Staking your Altcoins
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Staking Cryptocurrency at Btcpop
If you hold Proof of Stake coins at Btcpop, you will receive the staking rewards for those coins minus a small administration fee for Btcpop hosting the staking. It is really that simple.
If you have been around the cryptocurrency industry long enough, you will probably have heard of proof-of-stake mining. The process of mining a proof of stake coin is often referred to as Staking.
Most cryptocurrency including the first and largest one Bitcoin, use proof-of-work mining to secure the blockchain. This has proven to be very secure and effective, but has some drawbacks like expensive energy usage and the need for specialized mining computers. Proof of stake is an alternative method.
“Proof of Stake is a type of algorithm by which a cryptocurrencyblockchain network aims to achieve distributed consensus. Unlike Proof-of-Work (PoW) based cryptocurrencies (such as bitcoin), where the algorithm rewards participants who solve complicated cryptographical puzzles in order to validate transactions and create new blocks (i.e. mining), in PoS-based cryptocurrencies the creator of the next block is chosen in a deterministic (pseudo-random) way, and the chance that an account is chosen depends on its wealth (i.e. the stake).”- Wikipedia
While the topic is very interesting and can be delved into in detail, Btcpop makes it very simple.
All you need to do is deposit POS Coins or buy them on Btcpop’s Exchange
For example if you hold BitBean in your Btcpop account, you will receive staking rewards in regular intervals from the Btcpop staking pool. Btcpop does all the work and all you have to do is hold the POS coin in your wallet. Accurate up to date statistics are kept for you, so you don’t even need to do that.
Staking rewards happen about every hour or so and you can see them on happen live on your dashboard feed like below
In your altcoin statement (below), you can see I just received a staking reward for the 137182 BITB I had in my account. The final reward for was about 6.87 BITB. Going forward your rewards will compound the longer you leave them in there. For example, I started with 130,000 BITB in this wallet and now it is 137,182.
Like everything at Btcpop, accurate statistics are kept to track your investment performance. You can track your individual performance or see Btcpops total performance for all POS coins on your alt-statement page.
APR Estimations done by Btcpop user Valareos 2 week average on forum thread 4/13/17
|Coin (ticker)||Estimtated APR||Coin (ticker)||Estimtated APR|
|Sproutscoin (SPRTS)||690.62%||Blocknet (BLOCK)||7.84%|
|LetItRide (LIR)||224.25%||Nav Coin (NAV)||7.58%|
|Tekcoin (TEK)||125.33%||LiteDoge (LDOGE)||6.47%|
|AquariusCoin (ARCO)||114.09%||Blackcoin (BLK)||6.38%|
|1337 (1337)||95.44%||Boostcoin (BOST)||4.96%|
|HyperStake (HYP)||70.71%||ReddCoin (RDD)||4.79%|
|HoboNickels (HBN)||61.65%||eMark (DEM)||4.64%|
|BitBean (BITB)||58.27%||Cloakcoin (CLOAK)||3.86%|
|Clams (CLAM)||33.83%||Shadowcoin (SDC)||3.81%|
|Radium (RADS)||25.10%||SecretCoin (SCRT)||2.92%|
|CoExistCoin (COXST)||24.82%||PotCoin (POT)||2.58%|
|Bitcoinplus (XBC)||20.80%||BitBay (BAY)||1.75%|
|Rimbit (RBT)||18.10%||Ambercoin (AMBER)||1.41%|
|Diamond (DMD)||13.33%||Gridcoin (GRC)||1.23%|
|Okcash (OK)||9.62%||Mintcoin (MINT)||0.79%|
|EverGreenCoin (EGC)||9.37%||Audiocoin (ADC)||0.26%|
|BiosCrypto (BIOS)||8.06%||Zeitcoin (ZEIT)||0.01%|
The most notable POS implementation will likely be on the Ethereum blockchain as there is already a mining cut off in the Ethereum code to assist in forcing the switch to POS. You can bet that when this happens, Btcpop will stake your coins for you and you can become an Ethereum miner!
New Staking coins such as PIVX will be announced when staking is up an running. New coins take awhile, and some coins such as Dash and Pivx require a master node status, so staking will only happen once Btcpop has enough coins to be a master node.
Here is a link to a video to help visualize Proof of Stake.