Coinstash: What You Need To Know About Stashing Your Crypto
Thanks to countless news headlines and pop culture references about the soaring price of Bitcoin back in 2017, many people are now familiar with the concept of buying cryptocurrency. But once you own cryptocurrency, what is the next logical step? Should you trade with it? Should you tuck it away in a digital safe and hope that it increases in value someday? Or is there a pro-active alternative that allows you to generate income without having to forfeit your cryptocurrency? Crypto Stashing, also referred to as ‘staking’ is a process that allows cryptocurrency holders to put their digital coins to work.
The concept is similar to a high-interest savings account that might be held at a physical bank. Money is deposited into the account and, in return, the account holder earns interest.
WHAT IS CRYPTO STASHING?
Crypto Stashing can be a simple and effective way to use your cryptocurrency. Basically, digital currency is ‘stashed’ or ‘staked’ in a cryptocurrency wallet. These stashed digital coins then assist with the processes and defences of the relevant network. In return, you gain voting rights and the potential to receive financial bonuses based on a lottery-type rewards system.
An alternative is to stash your digital currency with a third-party network. In this scenario, you are essentially asking them to handle the cryptocurrency on your behalf. The third-party network is able to gain greater returns on their block validation (because they have more digital coins at their disposal) and in return, the owners of the cryptocurrency will receive financial dividends.
IS IT POSSIBLE TO TRADE CRYPTO THAT HAS BEEN STASHED?
Once you’ve stashed your digital coins, you’ll still be able to access them should you decide to engage in cryptocurrency trading. However, depending on the network there may be a slight delay in releasing stashing crypto funds. Your stashed cryptocurrency could also be subject to fixed lockout periods that limit your ability to make withdrawals, so make sure you read the fine print before you decide to stash your crypto.
WHAT ARE THE BENEFITS OF CRYPTO STASHING WITH A THIRD-PARTY?
Unlike resource-intensive crypto mining, when you stash your digital currency you won’t need to worry about using large amounts of energy or the costs involved in continually upgrading your computer hardware. And your returns won’t be dependent on the outcome of a random low-probability process. Instead, you’ll receive a steady stream of income commeasurable to the number of coins you have stashed.
WHAT ELSE SHOULD I KNOW ABOUT CRYPTO STASHING?
When it comes to stashing your crypto, it is imperative that you take time to do the necessary research (just as you would with any major financial investment). Ensure that you are stashing your digital currency with a reputable network that has a solid industry reputation and a proven track record of customer satisfaction.
CRYPTOCURRENCY STASHING WITH COINSTASH
Coinstash offers users a digital currency platform that is supportive, verified and trustworthy. When you invest in digital currency through Coinstash, you have the reassurance of knowing you’re working with a local, recognised team of cryptocurrency professionals. With live customer support 7 days a week and an online platform that is educational and informative, Coinstash holds a 4.8/5 star rating on Trustpilot.