Dogecoin(DOGE) is an open-source cryptocurrency started in 2014 by Jackson Palmer and Billy Markus. It is an altcoin with sarcastic meme origins, and its logo is the Shiba Inu dog. Dogecoin was created to espouse the virtues of generosity and kindness, and it is regarded as a fun and friendly currency.
It is supported by a loyal community of more than 1.7m who trade it and use it to tip on social media sites like Reddit and Twitter. Also, some organizations accept it as payment for goods and services, with the most prominent being electric car giant Tesla. Dogecoin has a market capitalization of US$15.34B as of March 13th, 2022.
Benefits of Staking Dogecoin
Staking is locking up cryptocurrency to gain rewards. It is a less energy-intensive method of increasing the amount of crypto. Staking involves using Proof of Stake(PoS) to gain more tokens instead of mining, which consists of solving complex mathematical problems to gain more tokens. Staking Dogecoin is beneficial in the following ways:
- Earn interest in your DOGE assets. Instead of allowing your DOGE assets to lie fallow in your wallet, staking is a great way to make your crypto assets work for you by earning rewards on your staked assets.
- Staking helps blockchain projects become more secure and efficient. You make DOGE more resistant to attacks and strengthen its ability to process transactions by staking some of your DOGE assets.
- Staking is also another method of saving your crypto assets. However, it is a profitable method of saving because you stand a chance to earn additional tokens.
- Staking helps you protect your crypto assets against market volatility. Even if the price of DOGE falls, you still keep earning more DOGE pending when the market stabilizes or even goes bullish.
BlockFi is a cryptocurrency wallet and exchange. More than 1 million people and businesses throughout the world make use of BlockFi to trade and keep Crypto. The platform helps users earn a high-interest rate on deposits while paying a low-interest loan rate. However, these rates have the tendency to change rapidly with moving market conditions. You can get started on BlockFi here.
- With no monthly fees or commission charges, you can instantly trade cryptocurrency
- You can apply for a crypto rewards credit card or crypto-backed loans
- There is no balance cap, just as a minimum balance is not required
- Weekly changes to loan interest rates and interest account APY
- Depending on cryptocurrency type, there is a monthly limitation to interest account withdrawals
- Users do not enjoy the opportunity to own a joint account options
Uphold is considered to be one of the safest ways to buy cryptocurrency by many digital asset experts. Since launching in 2014, Uphold has maintained an exemplary reputation for security among its customers. The site is unique in the sheer amount of assets it offers. They provide quite alot of coins for staking rewards. You can get started on Uphold here.
- Available in more than 180 different countries
- Transactions sent between Uphold users are completely free
- Huge list of cryptos available
- Fees are unclear in certain buy and sell spreads
Crypto.com was initially created as “Monaco” in 2016 but was renamed Crypto.com in 2018 after purchasing a domain valued at between 5 and 10 million US dollars by domain sellers. As a cryptocurrency exchange, the company deals with investing, NFTs, wallets, staking, and trading, among others. Offering over 250 different currencies, the company’s ecosystem of crypto-like products makes it possible for those seeking to do various things with their cryptocurrency to make a good choice. You can get started on Crypto.com here.
- Reliable and transparent platform that provides competitive trading prices of up to 0.40%
- You can swap, stake, or trade on Crypto.com while also being offered a crypto wallet and credit card
- You may not get discounts on the platform’s trading fees if you do not hold a CRO as a Crypto.com user
Nexo is a blockchain platform that supports crypto lending and borrowing. It is a system where you can access high-yield interest accounts and Immediate Crypto Credit Lines anytime through your Nexo Wallet App. It supports both Android and iOS. bFounded in 2018, this blockchain system is fortified with a world-class security infrastructure well designed to provide top-quality protection for your assets 24/7. You can get started on Nexo here.
- An all-in-one avenue to engage all your crypto needs.
- Nexo digital assets are up to 16% APY
- Borrowing on this blockchain system is fast and easy
- Nexo’s ecosystem is easy to understand for newbies. You can easily navigate the platform when you register and use the app, even if you have zero knowledge of what is done on it
- Live chat as support is non-existent
- The verification required before using any service on this system is strict
5. Binance US
Binance US is rated as the world’s largest cryptocurrency exchange by trading volume and is an American partner of Binance. The Binance US remains an interactive platform to transact crypto within the US. Digital assets to trade with here are limited in terms of selection. While its trading fees are quite low when compared to fellow competitors. You can get started on Binance US here.
- Customers are adequately provided with high liquidity on Binance US
- This platform charges 0.1% in transaction fees
- The operation of the Binance.US is fast as it uses the same technology Binance uses. In a second, this technology processes 1.4 million orders
- Selection of staking coins available could be bigger
- There is a limited choice of cryptocurrency for you to trade
Crypto staking is a stress-free and less energy-intensive way to grow your crypto assets. Now that you have a good idea of what it’s all about, you can start making that DOGE lying dormant in your digital currency wallet work for you.
However, you have to exercise caution. Make use of only trusted platforms like BlockFi. Anybody can open a website that claims to help you stake your crypto assets, and they may not be safe or even genuine.