How would you like to make money by doing absolutely nothing? Well, if you own a Litecoin and know how to stake it, then this is possible. Litecoin is a cryptocurrency that has been experiencing increasing popularity since it was introduced in 2011. Litecoin can be used to purchase goods and services just like Bitcoin. However the price of Litecoin fluctuates far less than Bitcoin. This means that Litecoin is better suited for purchases or long-term investments than Bitcoin. The idea of staking coins can be confusing at first glance, but the benefits are well worth the initial time investment. In this post, we will discuss all that goes into staking Litecoin and how it works. Read on for more information!
Intro To Litecoin
Litecoin, like Bitcoin, is a decentralized peer-to-peer cryptocurrency and open-source software project. It functions similarly to how the internet utilizes miners who verify transactions with their computing power in exchange for transaction fees and newly created Litecoin.
Litecoins’ use case is very similar to that of Bitcoin. It can be used as a store of value, making purchases and long-term investments just like gold or stocks.
Litecoin uses the Scrypt hashing algorithm, which allows it to run faster than other cryptocurrencies such as Bitcoin. It also means that mining equipment is more expensive because they need higher processing power to solve algorithms quickly enough for rewards. Like all digital currencies, their price fluctuates constantly based on supply and demand so remember to do your research before investing if you are interested!
1. Uphold
If you want a single location where you can buy and exchange a portfolio of assets, Uphold is one of the best exchanges to trade. It offers a sizable number of cryptocurrencies along with precious gems, local currencies, and American stocks. More than 230 cryptocurrencies are listed there, including the majority of the market leaders, including Ethereum (ETH), Cardano (ADA), Solana (SOL), and Polkadot, are supported by Uphold as well as lesser-known altcoins and stablecoins that track the US dollar. Uphold imposes no fees for deposits, withdrawals, or trades. It’s essential to remember that it levies a spread on each transaction that changes depending on the asset you’re trading and the market’s conditions. You can get started on Uphold here.
Pros
- Great selection of cryptos
- You can cross-trade in assets
- Users can Profit from cryptocurrency staking
- No withdrawal, trading, or deposit fees
- Insightful educational material
Cons
- Spreads changes constantly
- More stock options would be nice
2. Binance US
Although Bitcoin trades are typically free, Binance US has a complicated fee structure that varies according to the asset you’re trading, how you’re paying, and how much you trade. Binance has a reputation for swift deal execution. There are more than 125 cryptocurrencies available at Binance, albeit fewer crypto-to-crypto trading pairs are available than at its parent site. Trust Wallet, a free app to store bitcoin that has received excellent ratings on Google Play and the App Store, is the official wallet for Binance customers.
However, users are free to utilize the cryptocurrency wallet of their choice. Staking incentives are available on Binance.US for 11 coins at rates as high as 13.5. Weekly payouts of rewards are determined every day. Coins can be requested to be unstaken at any moment, but until the procedure is finished, they cannot be traded. You can get started on Binance US here.
Pros
- Over 100 plus cryptos
- Low or no trading commissions
- The staking and interest mechanism is simple
Cons
- Not available in all states
- Staking pay dates change
3. Nexo
Since 2018, the centralized lending organization Nexo has provided services to cryptocurrency users. This platform stands out despite being just one of many exchange choices available to cryptocurrency holders because it allows users to access the worth of their cryptocurrency assets without selling any tokens. That has significantly contributed to the platform’s explosive growth.
Nexo provides quick crypto-backed loans and crypto interest accounts in addition to the platform’s special value-added features. Additionally, Nexo’s credit card allows users to utilize their cryptocurrency backing to buy regular products, which few other platforms allow. Additionally, Users from countries other than the United States can also purchase Nexo’s native coin, NEXO, and advance through their tier system. As a result, they will benefit from things like interest on cryptocurrency holdings and cheaper interest rates on lending. You can get started on Nexo here.
Pros
- Several features and goods for consumers of cryptos
- Opportunities for loyalty rewards
- Clear security precautions
- User options for loans
Cons
- Complex system
- Regionally restricted programs
4. Crypto.com
Crypto.com Earn is frequently described as a “savings account for cryptocurrencies.” It is a straightforward staking platform or a location to park coins and earn interest. In contrast to more conventional staking systems, Crypto.com Earn incentives vary and are determined on criteria like the token lock-up period and the quantity of CRO staking tokens a user has already staked. Using the profit calculator on Crypto.com, one can quickly determine the interest rate they would receive.
Its mobile App is the primary way customers can use the service, so customers who are looking for a wide range of cryptocurrencies and who feel comfortable making transactions on a mobile device may find Crypto.com to be more appealing than other exchanges. You can get started on Crypto.com here.
Pros
- A wide range of cryptocurrency assets
- Fees are minimal
Cons
- Credit and debit card purchases have high fees
- Some services are unavailable in the US
5. Kraken
Kraken was one of the first bitcoin exchanges to show up on the Bloomberg Terminal back in the early days of crypto. Today, it’s the fourth largest crypto exchange in the world. It’s also a popular choice among new and experienced crypto stakers alike, in no small part thanks to its attractive yields.
Another reason for Kraken’s popularity is the user interface, where users can easily find account information and change their settings. Its staking program is also highly flexible: coins can be staked and unstaked without a fee since there is no lock-in period. You can get started on Kraken here.
Pros
- Possibility to borrow against cryptocurrency
- A wide range of cryptocurrency trading pairs
- Great mobile app
Cons
- Services are restricted in a few states
- Added Benefits To Staking Crypto
Final Thoughts
In this article, we introduced you to the basics of Litecoin and gave a brief overview of how it works. We also discussed why staking your coins is an excellent idea for anyone looking for higher interest rates on their cryptocurrency holdings.
