Did you know that you can earn passive income by staking the cryptocurrency Tezos? Previously this used to be a really complicated process and required quite a bit of capital. But now it's as easy as transferring it into a wallet. You'll be able to earn around 5% per annum which is way more than you would be able to make holding capital in a bank account. So if you're looking to make some passive income with your crypto, read on to find out more.
What is Tezos
Tezos is a cryptocurrency as well as a decentralised computing platform. Tezos uses a staking method for verifying transaction on the blockchain. The cool think about Tezos is that it's self governing. Tezos holders work together to make decisions that improve the network. Tezos holders who “stake” their coins receive rewards for creating and verifying blocks on the blockchain. Staking is more environmentally friendly alternative to proof-of-work (which Bitcoin uses).
Earning Staking Rewards from Tezos
Previously earning staking rewards on Tezos was a very complicated process. But thankfully, Coinbase, one of the largest crypto platforms decided to offer staking rewards to its users. And the entire process is all automatic. So now you can earn approx 5% interest on your tezos holding just by having it stored in your Coinbase cloud wallet.
And more recently Binance, another massive exchange has also announced automatic staking for Tezos.
How to get started earning passive income with Tezos and Coinbase:
- Create a Coinbase Account Here
- Buy Tezos on Coinbase (or your favourite exchange)
- Hold it in your Coinbase wallet
It really is that simple. You don't need to worry about delegations, transferring it to desktop wallets etc.
You can also transfer other crytos into Coinbase and then exchange it for Tezos. Coinbase offers an exchange feature that lets you convert between different cryptos. So if you're holding a crypto such as Bitcoin which you're sick of hodling, you can transfer it to Coinbase, exchange it for Tezos and start earning interest from it.
Currently this is only available for U.S customers. I'm not sure why they haven't rolled this out internationally yet. I'll update this post when it's available internationally.
How to stake using Binance
Taking Tezos on Binance is now available. And the good news is that it's available internationally. You don't even need to complete KYC in order to stake through Binance. Here is how:
- Sign up to Binance here
- Buy Tezos on Binance or deposit Tezos into your Binance Wallet
- You'll earn staking rewards!
Rewards are distributed every month.
Get free Bitcoin from Coinbase to Stake Tezos
Looking to get a little extra free Bitcoin which you can use to buy Tezos with? Simply join Coinbase using this link, and when you buy $100usd worth of Bitcoin (or Tezos), you'll get an extra $10 worth of Bitcoin absolutely free!
