Getting into the cryptocurrency market can be scary for many people because of its risks. Still, staking is a concept that can relieve people of that stress by a large margin. Kucoin, significantly, does a better form of staking, which has gained the attention of the masses. Before we talk about Kucoin’s staking method, we need to talk about what staking is and how Kucoin does it better. Kucoin is a safe, reliable, and authentic crypto trading platform that offers sophisticated security for its users and their assets using a great team of professionals and the latest technology.
What Is Staking
Staking in cryptocurrency is a somewhat simple concept. The user is supposed to have several coins, then lock the currency in their wallet, meaning they can not modify or trade that locked amount for a specific time. In return, this increases the stability of the blockchain of the currency.
For example, let us say a person buys bitcoins and locks them; this increases the BTC price and the SHIB price if Shiba Inu coins are closed because of the increased stability of the currency.
In simpler terms, you freeze some of your coins in your wallet for increased currency stability, but that is not all; generally, in a lot of cash that allows staking, there is a reward for staking; it can be thought of as interest. But these stakings are done for months, not weeks.
Staking your coins also verifies transactions which is a big deal for people.
Can Every Cryptocurrency Be Staked?
In the beginning, only some currencies allowed staking. Still, as time passed, more and more coins became comfortable with the idea of gambling, and now quite a few currencies allow betting, such as Ethereum 2, Icon, Cosmos, Algorand, Tezos, and the likes.
Can I Stake My Coins Too?
Most platforms make staking user-friendly and easy to access for everyone. If someone is having trouble, people can ask for help as well. In general, anyone with coins. That can be staked, can stake their coins.
KuCoin’s Staking
Kucoin makes staking even more appealing. It allows betting rewards daily instead of lengthy, monthly tips. This also allows the user not fully to lock their coins, which attracts many users; in return, it stabilizes the currencies and verifies transactions. This kind of staking is called soft staking, and it is compatible with many trading strategies and methods.
What Are The Rewards Of Soft Staking?
Soft staking, done on Kucoin, is rewarded daily. This reward is calculated by using a compelling daily interest on the number of ” locked ” coins” So the tip is very subjective to the number of coins you stake.
In conclusion, Kucoin’s staking is a game-changer because you do not have to lock your coins for months to reap the benefits.