to be able to access staking, and also 4 days will have to pass before you start earning interest on the coins deposited. So, before you can think of making money, I suggest you make 2 calculations on the matter right away. The number of coins needed to stake is not very high, but it varies a lot from coin to coin. To earn money, especially in this bear market period, I recommend that you deposit the BAT earned through Brave Browser on this platform, or make a deposit of LTC from another platform (eg Firefaucet, Faucetcrypto, Stakecube, NEXO, Blockfi, crypto.com). In my articles section, you can find several useful platforms to be able to create your crypto wallet. Afterwards, convert everything into one of the 4 coins mentioned above, as you will be able to recover some of the value lost during this period thanks to staking. I am using this strategy as the market has entered the bear market for a while and you have to defend (and make profit) your investments even in adverse market periods like this. It is a passive strategy, which perhaps many do not like, but what interests me mainly is to obtain an almost totally passive investment waiting for the bull market where I will be able to sell the coins obtained with staking and earn a small income to always be allocated in coins. that allow staking (POS).

N.B. LTC is very volatile at the moment, if you pay attention to the prices you can trade LTC-USDC, USDC-LTC, and then use the profit to convert it all into a coin that supports staking.

 

Final conclusions

In this bear market period, it is never convenient to sell your cryptocurrencies. In fact, even in the stock market this happens, but it is not as profound as in the crypto world as whole nations have an interest in keeping the market as active as possible, by injecting capital and not caring that the market has fluctuations both upwards. than downwards, so it is important to diversify as much as knowing how to invest at the right time. Thanks to uphold this is possible as the platform has several advantages over its competitors, and the focus on the crypto world (much more than in the past) has allowed a significant leap in quality of the platform. I am happy to use this platform on a daily basis, and if you want to register you can find the link to the site HERE.

 

If you liked this article, please leave a nice like along with a little tip (it helps to create more articles like this one). Also, if you don't want to miss any other article, subscribe to my blog now! See you in the next article!

 

 

Cover image: cryptonomist_ch

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Mcthru
Mcthru

Content Creator, Streamer


mcthru
mcthru

Content Creator since 2008, I have been dealing with cryptocurrencies for several years. I regularly analyze markets and trends to find out if I can get something good out of them. I also have a personal website, 'sebastianotrunfio.it' where I give vent to my creativity by writing texts.

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