Decided To Do A Little Soft Staking

Hey Steemvestors

Believe it or not, crypto is a whole lot of fun, taking your money out of the bank and messing around with it to see what it can actually do actually interests me and I'm having quite a bit of fun learning with it.

While some may see this as an expensive lesson since I've lost a fair bit of money to that I say, it's still cheaper than the degree you paid 4 - 6 years to get lol and I can still make back many of my losses and then some so I'm not too phased.

I'm always on the lookout for new opportunities and believe it or not I found one by actually doing nothing. During the bull run, I bought a number of Kucoin Shares (KCS) which would help reduce my trading fees at the time and KCS was going to the moon at the time so I made a fair bit.

Owning Kucoin at the time gave you a residual income on trading fees across the exchange with all tokens being traded but that soon changed to only KuCoin which was fine because that dust you were earning was practically useless.

I've been a big fan of @nuls for some time and what they're trying to do so during the run I also bought some NULS which performed pretty well, still think it's a long way to go for the project but it could be a real force in the future.

Anyway having KCS and NULS had me qualify for soft staking automatically on the exchange and I happen to earn about 10 extra tokens in the process, not too bad.

Image source: - kucoin.com

What is soft staking?

KuCoin has decided to embrace this new way to take advantage of PoS protocols. KuCoin is able to take advantage of the infrastructure already in place and use it to function as a secure network to enable Soft Staking, providing returns on staked tokens while maintaining a fluid system to allow users to remain in control of their assets.

You are free to trade your tokens as you please, however holding them in your wallet will see you earn a daily passive income based on your holding.s

More on Kucoin Soft Staking

Current tokens that can be soft staked on Kucoin are:

• Cosmos (ATOM)
• EOS (EOS)
• Tron (TRX)
• Internet of Services (IOST)
• Neblio (NEBL)
• DeepOnion (ONION)
• Energi (NRG)
• NULS (NULS)

The obvious downfall

While I do not advocate anyone should hand over their cryptocurrency to another company on principle, you know not your keys, not your funds, I'm happy to take the risk. If Kucoin goes belly up or exit scams I'm out a few $100 if not I will continue to earn a passive stake in two projects I think are worth my money and taking a chance on.

I'm really attracted to low and slow stake based investment in cryptocurrency simply because that's what I was trying by swing trading, I was never trying to get out, only trying to swap for more stake and If I can earn some passively, I don't see why not.

At this point in my crypto journey, I feel I want to have a piece of a couple of projects and I would rather earn a little bit of stake across all these verticles since none of us can say which of these coins will even be around in the near future, things change so rapidly in this space so I try to stick to one principle and that's getting more satoshis each day.

Have you tried soft staking? Are you keen to try it out?

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In other news, now that STEEM is hovering around the $0.20 mark I've decided its time to stake up and I'm going full 100% on all my posts from now on. First, get your stake up, then get your steak on!

Have your say

Holla at me in the comments! All my commenters I will now refer to as Jessie. Jessie is a good friend of mine, but Jessies got a girl, and I want to make her mine.

So have at it my Jessies! If you don't have something to comment, simply comment "I am a Jessie."

Let's connect

If you liked this post sprinkle it with an upvote or resteem and if you don't already, consider following me @chekohler

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