Can You Get Rich From Staking Crypto?

There are some ways to receive digital assets. You can mine them, like mining Bitcoin. It requires special advanced equipment and computers capable of solving complex math problems to produce coins. This method is costly and takes a lot of computer power and expenses to maintain the equipment. However, many miners worldwide successfully use this way.

Another option – an easier one – is staking crypto. To receive coins, you can lock your coins for a certain period. In return, you receive interest. That sounds like a bank deposit with the difference in possessing the assets. They still belong to you only. 

Now that we have a vision of what is staking crypto, let’s see how to get rich with it.

Peculiarities Of Crypto Staking On  WhiteBIT

The WhiteBIT crypto exchange is a credible platform for trading and staking. The exchange offers a Smart Staking program, which allows receiving passive income in a simple way. You just store your assets on the exchange wallets and receive additional coins in return.

What is needed for Smart Staking:

  • pick an asset
  • pick a period of locking Ñ„
  • choose the percentage.

You may also start several staking plans at the same time. You can’t quit the program, or you will lose your investments if you do. When the locking period expires, you receive your initial investments and additional rewards (interest) to your account.

Other staking options:

  • Standard. Your rewards depend on the number of coins you lock.
  • Delegated proof-of-stake. Standard staking with the addition of scaling and  democratization of the network. Participants pick several nodes and create a block. Those users who voted for them receive interest from the profit.
  • Leased proof-of-stake. To receive passive income, you may buy cryptocurrency and lease it to verified nodes.

Pick the option that suits you the best on the WhiteBIT. The number of coins available for staking is enormous. 

Look for a detailed guide on staking on the WhiteBIT Blog.