Atomic Wallet is a popular decentralized cryptocurrency wallet that aims to provide a simplistic UI whilst also providing excellent security and a wide range of features for its users.
Atomic Wallet currently supports over 500 different cryptocurrencies; the wallet also supports staking for various proof of stake coins.
Staking on Atomic Wallet allows users to earn passive income on their digital assets simply by holding them on the platform.
This article aims to focus on how to stake on Atomic Wallet. After reading, you’ll be able to add cryptocurrency to Atomic Wallet and start earning with confidence.
What is 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.
Not all cryptocurrencies support staking; however, many of the popular proof of stake coins support staking. Rewards vary for each currency; some coins rewards users for staking more than others.
What is 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 a method of maintaining the integrity of a cryptocurrency.
The proof of stake mechanism is quite complicated, but in straightforward terms, it prevents users from printing extra coins they didn’t earn.
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Another mechanism, called proof-of-work (used by Bitcoin), is also popular. However, more and more cryptocurrencies are starting to use the proof of stake model to make their projects more scalable whilst also reducing the energy consumption of the network.
With proof of stake, new blocks are created by assigning particular people known as validators to validate the blocks and get rewards.
How Does Staking Work?
Staking may seem like a complicated process, but in fact, it is quite simple.
Say you want to stake on Atomic Wallet. The most effective way to do this would be to add your TRX to one of many staking pools available on the platform.
As the name suggests staking pools allow for the pooling of resources. These pools allow users to work together to maximize the rate at which blocks are validated. Staking rewards are shared between users of the pool based on the number of tokens they add to the pool.
Rewards are typically added to your wallet whenever a new block is added to the blockchain.
Decentralized Staking in Atomic Wallet
There are two types of staking, centralized and decentralized staking.
Staking in Atomic Wallet is considered decentralized staking as you do not rely on a central authority to hold your coins or private keys to your wallet. With decentralized staking, rewards are also deposited in your personal wallet. Aotmic Wallet is one of the best places to stake your coins.
Staking on Ledger wallet is also non-custodial staking where you control your funds. On the other side, staking on Binance or similar exchanges (like staking on Coinbase or Kraken) is dependent on the platform you use to stake (they control your coins).
Centralized staking occurs outside of your personal wallet, often on an exchange platform. This means that you rely on the exchange platform to keep your cryptocurrency secure during staking; any rewards you earn will be deposited to your exchange account and not in your personal wallet.
How to 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:
- Head to the staking tab in Atomic Wallet.
- Choose a staking pool.
- Enter the amount of cryptocurrency that you wish to add to the pool and click stake.
- Your coins will be added to the staking pool.
- Rewards will be available to claim periodically.
What Can I Stake on 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.
How 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 Anytime
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.
- How To Stake Polkadot on Polkadot.js, Ledger, Binance, Crypto.com
- How to Stake Algorand? Where Can You Stake ALGO?
- What is Ethereum Staking And How Do You Stake Your ETH?
- Cardano Staking Guide – When Can You Stake Cardano (ADA) And How To Do It?
All in all, Atomic Wallet provides a safe and straightforward way for investors to stake their proof of stake coins.
The platform allows users to earn passive income on their digital assets whilst giving them the freedom to exchange their tokens at their will.
The platform supports over 500 cryptocurrencies with over 10 coins available for staking.
If you are interested in staking and unsure where to get started then, Atomic Wallet provides a straightforward entry point into the world of staking and is highly recommended for anyone who wants to start earning more with their assets.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com