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Staking is one of the ways to allocate funds and profit from simply holding some tokens for some time. Nowadays, there are plenty of cryptocurrencies that are based on the proof-of-stake mechanism and, therefore, provide investors with an opportunity to earn extra money without additional effort. Traders Union experts have put together some of the most prominent coins for staking in their detailed review.
Which Coins to Stake According to Traders Union Experts
If you are looking for cryptocurrencies for staking in 2023, you have some interesting recommendations for choosing the best staking coins from Traders Union analysts. In particular, the first coin that you can focus on is Tether. Being a stable coin, the emission of this particular cryptocurrency relies directly on the amount of backed currency. Therefore, according to Traders Union experts, the price will increase this year and will be supported by the growing demand.
Another stable coin that Traders Union focuses on in their article is USDC, or USD Coin. It is backed by the US dollar, which means that the price of the cryptocurrency will remain stable. Moreover, a special burning mechanism will eliminate all extra supply, which is another benefit of staking this particular coin.
The Ethereum project has recently introduced several system upgrades that make it possible to withdraw stacked coins and, therefore, spend them on whatever the users want. According to Traders Union experts, Ethereum is a very promising cryptocurrency for staking, aThose are only three coins that may attract your attention. However, you can choose others and even create a portfolio on your own by examining various projects and adding coins according to your expectations.
How to Choose Coins to Stake
According to Traders Union, Before you can even create your staking portfolio, you should think about what tokens to add. There are plenty of ways to analyze cryptocurrencies, including the expected staking yield, coins prospects, as well as eventual risks that may arise during the staking period.
Keep in mind that you should also choose a reliable exchange or pool to stake cryptocurrencies. Apart from thinking about the percentage that you will earn there, you should also keep an eye on the exchange’s reliability. A good option would be to open a Bybit demo account and get acquainted with all the features of the exchange.
Final Words
If you are looking for an additional source of income when it comes to cryptocurrencies, then staking is something you should definitely take into consideration. While it may be difficult for you to sort through hundreds or even thousands of coins to add to your staking portfolio, you can always rely on the Traders Union experts’ recommendations and focus on the most interesting and attractive offers on the market. Those suggestions will help you take your first steps in this niche.
