Today, we’ll be talking about a blockchain network that has had many people paying attention in recent years, and that’s Cardano, as well as its native token, ADA. We’ll touch on what Cardano is and why its causing a buzz, but most of this video will be centered on staking Cardano, in order to earn a passive income.
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Specifically, in this video, we’ll explain exactly what Cardano and ADA are, and explore the reasoning for staking it. Then, we’ll go through a variety of places where you can stake it, covering the more popular wallets and exchanges. By the end, you should have a pretty good idea of whether you want to stake ADA, and where you can get started. So what are we waiting for? Let’s jump right into Cardano, and how to stake it!
But how can you stake it? Well, there are actually several ways, but they all revolve around having the right software or using the right platform. First, let’s really quickly touch on why you would want to stake ADA. There are a few reasons, but the overwhelmingly common one is to earn a passive income. Just like most forms of staking there is of course a monetary incentive.
Users who stake their ADA to secure the network earn a return proportional to their collateral. What’s additionally nice is that unlike some coins, staking Ada has no limits on how long it must be staked and it can easily be staked and unstaked at any time. It also doesn’t hurt that in doing this, you’re actually aiding to secure the underlying network, so it really is a win/win.
If you watched our staking in 2021 video, you’ve already heard about some of the options and benefits for staking ADA. If you haven’t, you should check it out after this, but let’s break down the basics for Cardano specifically.
Essentially, you’ll either be creating your own staking pool, or you'll be delegating your funds into someone else’s pool. Running a pool earns more return but is also more complicated. Delegating means the pool will take a small fee but is much simpler and often only takes a few clicks.
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Disclaimer:
Although BeInCrypto aims to inform and educate readers from all over the world, it is important to remember that investing in cryptocurrency is risky. Neither this video nor its authors should be held responsible for any investment decisions, and nothing published here should be considered financial advice. We always urge our readers/viewers to do their own research and never invest more than they can afford to lose.
