DO YOU STORE YOUR CRYPTOCURRENCIES IN A WALLET?

Cryptocurrencies have slowly evolved from a specialised asset to a highly sought-after investment since their launch in the early 2010s.

Because they are decentralised and uncontrolled, cryptocurrencies are extremely volatile. Thanks to this double-edged sword, investors can benefit from enormous gains at the price of almost unfathomable levels of danger.

Unlike securities, since there are no constraints on how cryptocurrencies may be exchanged, this has revealed various risks. Any cryptocurrency user should look for the best secure crypto wallet on the market because of these risks, including market manipulation, fraud, and other shady behaviour.

For instance, the eccentric billionaire Elon Musk’s social media statements in 2021 caused a seesaw in cryptocurrency values. At first, Musk talked about how Tesla will start taking cryptocurrency payments, which caused prices to surge dramatically.

Later, he made a U-turn and highlighted how unsustainable cryptocurrencies were. As a result, there was a significant selloff and mass departure of investors, which caused a sharp price decline. Many criticised Musk for acting in a way that appeared to be market manipulation. However, this is to be expected, given the uncontrolled character of the cryptocurrency industry.

Considering how unpredictable the crypto market is, can you genuinely stably invest in cryptocurrency?

Yes, without a doubt, is the response.

Wallets for Cryptocurrency Staking

1. Binance

Supported Cryptos: BNB, DOT, SOL, MATIC, and over 110+ coins are among the supported cryptocurrencies.

Staking Type: Flexible, Locked, and DeFi

Binance Earn, the company’s staking programme. More than 100 different coin kinds are supported. These include Binance Coin (BNB), the company’s token, and well-known currencies like Solanum (SOL) and Shiba (SHIB).

Binance makes up for the fact that native coin staking incentives aren’t larger by offering various staking options. This allows you to stake your coins based on your liquidity requirements. For up to 90 days, users can lock their money.

The platform has no additional costs, which is always positive. However, if you’re in the United States, you might not have access to all your alternatives. However, remember that Binance faces regulatory challenges in nations like China and the US.

2. Coinbase

Supported Cryptos: ETH2, XTZ, ATOM, and three more currencies

Staking Type: DeFi

A solid starting point for people wishing to enter the cryptocurrency market is Coinbase. It has a user interface that is intuitive and well-designed. Among the tokens that Coinbase supports are Ethereum 2.0, Tezos, and Cosmos.

Even if it doesn’t offer a comprehensive list of currencies, the platform is valuable because it supports Ethereum 2.0. You don’t need to worry much because the FCA and FinCEN govern it.

3.Crypto.com

Supported Cryptos:BTC, ETH, and 40+ other cryptocurrencies

Staking Type: Locked and Flexible

Another well-known brand in the digital asset industry is Crypto.com. To mention a couple you may stake a broad range of cryptocurrency tokens on the Singapore-based platform, including Bitcoin (BTC) and Ethereum (ETH).
You may lock up your tokens or be flexible; staking costs are 2.99%. You’ll be relieved to learn that deposits are protected by the company’s internal insurance fund if security concerns you.

4.ZenGo

Supported Cryptos: XTZ, ETH, BTC, and more than 70 others.

Supported Cryptos: Flexible, Locked, and DeFi

With ZenGo, if you’re feeling risk averse, you may stake popular currencies like Ethereum (ETH) and Bitcoin (BTC) together with stablecoins. As opposed to other wallet applications, ZenGo protects access to your cryptos with biometric verification, making it almost hard for thieves to steal your currency.

What’s more fascinating is that ZenGo enables a broad range of staking techniques and costs no stake fees.
In conclusion, even if cryptocurrency doesn’t technically increase in value in your wallet, you can opt to stake it to receive benefits. Imagine it as an interest-bearing high-yield savings account.

Also read:-How to Earn Free NFTs in the Best Ways