Staking cryptocurrency in the Philippines is a popular and growing trend to earn passive income from your cryptocurrency investment. But one question many Filipinos have is what is staking cryptocurrency in the Philippines and, most importantly, how to start staking cryptocurrency?
In today’s article, we have removed any technical jargon and broken down the process of staking cryptocurrency for beginners in the Philippines by using plain and simple English. Additionally, we have also released a similar explanation on our YouTube channel for those who prefer to watch.
What Is Staking Cryptocurrency Philippines?
The easiest way to explain how staking cryptocurrency works in the Philippines is to take a look at Bitcoin. Bitcoin runs on a proof of work mechanism (POW). In the simplest explanation, transactions are confirmed using raw computer power; as a reward, those computers that verify these transactions receive a small amount of Bitcoin as a thank you. This is what is referred to as Bitcoin mining.
One problem with Bitcoin mining is that it is becoming unprofitable for many small-time miners as the electricity and the power needed to mine Bitcoin can be expensive. However, currently, many cryptocurrencies are now turning to proof of stake (POS) to verify the network.
In other words, the actual cryptocurrency themselves are used to verify the network. Thus no processing power is needed, only the coins or tokens themselves. Similar to Bitcoin as a thank you for this process, those who are staking their cryptocurrency will earn more cryptocurrency, which they can then sell or reinvest.
A popular method of staking cryptocurrency in the Philippines is using staking pools. This essentially is a group of coin holders who pool their cryptocurrency together to increase the chances of validating the network and receiving rewards. The group’s cryptocurrency is added together to increase the rewards, and then the rewards are shared amongst the group.
How To Start Cryptocurrency Philippines?
So now that we have discovered staking cryptocurrency in the Philippines, it’s time to look at how you can start today earning passive income.
Option 1: Staking Cryptocurrency Philippines with Binance
Binance is the world’s largest cryptocurrency exchange, offering far more than just staking cryptocurrency in the Philippines. But for the sake of this article, we will stick to staking cryptocurrency.
Binance also offers a flexible and locked type of staking. With flexible cryptocurrency staking in the Philippines, you can withdraw your funds at any time; however, with locked, your funds are locked for 30 days, 60 days, or 90 days.
Additionally, for higher annual interest rates, they also offer Defi mining products. These projects are not directly on the Binance platform; however, as an account holder, you can use your Binance account to invest; however, this is not always recommended for beginners.
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Option 2: Staking Cryptocurrency Philippine with CakeDefi
Another option to state cryptocurrency in the Philippines is with a growing platform called CakeDefi. We have spoken about this in regards to liquidity mining which you can see in the video below.
Aside from liquidity mining in the Philippines, they also operate staking; however, it’s only possible to stake two different coins. The first coin is the Defi coin itself, and the other is Dash. The benefits of this platform and staking the Defi coin is that it has an annual return of 100% (give or take a few percent), and if you believe that this coin will rise in the future, then stakeing it now might be something to think about.
However, you can also stake Dash, another growing cryptocurrency, and some experts believe that this coin has a big future in the cryptocurrency world. Still, it’s always recommended to do your own research in terms of cryptocurrency.
Option 3: Staking Cryptocurrency Philippines On Other Platforms.
Many other platforms globally can be used to state cryptocurrency; however, not all marketplaces allow investors from certain countries.
The above platforms are very useful because they have some excellent coins to stake. In addition, both platforms are open to Filipino investors and accept payment in pesos, making investing much more accessible.
however, some other platforms can be helpful for those who are professionally staking cryptocurrency, such as;
These platforms specifically target staking investors. Their facilities are designed for staking; however, for beginners, it’s recommended to use exchange staking platforms such as Binance due to their security and flexibility.
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