A viewer from New York recently asked me a fantastic question that everyone here at American Institute for Crypto Investors should get the answer to:
Deni asks: I want to start staking. What’s the best coin to stake right now?
I’ll reveal my answer in just a moment. But first, here’s what you need to understand about staking.
Staking is when you allow your cryptocurrency to be used to help a specific network operate. That’s an oversimplified explanation, but it’s a good place to start.
Only cryptos that use a proof-of-stake (or PoS) mechanism to verify transactions can be staked. (More on that here.)
While your coins are staked, you can’t touch them until a certain amount of time has passed, so you’ll want to do it with an asset that you plan to hold for a while. If you’re anything like me, this is hardly an issue. We’re looking at value for the long term.
And the advantages are hard to argue with. Because by staking your coins, you’re both helping the blockchain become more secure from attacks and allowing it to process transactions faster. Not just that, but as a reward for allowing your cryptocurrency to be used, you earn more of the staked crypto as interest for helping the network out.
It’s a no-brainer way to make your money work for you.
So far, we’ve shown you how to stake all sorts of cryptos – from Fetch.ai (FET) to Cardano (ADA) to LooksRare (LOOKS).
But which is the best coin to stake?
For me, that’s an easy answer – and I’ll give it to you in less than two minutes right now…
Crypto Q&A: What’s the Best Coin to Stake Right Now? Here’s Your Answer
Ready to start staking? Of course you are!
And we have plenty of resources to help you get started:
- Ethereum, Algorand, and Cosmos can all be staked on Coinbase. Click here to find out how it works.
- Cardano is not currently available to stake on Coinbase, but there are just a few extra steps that are well worth it. Here’s our step-by-step guide to get you started.
- We also have a step-by-step guide to staking Fetch.ai (FET), which is a core crypto in my starter portfolio. You can access it right here.
Remember that if you earn more than $600 in staking rewards in the United States, you are required to report that extra income on your taxes. But guess what? We have you covered there, too, with The Ultimate Crypto Investor’s Tax Guide.
And for even more ways to earn passive income on your crypto, check out our Collecting Cash with Crypto Dividends report available exclusively for Alternative Wealth Network subscribers. (Not yet a member? Click here to learn how you can join and get immediate access.)
Chief Crypto Strategist, American Institute for Crypto Investors
During today’s American Institute for Crypto Investors LIVE show, I also shared the top crypto I’m buying today – SingularityNET (AGIX). AGIX is one of our favorite artificial intelligence (A.I.) assets. You can learn more about AGIX here and find out how to buy it in this step-by-step guide. Then, check out the full replay of today’s Office Hours segment right here.