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Making Money with Crypto Staking: A Beginner’s Guide
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Hey Hamsters! In today’s Mini Academy, we will explore the opportunity to make money with your crypto through a process known as staking and how you can get started. Before we start piling on the sunflower seeds, let’s get some background information.
With staking, you put your cryptos to work, effectively earning passive income. This means you have an opportunity to make money without selling your assets. Think of it like depositing cash into a high-yield savings account: the bank lends out the money you deposit, and in exchange, they send you a little bit of money as interest. Still following? Okay.
What is Crypto Staking?
In the crypto setting, when you start staking, you lock your crypto assets in for a set time to support blockchain operations. Then, as a reward, you earn more cryptocurrency. The exact amount is calculated as APR, or the annual percentage return on the investment. This percentage might be anywhere from 5% to 20% or more. For example, in some cases with special promotions, it might even hit triple digits. Intrigued? Okay, now here comes the “how-to.”
How to Get Started with Crypto Staking
Don’t worry. This is an explainer that even a beginner can follow along. If this is your first run on the wheel, setting up a crypto account on a platform like Binance will require you to start with the identity verification process. This means you will need to provide a valid government-issued ID document, like a passport or a driver’s license. The main catch is that the photo needs to be clear and legible. These will then be combined with proof of address from the last 90 days, like a utility bill or bank statement. Keep in mind, there are different verification levels, although basic is the minimum required for using services on the platform.
Completing Identity Verification
As soon as you complete these steps and are verified, you can start trading with increased limits and access to more features. Yes, a win-win! Like running on the wheel, depositing on Binance comes naturally. To start, log into your account and click “Wallet.” When you are in the wallet section, hit “Deposit” and search for Hamster Token. Then, you will have to make a network selection. Choose one, and from here, you’ll be provided with a unique deposit address and a memo. There you go, ready to deposit!
Why Choose Binance for Staking?
Although Binance is just one example, it does have its advantages. For one, liquidity. And of course, Binance offers Binance Launchpool, which is a platform for users to discover and acquire new crypto tokens before they officially appear on the exchange. So yes, early advantage for projects like Hamster Combat, which is the 58th project to join Binance Launchpool. You can use Super Earn for Hamster Combat only, which means 100 million Hamster as rewards. To see benefits like these, users will only need to stake for 7 days, and after that, they will qualify for a super high APR of around 300%. Wow!
Utilizing Binance Launchpool
To get the best deal, we recommend using the referral link located in the description of the video. That’s all for today. Thanks for watching! Subscribe and remember, Hamsters: Power, one for all and all for one. See you tomorrow!
