Are you interested in earning some passive income through staking? If so, you’re not alone! But do you know exactly what staking is and how to do it? Keep reading to learn everything you need to know about this process! Staking can be an excellent way to earn some extra income from your cryptocurrency portfolio, but it isn’t always easy to get started. In this guide, we’ll take a close look at how staking works and explain why it’s so beneficial to both investors and the blockchain itself.
What is cryptocurrency?
Cryptocurrencies are types of digital currency that can be sent over a computer or internet network. Bitcoin, for example, is one type of cryptocurrency.
What is Binance
Binance is one of the world’s largest cryptocurrency exchanges, meaning it’s a platform for buying, selling and trading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Create your account
In order to begin staking your crypto, you will need to create an account on a platform that supports it. While Binance does not currently offer support for staking, there are many other exchanges that do.
Funding your Binance wallet
To stake crypto, you first have to deposit funds into a Binance wallet. Start by navigating to Funds > Deposits Withdrawals in your Binance account.
Transferring funds from an exchange to your wallet
You’ll need to use your wallet address, which is a long string of letters and numbers. Find it by navigating to your wallet via an exchange or by going directly to a wallet’s website.
Learning how to buy and sell coins on Binance
If you’re going to invest in cryptocurrencies, you need a place to trade them, and for many, that’s Binance.
Redeeming GAS points for Bitcoin, Ether, or Binance tokens
If you hold NEO on Binance, you’re probably wondering how to redeem those GAS tokens. The process is pretty simple, but we’ll walk through it step by step nonetheless.