The most convenient way to earn cryptocurrency daily is by staking. Staking in simple words means holding POS cryptocurrency in your wallet that supports Proof of Stake for a period of time.
There are two main problems that stop any individual from starting a cryptocurrency staking business and they are:
- You need to be technically sound in order to start Staking. But, that can be learned through the numerous articles present on the internet.
- The other issue is the initial cost involved to buy the minimum amount of cryptocurrencies required to hold for staking in your wallet.
For example, to earn Dash staking rewards, you need to have a minimum of 1000 Dash coin in your wallet. At the moment 1 DASH = $51 approximately, the initial cost for staking Dash will be around $51000.
Benefits of Binance Staking:
To solve the above two issues, this year in the month of September Binance started Binance Staking. In my opinion, it is the cheapest and easiest way to start a passive income stream.
With Binance staking you do not need to be technically sound for setting up nodes or worry about the minimum staking amount or the time length at zero fees. All you need to do is to keep a bare minimum balance in your Binance account wallet.
How to Start Staking on Binance?
Let’s go through all the screens one by one so that you do not get confused while investing for the first time.
- Click on the top menu Earn and then Click on Staking as shown in the image below.
- On the next screen, you will see the list of cryptocurrencies offering staking rewards as shown below.
- You can choose anyone or multiple from the list.
- You can directly deposit the cryptocurrency from your Binance Wallet or can purchase it using BNB, BTC, and USDT.
- On the next screen, I will be buying some ALGO using BTC and then staking it.
- After the purchase is complete hold your cryptocurrency till the end of the month.
- In my case, ALGO will be paid into my ALGO wallet with Binance on the 20th of every month.
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Binance at the moment allows you to earn cryptocurrency staking rewards on 14 cryptocurrencies and they are:
|Tezos Staking Rewards||6 – 7%||1 XTZ|
|ATOM Staking Rewards||6 – 9%||0.5 ATOM|
|TRON Staking Rewards||1 – 3%||5 TRX|
|Algorand Staking Rewards||12 – 14%||2 ALGO|
|Harmony Staking Rewards||8 – 10%||175 ONE|
|Fetch.ai Staking Rewards||8 – 12%||25 FET|
|Elrond Staking Rewards||3 – 4%||700 ERD|
|Stratis Staking Rewards||1 – 2%||2 STRAT|
|QTUM Staking Rewards||6 – 8%||1 QTUM|
|Komodo Staking Rewards||5 – 6%||1 KMD|
|Vechain Staking Rewards||3 – 5%||1 VET|
|Ontology Staking Rewards||3 – 5%||0.1 ONT|
|NEO Staking Rewards||1 – 3%||1 NEO|
|Stellar Inflation Rewards||2 – 4%||10 XLM|
As per the above table, the three best cryptocurrencies to earn Staking rewards are Algorand, Harmony, and Fetch.ai. The present market value of as on today for Algorand is $0.31, for Harmony(ONE) is $0.007 and for Fetch.ai is $0.06.
Now, if you check the minimum requirement for Algorand it is 2 ALGO which is $0.62, for Harmony, it is 175 ONE which is $1.22 and for Fetch.ai it is 25 FET which is $1.5.
The minimum amount required to start your staking business by using the above three cryptos is less than $5. Although I recommend you to invest a minimum amount of $100 to gain higher returns.
Thank you for reading this article about Binance Staking Rewards. I hope the articles suit your requirements and help you to understand how you can also earn cryptocurrency every day and start your passive income stream.
If you want to know which cryptocurrency is good for staking and the actual initial amount required to purchase the above cryptocurrencies then click here.
As per my experience ALGO, XTZ, DCR, and ATOM are high rewarding cryptocurrencies. You can choose any one of the above listed for staking rewards every month.
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