Steemit Crypto Academy Contest / S8W6 - STEEM Staking

Good day once again to everyone, my name is oluwatimileyin and I welcome you to the season 8 of the engagement challenge.

I welcome you to my participation in the week 6 Engagement contest with the title: “STEEM Staking".

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

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Cryptocurrency staking can be defined as a process by which an individual in a certain crypto platform holds an amount of the particular cryptocurrency so as to support the network and add to the validation of transactions.

Cryptocurrency Staking is a process that enables individual participating in it to earn reward for holding a certain amount of cryptocurrency, and this can also serve as their own method of contributing to the network's security, and they get rewarded in return.

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Cryptocurrency staking works in a way that a user will stakes their cryptocurrency in their digital wallet for a specific period of time, and during this period, the staked tokens cannot be withdrawn immediately since they are being used to validate transactions on the network, and in returns, the user will be rewarded with a certain percentage.

Cryptocurrency Staking also requires a certain amount of that particular currency, and the rewards for staking is totally dependent on the amount which the user staked, which means the higher you staked, the higher your returns and vice versa.

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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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Yes, the Steemit ecosystem also offer staking for STEEM token, but this work in a different way , In the Steemit platform, a user can stake their STEEM tokens so as to have more influence and also increase their earnings.

The staking works in a way that when a user stakes their STEEM tokens to the Steemit wallet, they are basically investing and adding to the contribution of the Steemit platform, and in return, they earn more Steem Power (SP) through the curation reward.

To stake on Steemit, the user will have to convert there Steem token into a Steem Power, and this is what is used to influence on the platform, and it as well use to upvote and curate content.

The staking works in a way that, the more the Steem Power a user has, the more valuable their upvotes will be, and the more SP they will earn from the curation reward in return.

How does it works

To stake STEEM tokens on the Steemit platform is easy, the first thing is to buy Steem from an exchange or maybe earned from an upvote, then go to the Steemit wallet and select the "Power Up" option.

From the power up option, you can then enter the amount of STEEM that you wish to Power Up(Stake) , then sign in to your wallet and confirm the transaction.

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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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Staking on an exchange wallet is not as influencing as staking on the Steemit platform, I see it as a waste and not contributing to the Steem ecosystem.

Users can choose to stake there steem on other exchange platform and earn rewards, but they won't have much control over their asset as they would on the Steemit platform, as anything can happen and most of this exchange are not as safe as we think, but Steemit offers the best decentralized platform and more safer than the exchanges.

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When it comes to choosing between staking on the Steemit platform or an exchange wallet, I am always going to choose staking on the Steemit platform, reason because it will allow me to have more control over my account and I still have more chance of earning more rewards through upvoting and curating.

When I stake on the Steemit platform, I am also helping other users to build , this is the best way of humanity as well, instead of me taking all the advantages alone, I get to share with others and still make earnings while doing it.

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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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This is a work in process already, since I couldn't afford to buy Steem power and stake, the best I could do is to build my way to the top and help others build as well, I am working to build my Steem power by sharing quality content and engagement on the platform.

Building one's Steem Power can be hard and it takes time and constant effort, but it is all about dedication, I believe it's something I can do , I already set my mind to it and I'm sure I will achieve this goal someday.

The Importance of engagement is to build on the platform by engaging, upvoting and commenting on people's posts on the platform and as well I'm building relationships with other users, so as this can help my visibility with other users and give me more influence on the platform as well.

My Current SP is 1600 , regardless of the little amount, it is still enough to support users and encourage them , even thou we can agree that it is not as significant as the major upvotes, but with this , I can still upvote users and earn curation rewards weekly with it.

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Here is where I pen down my entry, therefore I would use this moment to invite @yakspeace, @Lhorgic, and @jueco to participate in this contest.