Hey Jesstackers
I'm a big fan of passive income, yall already knew that there's no better feeling than going to bed knowing that your money is working for you, but finding these darn opportunities are harder than you think. Banks around the world aren't handing out interest rates to run home to with my local banks in South Africa going as low as 3% on your savings or money market account
Internationally interest rates on savings sit below a percentage, and it looks like negative interest rates for retail banking won't be too far away from being a reality with Deutsche bank announcing negative interest rates for retail customers with 100 000 Euros or more, which I'm sure that range will drop over time.
Looking for places to get a little bit of passive income is getting smaller for the retail investor, and we're being pushed into riskier and riskier asset classes or jumping in on market bubbles hoping to get some yield.
Why Mine When You Can Stake?
Proof of stake and delegated proof of stake coins are a great way to earn a passive income without having to trade or know how to mine or set up a node or any of that. Staking coins can be as simple as setting up a wallet with a service provider or exchange like Binance and knowing which currencies to own.
I've spoken in the past about custodial services that pay interest on your holdings like crypto.com and The Celsius network, and if you've read those, you'll know my biggest issue is that you do not own your coins.
You send your coins to be held in cold storage by a company, and they'll pay you interest for trusting them with your funds.
Why not stake and own?
STEEM and HIVE users know all about staking and getting their 2.25% or so interest on their stake using a wallet that they have full control over, its built into the system when using these chains and has become the norm.
However, not many other wallets offer this kind of service, holding your coins but still generating an income from your stake, that was until I found Atomic Wallet
Atomic wallet is a hot wallet application for Android and iOS that allows you to store up to 300 different tokens and cryptocurrencies on it.
You create your wallet and keep your keys safe and ensure you're the only one with access to these wallets. The wallet also has a nodes, so it allows you to stake a few currencies in their app.
The atomic wallet currently has staking abilities for the following tokens:
Staking wallet in Atomic Wallet
- Cosmos - 10%
- Tezos - 7%
- Tron - 5%
- Ontology- 5.6%
- NEO - 1.4%
- Komodo - 5.1%
- ALgorand - 5.6%
- VeChain - 1.63%
I had a bit of Tron from an airdrop years ago sitting in a native wallet and purchased a few tokens on Binance a while back and thought I'd test out atomic wallets staking.
It was pretty simple, I created my receive address, sent my tokens over, then selected my Tron wallet and moved the tokens into my staking wallet, and that was it, simple, and now I'm getting 5% APR on those tokens.
I really like the idea of having a hot wallet with staking support and running supporting nodes for chains. I think that more hot wallets will have to adopt the service and combine with staking coins to give users more control over their coins and invest without the need for a third party to manage their funds.
Have your say
What do you good people of HIVE think? Have you started staking before? How do you stake your coins?
So have at it my Jessies! If you don't have something to comment, comment "I am a Jessie."
Let's connect
If you liked this post sprinkle it with an upvote or esteem and if you don't already, consider following me @chekohler
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I like this "set it and forget it" way in which this works!
I believe I will give it a try,
Today!
👍🏼😁👍🏼
Sweet, remember to save your keys and keep them in a safe place! Which coins will you be stacking? It’s a great option if you want staking but don’t want to leave coins in an exchange
Hey Thanks!!!
Not sure.. still eyeballing,
But have downloaded the app
Already!
👍🏼😁👍🏼
Suggestions always welcome!
I used TRON but I don’t really like the coin I just had it for ages! I’ve heard good things about Tezos though but I haven’t yet gone into depth reading about it @cmplxty is a HOLDr he may know more
Thanks for the info!
👍🏼😁👍🏼
Great info about passive income opportunity with coin staking, @chekohler... Every your blog post is a gem... Thanks for sharing your thoughts and opinions...
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It’s a pleasure, always glad to see my content resonate with someone! I hope that more hot wallets pick up this trend in the future, it makes so much sense for monetization of the platforms in the future
I use and enjoy ATOMIC WALLET!! Nice work as always. My friend you hear anything about this
https://steemit.com/cn/@gamerman/class-action-lawsuit-against-hive-for-copyright-infringement
I only recently found it I was using Jaxx have you used any other hot wallets? I heard exodus is also pretty good
I just read it now, interesting it’s a first to have a blockchain forked with personal text data in it! I guess like with even a private institute it would be up to the individual to apply to have their content removed and purged from the chain with a fork!
Regarding the airdrop I’m not sure how it all works I assumed since it’s run by a group they decide, since it’s those people go created they chain, Same issue with any alt coin run by a central body, I think it’s all uncharted territory!
Damn this looks pretty cool I'll have to check it out. The only coin I've got in that list right now is Tezos but I will see if the rate there is better than what Coinbase is giving me. The more we get to the scenarios where we own the assets not an exchange that doesn't need to actually give us the coins in our supposed wallet, the better!
Let me know regarding the rates it would be interesting to see what you get on an exchange since they want you to leave funds with them so we don’t bank run them to death
I agree, I think more wallets need to be running nodes to support staking they’ll get far more funds playing nice and giving us more control
Staking looks like you can have the cake and eat it. It is not. There is this saying (just paraphrasing, sorry): "Either you get a high interest rate, or you get your money back". (a) you own some BTC and you are the only one who knows the private key (b) you stake your BTC (to a central or more de-centralized service and get 10% interest, (c) you use BTC to purchase (or wrap it into) ALT and stake that for say 20%. In order to go for (b) or (c) you need to know their assumptions (in addition to BTC's), attack vectors (in addition to BTC's), and operational weaknesses (in addition to BTC's). After that body of research, take your decision.
That’s a great point you make, what I look at after the attack vectors is will I be able to earn more Satoshis than I had/purchased and invested? I’m willing to risk some of my money on looking for a higher yield in various Alts! But the majority I keep in BTC with my own keys!
Projects are also giving favourable rates now to attract users and get funds it won’t always be that attractive if they are still around In the future!
I just want ownership and to stack Sats and I’m happy! Like you say interest rate also doesn’t mean much if the coin isn’t holding its value
@tipu curate 2 :)
Upvoted 👌 (Mana: 4/12)
Why thank you mr tipper 😁
This is some nice info :)
Thanks!
Pleasure! Always willing to shout about new finds, marketing in the crypto space isn’t the greatest so its up to us who like to dig to promote it