This year 2020 seems to be a very good year for the Indian crypto community because a couple of things have happened this year in the last seven months and five months are remaining which could still bring some fantastic news for the community.
Cryptocurrency and blockchain technology has huge potential and giving it a free hand can be so helpful which can bring out more innovations in place for the users. Its very much needed to bring a different type of users in crypto so that this entire community can grow together, Not everyone can trade daily or just HODL to wait for the price hike and get some profit out of it.
Staking is a very nice concept that is helpful for such people who dont do much of trading but looking for a certain amount of returns of their investment. This was introduced in many countries but was not available in India. However, its now introduced in India as well by one of the leading Exchange named CoinDCX
Staking is a relatively new concept and investors are often confused between the high yields associated with staking coins and the security offered in bank deposits. As mentioned earlier, staking rewards depends on the proportion of the size of your stake to the size of the stake of the network. The higher is your stake in proportion to the network, higher is the probability of you mining the block and higher is the chance of you receiving more rewards. The staking services offered by various crypto exchanges have made life easier for a larger number of investors who do not know much about blockchain technology.
As of now, they are offering to stake for 3 coins with different percentage starting from 5 upto 10.
I like the concept of staking (Proof of Stake) because this way we can earn ROI on this as per the tenure and plan we choose rather getting nothing and holding for a long time. We know that the crypto market is highly volatile and not everyone is that much expert to perform daily or frequent trade. If crypto has only two options like either trade or buy and hold then a simple user who does not fit in both categories will not be part of cryptos but with staking a traditional investor can also think of entering in this segment.
Its even good for the fresher to make an entry and stake their coins alongside learning and exploring various aspects. India is a leading country in terms of smartphone and internet users and exchanges like CoinDCX making this so easy for new users. Its very much needed to make things easy and with more flexibility. We want to have mass adoption in crypto and I think flexibility and easy access will be very important factors to take it forwards.
Some exchanges are having very minimal buy requirements for like one can buy crypto just by 1$ and this type of option will be helpful. On top of that this staking will also help to bring traditional investors because banks are reducing their interest that will help the crypto industry to have more userbase.
Its the beginning of staking in the country and it would be interesting to see how it helps the industry and people add value in bitcoin and altcoin market.
Web Address:- https://coindcx.com
Thank you so much