What if we could stake BAT?

What if we could stake BAT?

By MadMaxx | Psycho Crypto | 29 Jan 2020


I've always loved the idea of staking.

It's a quick and easy way to make some extra cash while taking no risks whatsoever.

For anyone that doesn't know what staking is, here's s quick rundown: Staking is the process of locking up your cryptocurrency in a wallet to support the operations in the Blockchain of that cryptocurrency.

Now that we know what staking is, let's get a brief idea of how it works.

Basically, you buy a certain type of crypto that supports proof of stake.(say Tezos). Then you place it in a wallet that supports staking (like the Trust wallet). You then decide within the wallet if you want your funds to be staked or not. If you wish for them to be staked, you simply apply for them to be staked and voilà! You've started staking your coins.

You will receive a fixed interest every year on the coins that you stake, so naturally the larger your holdings, the more money you'd be making.

There are also staking pools where users can join their resources together to get hold of more profits in the long run.

Ok, that's that about the brief refresher.

So what if we could stake BAT? How great would that be?

Well, it'd be great. It'd be a really great feature! 

First off, you'd earn more BAT for free. If you're someone that loves to just buy and hold, then being able to stake the BAT you earned for a whole year or two will give you more BAT in your account than you started with. This means more profit in the long run.

Being able to stake BAT is also good news for scaredy cat investors. They would be able to deposit large amounts of a stake-able cryptocurrency and just leave it there to compound on itself.

What do you think? Should we be able to stale BAT? Let me know down below!

 

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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