The minimalist approach
So simple that you only need 10 minutes
Right, let’s get straight to the good stuff.
The two super simple ways to grow your hard saved crypto are staking and crypto savings accounts. And, the best part? You can set all of this up in less than 10 minutes.
Now we know the what, let’s get into the details of the why and how so you can start to make your crypto work for you.
Staking (No vampires are harmed in this process)
Ok, let’s start with staking. I’m not going to reinvent the wheel here, so here’s an all you need to know overview from our friends at Coinbase.
“If a cryptocurrency you own allows staking you can “stake” some of your holdings and earn a percentage-rate reward over time. This usually happens via a “staking pool” which you can think of as being similar to an interest-bearing savings account.
The reason your crypto earns rewards while staked is because the blockchain puts it to work. Cryptocurrencies that allow staking use a “consensus mechanism” called Proof of Stake, which is the way they ensure that all transactions are verified and secured without a bank or payment processor in the middle. Your crypto, if you choose to stake it, becomes part of that process.”
Staking only works with proof of stake protocols like Ethereum, Cardano and Algo as examples. Bitcoin is not POS, it is instead a proof of work protocol which means it cannot be staked (however I do have another way you can grow your Bitcoin, keep scrolling down for that).
Staking is kind of like mining where you’ll get to contribute to the ongoing efficiency and security of the blockchain projects you’ve decided to put your cash into and earn some sweet rewards.
It sounds simple and is exactly that simple to get involved. You can usually do this through a projects wallet you own some crypto with or some of the big platforms like Coinbase, Binance and Kraken.
As always, this isn’t risk free and I recommend you always do your own research, and be very particular with which service you choose to use for staking your assets.
No, I’m not talking about the dreadful traditional savings accounts where you’d be lucky to get 0.01% interest. I’m talking about savings accounts specifically for the crypto world ( yes they have these too).
If you’ve ever used a general savings account with a traditional bank, then you know the score. You keep money in an account for a fixed or sometimes flexible period of time, and the bank will pay you interest on that money for staying with that service.
This is exactly how savings accounts for crypto work but they have way, and I mean way, better interest rates. With some services you can expect to earn up to 12% interest on your hard earned coins (yes, you read that write, 12%, madness, I know!).
Here’s some of the well known services that can offer Crypto savings products (be aware I am not endorsing or advising you to use any of these services. Always do your own research).
Look there are a lot more out there that I haven’t listed but these imo are the biggest players out there with some of the longest track history in the industry with good reviews too.
In your own research, you’ll no doubt come across loads of crypto saving products and some will have outlandish interest rates that sound too good to be true. And, that’s because they are too good to be true!
If you see the biggest services only offering up to 12% max and another more unheard of service offering 60%, then your suspicious hippo eyes should be fully raised. Nothing in life is risk free, and as I’ve said a dozen times, DYOR and employ common sense.
Go, grow that crypto
And that’s it folks. Look, I know there are many more ways to grow your crypto but these two are some of the top simplest to set up and maintain in an everyday human life.
Now go forth and make that crypto work for you my friends.
More from me
Want more like this?
Subscribe to my free fortnightly newsletter focused on sharing the best content to raise your financial intelligence. No spam, unsubscribe anytime.
I’m not a financial advisor, a psychologist or any from of accredited professional. As such, this is not financial advice and I’m not qualified or licensed to provide anything like this. This content is a bunch of thoughts from a fellow human for educational purposes only — that is all.
Join Coinmonks Telegram Channel and Youtube Channel learn about crypto trading and investing
- Binance vs Bitstamp | Bitpanda vs Coinbase vs Coinsbit
- How to buy Ripple (XRP) | Best Crypto Exchanges in Africa
- Best Crypto Exchanges in Africa | Hoo Exchange Review
- eToro vs Robinhood | MoonXBT vs Bybit vs Bityard
- Stormgain Review | Bexplus Review | Binance vs Bittrex
- Bookmap Review | 5 Best Crypto Exchanges in the USA
- How to trade Futures on FTX Exchange | OKEx vs Binance
- How to Buy Domain Name on Unstoppable Domains?
- Crypto Tax in India | altFINS Review | Prokey Review
- Blockfi vs Coinbase | BitKan Review | Binance Review
- Coldcard Review | BOXtradEX Review | A Guide to Uniswap
- 5 Best Crypto Exchanges in UAE | SimpleSwap Review
- 7 Best Ways to buy Dogecoin | ZebPay Review
- Best Futures Trading Signals | Liquid Exchange Review
- Crypto Exchanges In South Africa | BitMEX Crypto Signals
- MoonXBT Copy Trading | Crypto Wallets in UAE
- Remitano Review | Guide to 1inch Protocol
- Buy PancakeSwap (CAKE) | MatrixPort Review