In this piece, we’ve mentioned a few interesting ways to earn free cryptocurrency. Along with mining or lending coins, you can make money on hard forks or by adding your masternode to the network. Sounds like double Greek to you? No worries, we’ll slowly cover all these complicated concepts, so stay tuned. But for now, let’s start with one more concept, proof-of-stake, that also allows you to gain revenue from what’s called “staking coins”.
Deposit your money in a staking wallet
Well, what is a staking wallet and what does it have to do with proof-of-stake? That’s a hell of a question and the answer might be very long. But let’s put it this way. The proof-of-stake attributes mining power to the proportion of coins held by a miner.
OK, that wasn’t easy. Let’s try another angle. If you know what proof-of-work is, then you probably know that miners compete for blocks to a great degree, burning kilowatt hours of energy day after day, after day, after day, which is not ergonomic.
Proof-of-stake mining algorithm is way more eco-friendly but it requires a pretty large amount of money for you to turn into a miner. Yet, you don’t need electricity to forge a new block. All you need is to have more money than other people.
Here we go again. Do you want to have a passive income? Deposit a certain amount in a special staking wallet to get qualified as a node. It depends, of course, but later, the system might want you to become a validator/miner because you’ve got more funds than the other candidates.
Once you’re a validator, you unlock quite a few new options to earn crypto. When your node forges a new block, you get a reward. When you approve transactions, you get small fees. Besides, if you simply stake money in the wallet on a monthly or yearly basis, you earn interest, as it’s good for the network and it’s good for the user.
Start earning free cryptocurrency with top-3 proof-of-stake coins
NEO is a very good start for beginners. You can stake it on almost any storage wallet but, to make sure you will get your interest, use the official NEON wallet and read AirdropAlert’s guide on its setup.
How can you earn on this crypto? While staking NEO, you generate GAS, the platform’s internal cryptocurrency.
Let’s say, Alice creates or alters an asset on the NEO blockchain. She will get charged with a GAS fee. Later, all the GAS generated through users’ actions will be distributed to NEO stakers proportionately.
For this particular crypto, you’re going to need an official wallet. Download it from their website, sync it with the blockchain, transfer some currency to it and leave it connected.
Dividends for staking PivX range between 5-10%. For a more accurate estimate, see the PivX earnings calculator.
If you’re still in the fog, just read this PivX staking guide that has all the answers to your questions.
It’s also interesting to note that PivX is a hard fork of DASH (one of top 10 coins). And just to keep you intrigued, here is a little spoiler. Since PivX is a hard fork, it falls under the category of our upcoming blog!
To stake OKCash, you are about to download an official wallet. You will have to set it to staking mode and make sure your PC is always connected to the Internet. With OKCash, there is no minimum amount required to begin with.
As their website states, being “a new user, you can get started with Okcash without understanding the technical details. ”
Surprisingly enough, there are a few ways for you to earn free cryptocurrency simply by staying committed to the strategy of holding coins. Have you heard something about these babies?
Still and all, you can earn free cryptocurrency simply by using all the listed above. Are you not sure what we mean? Right, because these topics will require some explanation. Stay tuned, and you’ll see that we’ll spill more beans in the following posts.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice
If you enjoyed this story, please click the button and share to help others find it! Feel free to leave a comment below.
The market is low? Time to get some free cryptocurrency ← P R E V I O U S
N E X T → What is a crypto airdrop?