Press a few buttons and wake up to passive income everyday. That’s everybody’s dream!
Thanks to crypto, this is now a reality for many people.
Staking allows crypto users to earn passive income for confirming crypto network transactions.
While there are many cryptos that offer staking, Algorand (ALGO) is one of the most popular ones, perhaps because its creator is famous MIT computer scientist Silvio Micali. Micali is a Turing award winner (the Turing Award is the highest award you can get as a computer scientist).
In this Algorand staking guide, we’ll tell you how to stake Algorand in seconds so you can earn ALGO fast!
And if you want to know more about ALGO, watch our What is Algorand YouTube video below. Otherwise, read on!
Algorand Staking Guide: Start Staking Right Away
Want a video guide? We've made one, which you can watch below. Otherwise, keep reading!
If you use Algorand and Algorand-based assets only, the official wallet from Algorand (available for Android and iOS) is a great option to earn ALGO staking rewards. If you have more than 1 ALGO in your wallet, you’ll automatically start earning rewards.
If you want a wallet with more features, the Exodus Algorand staking wallet might be a better option. It includes features like:
- Support for 100+ crypto assets
- Focus on premium design and ease of use
- Is the only wallet to support desktop, mobile, and hardware wallet (Trezor) integration - ALGO Trezor support not yet available 😔
- Gives you the ability to exchange cryptos (even your ALGO rewards) for other cryptos right from your wallet - without creating an account! (desktop guide, mobile guide)
- Supports the best decentralized applications like Compound Finance
- Allows you to stake some of the hottest cryptos for crypto passive income
- Lets you sync your wallet between desktop and mobile
- and has 24/7, fast human support if you ever need help
If you choose to use Exodus for Algorand staking, the process is very simple to start earning ALGO:
4. Check your wallet from time to time to claim your free ALGO
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Algorand Staking Rewards Calculator
Before jumping into ALGO staking, you might want to estimate how much staking rewards you’ll receive. This Algorand staking rewards calculator will give you a rough estimate of how much you can expect to earn staking ALGO.
Algorand Staking Program
Heard about the Algorand staking program? This offered 200 million ALGO in rewards to the ALGO community with a minimum 100% return!
Unfortunately though, registration ended on August 31st, 2019. If you want to read details about the program anyway, here’s the link.
Along with Algorand, there are many staking-based networks that have promising potential. For example, Ethereum, the most popular blockchain platform for decentralized applications, is transitioning to a proof of stake model.
While it isn’t certain which blockchain platform will be the most popular, or if there will be multiple platforms that people use regularly, Algorand is a solid contender. USD Coin (USDC), a stablecoin that mirrors the value of the US dollar, announced that it is going to use Algorand in addition to Ethereum.
Since USDC is one of the biggest stablecoins and even used for tax payments in Bermuda, this definitely is good news for the Algorand project.
Hopefully, more good news surfaces for Algorand. For now, participate in Algorand staking if you want to benefit from Algorand’s rising popularity!
This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.