Passive income is life and for me at least, passive income is the only life I know. I've assimilated the concept of earning from my earnings so much that it has become my source of employment and livelihood
A major source of my income has come from my numerous staking ventures in a number of platforms spread across a few blockchains. This regular staking of assets is the main reason why I've been able to survive on crypto.
Stake it till you make it
If you're in it for the long haul, then you simply have to stake, there's no question about it. Staking is what keeps the ecosystem going and represents an important part of the project's long-term survival.
For me, staking and earning staking rewards has proven to be my source of income. On the plus side, it assures you of earnings but on the other side of the fence, it's slow and laboured.
I know a dude who's into day trading and while he's alright with talking about the APRs on offer, he's not necessarily about the staking life because it's very slow. He's more into scalping and squeezing out relatively fat profit and of course, stands a higher chance of incurring hefty losses.
Unlike day trading, staking is a slow-burner approach to growing your portfolio. Just like trading, staking doesn't promise anything but unlike trading, staking can fix itself in the long run.
Staking coins and other digital assets should be done with care and caution. I mean, in reality, it's simply locking up assets, however, it's important to read about the platform you're staking in to avoid any surprises.
Surprises are fun but please, keep it away from my money. Nobody likes to find out something they didn't know about before locking up their funds. So, before staking, it is important to get information like;
- Community and public reaction
- Will it be long-term or short-term?
- What are the terms and conditions for staking?
- The APR for staking.
So, this summary pretty much requires the impending investor to gather enough information about the place, so you don't get spooked. So, for example, if you decide to stake SPT tokens, then you should know how long it takes to unstake, the benefits, and the community reaction is another important point to note about staking.
So, in summary, if you'd like to stake assets and participate in the governance, printing, or inflationary model of that system, then get ample information about the place.
Ensure you're going into the place with both eyes open and a conscious mind. Only stake what you want to stake and don't get carried away by APRs.
So whether it's a liquidity pool, POS chain or otherwise, it's good to stake assets of an entity that you strongly believe in. However, staking is awesome, but if you're going to stake, always remember that it's extremely important to that ensure you're doing it right.
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