Steemit Crypto Academy Contest / S8W6 - STEEM Staking .

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Hello famz, welcome to my blog.
It's my pleasure to participate in this beautt contest hosted by this prestigious community. The topic before us is indeed inviting. Without mincing words, I would like to delve into the subject matter, sharing my two cents about it.

I just hope you enjoy my entry even as I present in line with the guidelines given. So sit down, relax and tag along.

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Introduction

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I wouldn't like to rush into answering the questions below without first establishing an idea seen in most conventional banks. There is this thing called interest given to customers that saves their hard earned Fiat/money in the bank and there is another level of "massive interest" you get when you operate what we call fixed deposit with your bank.

Fixed deposit means you're going to lock up your money with them for a period, ideally a year or more and then when you come for it at the agreed date, you would have earned massive Interest on it.

But it's quite unfortunate that these things doesn't work anymore in virtually all banks, it has failed, you don't even get tangible Interest anymore rather you get debited for keeping your money with them... Where am I going, follow me to the next session..

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Use your own words to define the cryptocurrency staking operation and explain how it works?

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Staking in cryptocurrency can be likened to the idea I shared earlier about Fixed deposit in a conventional bank but it important to mention that it's much more better than what I shared about the idea. It's the reason it's still working today.

Staking simple means locking your crypto asset for a particular period of time and then get an annual return called APR%. When your asset is locked, you are automatically deprived the right to use it for further transaction, lest you breach the contract.

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Staking can be done on wallet, exchanges i.e Tronlink wallet and Binance respectively or platform like steemit where we belong. The idea behind staking is to read the term of agreement be it on exchange or wallet, know what you stand to gain if you keep your side of the bargain and then go for it it okay with it.

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Does our Steemit ecosystem offer staking for its STEEM token? if yes, show how does it work?

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Funny enough I already answered this in the previous section. The answer is an emphatic YES. Steemit as an ecosystem offers staking for it steem.

When I joined the platform newly, I would see post and write up of people doing power up, I do wonder what it was all about not until I understood better that they were locking up their hard earned steem on the platform for returns, growth and influence.

Staking on this platform is done via converting raw steems to steem power by means of power up. I would be showing the process shortly below.

In the images above, as you can see from have 100 raw steems,
In my wallet to, of course you need to log in to your steemit wallet to carry this out. Now to staking....

• Firstly I initiate the power up option which begins the process of convertimg my raw steems to steem power (SP).

• Insert the amount you want to power up, it my case 23 raw steems and then click power up

• It bring another window showing you it really to implement your command. You just need to authenticate it by clicking okay

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Do you choose to stake your STEEM tokens on the Steemit platform or do you prefer staking on an exchange wallet? Argue your choices.

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This question actually made me giggle. Where else would I stake my steem if not this beautiful platform. There are so many advantages derived by staking my steems here when compared to staking it on wallets or exchanges. Let me share some here.

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• Percentage Return

The truth is that the APR% gotten from the native chain is way higher than what most wallets and exchanges will give to you. Well you might not believe until you make few research to see what am talking about. DYOR

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• Security

I feel staking here is more secured than staking on some kind of wallet especially hot wallets or CEX exchanges. You have full control of your account on steemit but the level of control you have over exchanges can't be compared with that of the native chain where you belong. Things can easily be manipulated from the back end when dealing with the latter.

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• Influence

Staking on steemit help you become influential. The more you stake, the more you rise in influence and can also become a voice when it comes to making important decision in the ecosystem. Nothing of such happen in an exchange.
The bottom line is....stake and become influential on steemit.

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• Growth and Support.

When you stake, you grow because your account gets bigger by so doing and you know what? It's only a big account that support "substantially". This is not to downplay other smaller accounts, but it a call to action to commit ourselves to growth on the platform to support and help newbies and those with smaller accounts.

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Are you working to build your Steem Power balance? Do you have enough SP to upvote worthy posts and comments? Do you recognize the importance of engagement?

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Of course I am working seriously to see that my account increase in size. I wish I had known earlier how important it is to build ones account, I would have started early but then it's not too late.

We came in to get the bag, we never cared what the system is all about, we just wanted to cash out but we learnt over time by observation and exposure and today its a different ball game. Am here to stay, I mean am a long term investor here.

As of today I can say I have enough SP to upvote post, although I wish to have more than enough but I think over 9000SP staked so far is not small to support others. I was able to achieve this by the help of God who has being the major source of support, He has used well meaning people to support my journey so far. I'm indeed grateful to everyone who have helped in any and every way.

Lastly engagement is very important in a blogging ecosystem, it make the activities in here complete. It's not enough to put up content and not engage. We need to to check out what other are doing and then interact with it.

Failure to do so is tantamount to selfishness and being self-centered.
Thanks God for this wonderful initiative connecting so many of us with folks from different part of the world.

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Conclusion

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Staking is a wonderful initiative in the world of cryptocurrency but I will go further to say staking steem in the steemit ecosystem is much more beneficial to you as a user on the platform as you stand to gain alot by doing so....sigh! So much has been said already.

I will love to draw the curtain here. Let me invite my very good friends @uzma4882 @waqarahmadshah @prabin09 @josepah to this contest. I hope they find it interesting enough to tender an entry. Gracias!

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Regards
@lhorgic♥️

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