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If you have Cardano (ADA), make sure you're staking it on an exchange like Binance or a non-custodial wallet to earn 5-7%+ APY.

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40 minutes ago, Bebo said:

If you have Cardano (ADA), make sure you're staking it on an exchange like Binance or a non-custodial wallet to earn 5-7%+ APY.

How does that work? Are my coins at risk from doing it? 

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21 minutes ago, Parklife said:

How does that work? Are my coins at risk from doing it? 

The whole point of ADA is proof of stake. You delegate your coins to make the network function, and gain more ADA as a reward for it. Eth is moving to this too.

Over 70% of all the ADA in circulation is currently staked and earning interest.

When you stake on an exchange, you lock them in a fixed term for 30, 60, 90 days etc for varying amount of interest rates, with increasing rates depending on how long you locked them for, earning you more ADA the longer its locked.

Risk free as long as the exchange doesn't go bust, i guess. So the same amount of risk if you leave them on an exchange anyway.

I stake ADA on Binance for 7.79% for 60 day locked periods. Although i do 7 or 15 days at 15%-20% when it's available.

In a non-custodial wallet, it's risk free and you don't need to lock them in but a bit more complicated than doing so via an exchange.

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20 minutes ago, Bebo said:

The whole point of ADA is proof of stake. You delegate your coins to make the network function, and gain more ADA as a reward for it. Eth is moving to this too.

Over 70% of all the ADA in circulation is currently staked and earning interest.

When you stake on an exchange, you lock them in a fixed term for 30, 60, 90 days etc for varying amount of interest rates, with increasing rates depending on how long you locked them for, earning you more ADA the longer its locked.

Risk free as long as the exchange doesn't go bust, i guess. So the same amount of risk if you leave them on an exchange anyway.

I stake ADA on Binance for 7.79% for 60 day locked periods. Although i do 7 or 15 days at 15%-20% when it's available.

In a non-custodial wallet, it's risk free and you don't need to lock them in but a bit more complicated than doing so via an exchange.

Thanks for the explanation. Much appreciated. I have my coins on binance at present anyway, so will do it. I've no intention of selling over the next 60 days anyway, so may as well get a few extra for it. 

 

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52 minutes ago, Bebo said:

The whole point of ADA is proof of stake. You delegate your coins to make the network function, and gain more ADA as a reward for it. Eth is moving to this too.

Over 70% of all the ADA in circulation is currently staked and earning interest.

When you stake on an exchange, you lock them in a fixed term for 30, 60, 90 days etc for varying amount of interest rates, with increasing rates depending on how long you locked them for, earning you more ADA the longer its locked.

Risk free as long as the exchange doesn't go bust, i guess. So the same amount of risk if you leave them on an exchange anyway.

I stake ADA on Binance for 7.79% for 60 day locked periods. Although i do 7 or 15 days at 15%-20% when it's available.

In a non-custodial wallet, it's risk free and you don't need to lock them in but a bit more complicated than doing so via an exchange.

I think its 7.79 APY so doesn't work out as 7.79% over 60 days? I could be wrong though. 

31 minutes ago, Parklife said:

Thanks for the explanation. Much appreciated. I have my coins on binance at present anyway, so will do it. I've no intention of selling over the next 60 days anyway, so may as well get a few extra for it. 

 

I would think about setting up a stop loss around about the 12th September. Generally when a big event happens (like smart contracts going live) the market pumps then dumps around that time. If it does dump 30-40% and you set up a stop loss for around -10% of the price then you'll make more Cardano than you would by staking by buying back in lower than it dumps. Its risky but that's why you stick a stop loss in if it starts to fall too fast for you to react. It will recover either way so there's no risk staking and forgetting about it. 

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25 minutes ago, Quagmire said:

I think its 7.79 APY so doesn't work out as 7.79% over 60 days? I could be wrong though. 

 

I did mention that in my initial comment:

2 hours ago, Bebo said:

If you have Cardano (ADA), make sure you're staking it on an exchange like Binance or a non-custodial wallet to earn 5-7%+ APY.

 

Speaking of staking, i've found Algorand (ALGO) has one of the easiest and most seamless staking experiences. Stick it in the wallet and it automatically stakes rewards without faffing.

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