Learn How to Stake VSYS Coins for Double-Digit Annual Interest
Staking = helping to keep a blockchain secure by stashing the network’s native cryptocurrency in the proper location — essentially operating a simplistic micro-node that validates transactions.
From initial coin purchase to earning interest payments, this article walks you through the entire process of staking (leasing) VSYS coins.
Staking is all the rage in today’s blockchain environment. And for a good reason. As networks compete for participation from investors and enthusiasts alike, blockchain projects are dishing out sweet crypto rewards.
Staking offers a hands-free, simplistic method for earning passive income — my favorite kind. If you can log into a website, you can stake crypto.
How to Create Your Own Cryptocurrency and Make Your Business Ready For The Future – Data Driven Investor
You see, one of crypto’s most beneficial qualities is its ability to allow holders to act as their own banks. Holiday? What holiday? Using cryptocurrencies provides the freedom to perform transactions 24/7/365.
After all, it’s your money. Why should the day of the week determine whether or not you have full access to funds? And when your account grows as you sleep, even better.
Now, before I explain how to earn staking rewards, there are a few things you should know:
Disclaimer: This is not investment or financial advice. Information within this article is primarily speculative opinion, and for entertainment purposes only.
Always conduct your own research before involving yourself with any project — in or out of the crypto market. The author holds the V SYSTEM project’s native cryptocurrency — $VSYS.
While today’s fee-ridden banking system offers a paltry 2% on savings deposits, the crypto industry boasts far higher interest rates.
And the returns from the project we’ll discuss today currently cross the 20% mark.
Now, it’s important to clarify that staking payments come in the form of a blockchain network’s native cryptocurrency. Therefore, your returns are subject to wild swings in price.
Keep in mind that although interest payouts are consistently high, the exchange value (conversion to fiat or bitcoin) will go up and down like the tracks of a roller coaster.
But that’s what makes crypto so exciting in the first place. Buckle up and enjoy the ride!
Intro to VSYS
Blockchain development platform V SYSTEMS puts a unique spin on the cryptocurrency industry’s staking system. Rather than staking, awards come from leasing your coins to the network’s node operators.
And since it’s always a good idea to formulate your own opinion before diving into something, here’s an overview article explaining what makes V SYSTEMS tick:
How the Invention of Supernodes Upgrades Blockchain’s PoS Consensus
So, if you finished that article, you know that leasing is available within the VSYS MainNet wallet. You also understand that rewards come via Supernode minters validating network transactions every four minutes.
However, to ensure we’re still speaking the same language, let’s rewind a bit.
How to Get VSYS Coins
I’m sure you’ve already figured this out on your own, but before you can earn interest on your digital assets, you’ll need crypto to lease out in the first place!
The $VSYS cryptocurrency currently trades against $BTC on KuCoin & BitForex
Now, if crypto trading is out of your league, no need to fret. Once upon a time, I didn’t know how, either. But it’s very straightforward once you get the hang of it.
Here’s an oversimplified rundown of how to obtain $VSYS coins:
F1) Buy bitcoin
F2) Send bitcoin to KuCoin
F3) Use bitcoin to buy VSYS
As I said, that’s just a basic explanation. For a deeper dive into performing those three steps, I have another read for you.
Although the process is identical, the following article covers the XYO/ETH trading pair. Just replace “XYO” with “VSYS,” and “ETH” with “BTC” and leasable coins are all yours:
How to Trade Fiat for Crypto, Crypto for Crypto, and Crypto for Fiat
Ok, now that you’ve secured some coins to lease, let’s get into how you can earn a digital passive income.
How to Lease VSYS Coins
At this point, we’ll assume you’ve already obtained VSYS from KuCoin or other exchanges.
Plus, you’ve already transferred coins into your VSYS MainNet wallet. Remember to keep those wallet seed words secure when setting up your VSYS account!
For the sake of this tutorial, we’ll use the V SYSTEMS developer team’s open-source, desktop hot wallet.
Lease VSYS coins by following these steps after logging into your wallet:
1) Click the ‘Minting’ tab towards the top-left of the main page.
2) Click the ‘List of nodes’ button to obtain the leasing addresses of current Supernodes (opens a new tab).
3) Copy the Node Address of the Supernode you choose to support.
Among other criteria, the Supernode Ranklist page displays interest payment percentages — listed in the ‘Fee’ column.
I like a daily interest cycle along with a high rate of efficiency. Mix those with a high APR, and Supernode ‘Silicon Valley’ is my current choice.
But that’s just me! Choose one that suits your personal preferences, and copy the address.
4) Return to your wallet and click the ‘Start Leasing’ button
A popup window allows you to transmit coins for leasing:
Paste your selected Supernode’s leasing address into the ‘Recipient’ field and complete the transaction.
Congratulations! You’re now earning a high crypto APR.
Earned coins begin appearing in your wallet according to the style of interest payouts — daily, weekly, and monthly — your chosen Supernode employs.
And if — for whatever reason — you decide you’d like your leased VSYS coins to return to your wallet, the process is, again, very straightforward:
1) Navigate to your wallet’s ‘Minting’ tab.
2) Within the ‘Leasing Records’ section, click the three dots next to the leased VSYS balance — shown in the above image.
3) Select the ‘Cancel Leasing’ option and follow the instructions.
There are no penalties for ‘early’ withdrawals. The only fee you’ll pay is a 0.1 VSYS transaction fee to cover the Supernode’s cost of transmitting funds back to your wallet.
In 2017 and 2018, a healthy chunk of crypto investors rallied around the term HODL — rumored to represent “Hold On for Dear Life.” The acronym’s true definition is up for debate, but that’s not the point here.
Yesteryear’s old-school — yes, five months is “old” in cryptoland — investment strategy was ‘buy and hold.’
Today, it’s ‘buy and stake.’ Or, in the case of VSYS Supernodes, it’s ‘buy and lease.’
When you believe in a project’s abilities and feel comfortable holding their coins for the long term, you may as well put your funds to work.
Remember, I’m not here to tell you what to do with your crypto. That’s your decision to make. But I am here to alert you to projects I find promising on a personal level.
Passive crypto income is a growing trend and the competition is heating up. Which means users — that’s you and me! — are reaping the most benefits.
Plus, leasing is but one enticing aspect of the V SYSTEMS project as a whole. Although the project’s fundraising phase passed only recently, they’re very far along in the development cycle.
In other words, the VSYS project has already broken the borders of its whitepaper and are currently implementing the ideas laid out in their initial plans.
As always, Do Your Own Research. Past performance is no guarantee of future results… you know the routine.
But whether you’re into crypto or passive income or both, a little bird told me that VSYS is worthy of your attention.
If you enjoyed the read and would like help getting your crypto message to the masses, I’d love to hear about your project.
Even if you only want to chat about crypto or your favorite blockchain innovations, you can find me here: blockchainauthor at Gmail
And, you can always reach out on Crypto Twitter
Leasing Crypto Can Offer 10x Returns Over Traditional Savings Accounts was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.