Today, I cobbled together bits and pieces of crypto currencies to buy enough Litecoin to stake in the Crypto.com app. The benefit of staking crypto is that it allows me to earn 6-8% interest. In this case, I would only earn 6% simple interest.
I ran some quick numbers and found that Litecoin would be the least costly of the options to stake to get me started. If I were to stake MCO, however, then rates for all staked crypto go up to 8%. So, that’s my next staking target.
I’ve only had Crypto.com for about two weeks. The debit card they offer ships out to U.S. customers after the 14th of July. The debit card will get 1% back on purchases, paid in MCO.
Once I have staked the minimum MCO for six months, I will qualify for the next card, which earns 2% back on purchases.
One important note is that you can only spend fiat. It is very much a debit card in this respect. Therefore, you would need to load the card with money from your bank; or, you would liquidate some crypto into fiat. I am perfectly content with this as my large payments are mostly planned. There is ample time to do electronic transfers before making payments to earn crypto back.
For now, I can’t go all in on Crypto.com as I have not received the debit card. Getting back 1% on spending doesn’t sound too exciting. Even 2% sounds a bit meager. Except that Steem has conditioned me to get excited about earning $0.01 (sarcasm) on a post. So, earning $1 in MCO for paying my insurance, or $2 for paying my electricity is super exciting. Moon!
Sadly, there are some features that are not available in the U.S. One of the features is credit using your crypto as collateral. The other is the Invest product. There is the possibility these will become available in time.
Overall, I think Crypto.com is a good product, even with its limitations. The company has a mission to accelerate the transition to cryptocurrency. They are well-funded and seem to have a clear roadmap on how to bring about their vision of “Cryptocurrency in every wallet.” I’m looking forward to the improvements on the way.
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How do they stake litecoin? litecoin is POW. Not your keys, not your crypto.
You’re right. You don’t get keys. That’s the trade off. They want to be mainstream and are working hard to get regulatory approvals in their target markets.
Their approach is more like a bank. We don’t get keys to the vault at the bank either.
Fortunately, you can transfer to a wallet and back as needed. You only really need the different levels of MCO staked to get the perks. You don’t actually have to use the app for trading or holding other currencies, except fiat. The advantage is use of the debit card to earn more crypto and the other perks of having the card.
I only had enough cash to get the LTC minimum for staking. If I lost the $200, it wouldn’t be the end of the world. Once the three months are up, I’ll convert to MCO and stake that. Free Spotify and 2% back on purchases.
Posted using Partiko iOS
Sounds like a scam. Be careful.