Atomic Wallet is a popular decentralized cryptocurrency wallet which aims to offer a simple user interface and also provide an excellent security level and a vast variety of features to its users.
Atomic Walletcurrently supports more than 500 different cryptocurrency types; the wallet also allows staking for different proof of stake coins.
Sitting in Atomic Wallet allows users to earn passive income from their digital assets just by storing these assets in the account.
This article will focus on the steps to stake your money on Atomic Wallet. After reading this article, you’ll capable of adding crypto in Atomic Wallet and start earning with confidence.
What are you Staking?
Staking is the process of participating in transaction validation on a proof-of-stake blockchain. Anyone with a minimum-required balance can opt into staking and start earning rewards. Staking helps to maintain the operations of the blockchain and is a great way to get involved and support a project whilst also earning passive income on your investment.
Staking is not a feature of all cryptocurrency However, many of the most popular evidence of stake currencies allow the staking. Different currencies have different rewards; some coins rewards customers for more stakes than other coins.
What’s Proof of Stake (PoS)?
Proof of stake (PoS) is one of the most popular consensus mechanisms in the crypto world. Many successful crypto projects use proof of stake; some notable examples include
Proof-of-stake is an approach to protecting the authenticity of cryptocurrencies.
The mechanism for proof of stake is a bit complicated however, when explained in simple sense, it keeps users from printing additional coins that they didn’t actually earn.
Another method, known as proof-of-work (used in Bitcoin) is also a popular. But, increasingly cryptocurrency are beginning to adopt an approach called proof of stake to increase the scalability of their projects and also reduce the energy usage for the networks.
In the event of proof of stake, new blocks are made by assigning specific individuals called validators to verify the blocks. They also earn reward.
Also Read: 5 Top Bitcoin Exchanges In the USA
What Does Staking Effectively Work?
Staking may seem like a complicated process, but in fact, it is quite simple.
You might want to put your money with Atomic Wallet. The most efficient method of doing this is to join your TRX to one of the several staking pools that are available within the system.
Like the name implies, Staking pools permit pools of funds. They allow users to cooperate to improve the speed of validation of blocks. The stake rewards are distributed among members of the pool according to the amount of tokens that they add into the pool.
Rewards are generally added to your account each time an additional Block is added to blockchain.
The Decentralized Staking feature in Atomic Wallet
There are two types of staking, centralized and decentralized staking.
Staking on Atomic Wallet is considered decentralized stakes since you don’t have an authority central to keep your private keys or coins for your wallet. When you stake decentrally, the rewards are also put into your own wallet. Aotmic The wallet is one of the most reliable places to put your money to the test.
Staking on the Ledger account is also a non-custodial way of Staking, where you have control over your money. However, staking on Binance or similar exchanges (like staking on Coinbase or Kraken) is contingent on the platform you choose to stake (they have control over your money).
Centralized staking happens outside of your wallet, usually via the exchange platforms. This means you depend upon the platform that you exchange with to keep your crypto safe during staking. Any reward you receive are deposited into the exchange account and not your wallet.
Also Read: How to Buy Rocket Bunny Crypto
How to Take Stake on Atomic Wallet
One of the standout features of Atomic Wallet is its ease of use. Anyone can start staking cryptocurrency in a few easy steps:
- Go to the stake tab of Atomic Wallet.
- Select a stake pool.
- Input the total amount currency you would like to contribute to the pool, and then click stake.
- Your money can be added into the stake pool.
- Rewards will be available for claim regularly.
What is the best way to stake my stake with Atomic Wallet?
Atomic Wallet supports staking of a handful of popular cryptocurrencies; they also regularly add new tokens to the platform; at the time of writing, the following currencies are supported for staking:
Cosmos (ATOM) Staking
Cosmos (ATOM) is the native currency of the Atomic Wallet platform. Staking Cosmos on Atomic Wallet gives an attractive interest rate of around 10% yearly, making it a popular choice for users of the platform.
What is the best way to Stake Cosmos (ATOM)
- Get ATOM – You can buy ATOM in Atomic Wallet with a credit card.
- Head to the staking tab and select ATOM, then select stake.
- Select how much ATOM you want to stake and click stake to proceed.
- You can change the validator by clicking your name and heading to the yearly earnings section; check the info and then click the stake again.
- Wait for rewards; rewards are distributed with every new block added to the blockchain, head to the rewards section and claim your rewards periodically.
Unstake coins at any time
Another great feature of Atomic Wallet is that users can unstake their coins at any time. This feature allows users to benefit from staking rewards whilst still having the freedom to trade their coins whenever they want.
Atomic Wallet Summary
All in all, Atomic Wallet provides a safe and straightforward way for investors to stake their proof of stake coins.
The platform lets users earn passive income from their digital assets, while giving them the ability to swap their tokens according to their discretion.
The platform is able to support more than 500 cryptocurrency, with more than 10 coins that can be staked.
If you’re looking to stake but aren’t sure what to do to start, Atomic Wallet provides a simple entry point into world of staking. It’s highly recommended to anyone looking to begin making more money with their investments.