Ever considered buying a PoS coin?
If you have your not alone! There are many great cryptocurrencies, some using Proof of Work (PoW), and others using (PoS). Recently I have been looking at different approaches to getting into cryptocurrencies. The main idea that comes to mind is mining them, but as most people know coins like Bitcoin, or Litecoin require ASICs to be able to even mine them. At this point in my life I do not have thousands to put aside into hardware just to mine, not to mention I would not be able to get rid of the heat they would produce being its already upper 90s outside!
By Xiangfu - Own work, CC BY-SA 4.0, Link
Recently I did buy an older GPU and up until I moved into the motorhome, my wife and I are living in, I was using it to mine Monero. So I have started looking at the idea of getting different PoS coins and setting up my computer to stake them. For these I have found I run into another problem. Some of the coins like Dash had a minimum needed to run as a master node. Others like PIVX you can run as a master node if you have at least 10k PIVX, or you can stake with fewer coins. The part I could use fewer coins to get started interests me, being I will be starting off with a few coins.
Staking
As with anything it seems that even to stake coins and remain at least profitable you need a large amount to be held. The Larger your stake, or more coins you hold, the more frequent your going to be the one who gets the stake! So someone with 10k a coin that stakes will stake more frequent than someone that only holds 1k coins. So, as an individual user with only a handful of coins in a wallet staking it may not be worth it in the long run!
Alternatives
If your like me, and do not have a large amount of any one of these coins, or at least not enough to make staking on your own worth your time, there are some options. Like with mining you can solo mine, or you can simply join a mining pool where you might be paid better and the profits are split between all the miners who contributed. I have found a couple different places where You can do the same thing using your PoS coins. I just recently started using POSWallet.com, yes this is a referral link, but what they do is use the coins to stake.
Image from screenshot!
Things I'm looking for
Right now in my life, I have been looking into alternative ways to make and grow a passive income. At the present moment, I am just getting started on getting things started. Of the coins I have at POSWallet.com I received them all from faucets, as a way to test the waters first. I started last night, and a couple of the coins I received from the faucet already started staking. I hope this might help increase my residual income as the coins stake.
Please Remember
This is not investment advice, please do your own research and make your own opinion about this or any other site before investing.
What ways have worked for you?
If your just getting started in cryptocurrencies, or your like me, and you don't have deep pockets, please share things that have or have not worked for you! What PoS coins are you considering? What coins are you staking?
Thank you in advance for your comments!
Well you could try Gridcoin, you use pretty much any kind of computer to do scientific research and get rewarded in GRC, there are over 20 different projects, some for CPU, some for GPU, Android and ARM too. In Gridcoin you can also stake, so even with lightweight hardware you can get a return... and for those who are just starting out there are some pools too.
So you can look for a cure for childhood cancer or AIDS, or build a 3d model of the Milky Way galaxy, or run data for the Large Hadron Collider and get rewarded for that.
There is also good price action on the coin so if you sell on highs you should make a profit (depending in your energy costs of course).
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Thank you, only thing I know about Gridcoin is that Eobot has it. Thank you for the tip, I will look into it, I like the idea about being able to use an android to get the Gridcoin!
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Unfortunately you cant stake on the Android platform, but you can process work that gets you the rewards. I have my wallet staking 24/7 (and mining) on a Raspberry Pi, my Android phones, laptop and a PC running work when they are turned on.
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If you haven't already, check out Reddcoin. I haven't looked into to many PoS coins but Reddcoin is very cheap right now so its easy to stake a lot. I also believe the team and idea behind it have a lot of room to grow.
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Sorry for the slow reply, just started working, this week has been rough!
I will, RDD seems to have been around along time, don't ever hear much about it thought!
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Just need to keep an eye out that some coins are getting delisted on the POSWallet.
I also tried it with a coin that ended up getting delisted, I moved it to the wallet 5 days before delisting, ended up getting an extra 13 coins, that was based on 600 coins moved there.
Not many, but any extra is an added bonus if they are sitting in a wallet not staking.
It's a great way to earn some extra coins on what you have or get from faucets.
Great post!
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Thank you, and yes your right, I noticed they have several coins getting ready to be delisted, but 13 coin increase is great in 5 days depending on the coin. Definitely better staking and gaining even a small amount vs just siting and not gaining anything!
Thank you for sharing!
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I daren't as I wouldn't have a clue, good luck to you :)
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Thank you, it does seem as its not for everyone.
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Its to complicated for me lol:)
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Well, if your ever looking to learn there are plenty of us here that would be able to help out! But your right, even I have a hard time explaining the concepts to my wife, I understand them, but how to explain it so she understands!
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I have had people try and explain it but its not making sense, hopefully one day it will click
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Hi @smysullivan, i am just visited your blog to known about story writing contest article but i am disappointed because there is no post from you for last 5 month. i d't known about your current situation so if anything wrong forgive me.
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Sorry about the delay, your right, been busy, I'm starting to get back into the swing of things.
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Hey @smysullivan, good post. I'm a new Steemer and only just joined the platform. It would be great if you could have a quick look at my blog and hit the follow button if my content resonates with you. Much appreciated.
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Sorry for the time delay, been working a full time job finally, just starting to find the time to get back into writing. Followed you! I will be starting to post more once again!
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I like PoS coins because of the low amount of power required to run them. It is just a fun hobby for me. The nice things is that you can mint a big variety of different coins on the same machine. I'm not sure if I would find much need to allow others to stake coins for me - this is easy enough for me to do myself.
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great post
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Thank you for the useful post! I just started to interest in these stuff. There're a lot to learn.
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This is true lots to learn, sorry about the delay, been busy, I will be starting to post more once again!
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Amazing amazing amazziinggg ,, i like your post
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hello..am so sorry but ive just checked my steemvoter and found out that my list in there have not been voted on.was it you who stàrted a group to support each other through it?
apologies.
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