Steemit Crypto Academy Contest / S8W6 - STEEM Staking

Hello all my friends...

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The theme this time is very interesting, Steem Staking. This is the first time for me to hear it. This is like giving interest by the bank to borrowers who lend money to certain parties. This is quite impressive because almost all steemit users do this steem staking process, and I like it when we get a return reward without any buying or selling process.

Well, let me lay out my knowledge on this subject. Hopefully my understanding is useful for others and especially for myself. I am proud to do steem staking.

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

Steem staking can be defined as the process of locking cryptocurrencies to participate in running blockchain and ensuring its safety and getting rewards without having to buy or sell or trade on the crypto market.

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Or I can say that Staking is akin to us saving money in a bank to earn interest. Usually the bank will lend our savings to other people, and we will get part of the interest charged to the borrower. This is quite profitable where we can get multiple profits without losing and reducing the assets we have.

This (steem staking) can be done on a platform that provides steem, which is the platform that I really love, "Steemit". We need to remember that when we do this steem staking, we must know that the funds cannot be withdrawn directly because this is a staking process that takes time or there is a contract that you must pay attention to. The more steem you stake, the bigger the reward you will receive.

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

Of course. As I said that steem staking can be done on the steemit platform. For steemit users, of course, they are no strangers to the "power Up" process. It is the process of igniting liquid steem into the form of Steem Power. Users lock the steem of the results of their efforts on the platform, and this is stored more securely than hanging liquid steem in a wallet.

This steem power can then be used to increase income in steemit. The more Steem Power you have, the greater the reward return from the curation prize. Therefore, it can act like a long-term investment and will further strengthen our influence on the platform.

As for doing the steem staking process on the steemit platform it is very easy and of course for steemit users, this is already familiar to see. Alright, I'll show you how I do it. The main step is that you have to enter your wallet with a password (private key) and have the liquid steam received from the post prize, and select the "Power Up" option, then the following image will appear;

There is a full amount of liquid steam there and we have to fill in the amount of steem we want to ignite. I turn on all my liquid steem and then select the "Power Up" option.

After that you will be asked to confirm the process, and after okay, you have successfully done steem staking within a certain time to serve as your "strength" in steemit and improve the steem ecosystem.

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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.

Of course I prefer and choose to stake my STEEM tokens on the Steemit platform. Not without reason, this is because by building steem power, we will also increase the influence on the rewards we will get and this is like making an investment. Besides that, building more Steem power is my dream in steemit.

I've been at club100 for 11 months now. In this commitment, I've been a dolphin for almost a year and I want to jump into double dolphins this year and grow up to become an orca. I also risk my steem to continue to be able to support the original steemian posts and because I am also a community admin who must have steem power to make it stronger.

In addition, staking steem in steemit is beneficial for the delegation process. This process is in the form of lending our steem power to other parties, and we will get rewards from this process with a percentage according to the amount of steem power that we will delegate.

Also, it will improve the security of Steem (which was changed in Steem power) and the platform. We know that there are many hackers or platform scammers who go to any lengths to get instant steem. Actions like this can be prevented with the downvote power we have.

They also cannot immediately liquidate these assets because they have to "Power Down" which takes weeks to be able to cash them out in steem form again. So, in my opinion, staking steem on the Platform has many benefits and can increase our strength, both in terms of reputation and the rewards we get from the process.

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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?

I am a regular user of the platform, which since the time I joined in 2021 wanted to always increase my steem power and worked hard to build it. And it's been almost a year that I have consistently been in club100, this proves that I am committed to growing my account in steemit.

I currently have 5,534,225 Steem Power and I'm already a dolphin. Maybe this is not a large amount compared to the steem power that other friends have, but this amount can have a good influence and provide positive support for other steemian posts which will increase motivation to continue producing quality and original content.

For me, being involved on the platform is very important. This will greatly affect our activity and also our influence on others. By being actively involved, we can learn a lot and do other fun things. We can interact and comment and this process shapes the blogging world to be more perfect.

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Until here, my participation in the Steemit Engagement Challenge S8W6 at SteemitCryptoAcademy.
I would like to invite my friends to participate in this Steemit Engagement Challenge, @drhira @irawandedy @sofian88 @f2i5 @elrazi @nancy0 .

^{Thank you also for supporting me at every opportunity}

greetings,
From your friend
❤

ABOUTME

Where there is a Will there is a Way
Greeting friends!