The market of digital assets offers hundreds of different cryptocurrencies that can be used in different ways with the purpose of making a profit. Let’s see what is crypto earning and how to generate income with digital assets.
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Ways to Earn Cryptocurrency
You can use crypto assets in the following ways:
- you can invest in crypto projects and wait until they grow and the prices of their assets boost;
- you can trade cryptocurrency using crypto platforms and receive income daily;
- you can try staking cryptocurrency and receive a passive income.
These are the most common ways to generate income in the crypto market. One of the easiest methods is staking. In essence, it is the process of earning interest on crypto. How is it possible?
It works similarly to a bank deposit. That means you put some digital assets in a crypto platform and lock them for some time. In such a way, the platform receives additional liquidity, and you – earn cryptocurrency in the form of yield.
Different crypto exchanges provide different staking programs. Let’s see how it works on the WhiteBIT exchange. To start staking on WhiteBIT, you should register an account and put coins into it. Then pick a staking plan that suits you the best. There are about 40 staking plans to pick from. WhiteBIT offers the most trade digital assets for staking: BTC, SOL, ETH, and others. The more liquid asset you pick, the better.
One crucial thing in picking coins for staking is liquidity and volatility. You should not use too volatile assets in staking because if their price drops significantly before the staking program expires, your losses may exceed rewards. So pick among the most popular and reliable cryptocurrencies.
Staking plans vary by their timeframes. That may be a 10-day staking or a year-staking period. The longer you hold your coins on an exchange’s deposit, the bigger rewards you will receive.
Yщu can also leave the staking program and sell your coins if you wish, but rewards will not be accrued in that case. Look for more information on smart staking on the WhiteBIT exchange.