New to staking - is this worth it?

[JamesDaniel90]

Hi,

Have just bought £100 worth of Verasity (VRA) which got me 24500 total.

I have just gone to withdraw this to stake elsewhere but noticed there is a fee of 1500 VRA.

The APY for staking this crypto is 18.25% - is this worth doing or due to the fee am I just better off holding?

I plan to hold for 18-24 months.

If anyone could advise on the above or on staking in general if it is worth it.

Thanks

[ImThour]

Hi, I would say staking is not good if it has any restriction on you withdrawing your assets instantly.

If you can withdraw your staked asset instantly, go for it.

If not, you may lose more % than you will ever earn while staking your asset for a year.

[tranthidung]

If you have to stake your coins on a third-party service, you don't have control on it. That service can be compromised, bankrupted and will no longer be able to pay staking reward to their users, including you. It's a first and biggest risk.

Another risk is in theory, you will receive higher total coin by staking, and in the end of your staking but will its total value increase or be the same as initial one or worse, will be lower?

Remember, we are in a bear market and price can fall more. Think of such risks before you join staking.

[YOSHIE]

If anyone could advise on the above or on staking in general if it is worth it.

The network used by VRA is the ERC20 network, in general the ERC20 network is expensive, it depends on the type of crypto exchange service, wallet, you use, some services there are those that cut 402 VRA up to 1,724 VRA, if you move/bet to another place, if you send 24500 VRA, discount 1500 VRA, you will receive 23,000 VRA and so on.

Considerations and advice, if you can sell your VRA, sell it in USDT, choose the Tron network, at a low cost, and send the service you want, you buy another VRA and bet there, even though the cost of the tron ​​network usdt is only 1-2 usdt, compared to the current VRA/$0.004 price, you are still saving instead of having to throw away 1500 VRA, the decision is yours.

I hope you understand what I'm saying.

[cryptoaddictchie]

Compared to bank its more generous actually. But it has cons like mostly they mentioned it will be staked with certain period and almost same like time deposit but the value could go lower or worst way lower than its actual value unless you are staking a stablecoin which moves little frequently. Altcoins are very volatile its either you lose more than % yhan what you stake or eirher you gain a lot and will be basing on actual value of what you get.

[JamesDaniel90]

I think I am going to go for it having had a look at their requirements there is no locked period which is pretty good.

[saint_casanova]

Staking isn't worth right now since the market is bearish and volatile, you lost more than you are able to earn from staking. Not to mention many investment sites can also stop their service and you can't withdraw your stakes. Example: Celsius network, Voyager,...

[Bitstar_coin]

I think I am going to go for it having had a look at their requirements there is no locked period which is pretty good.

Staking in bear market is good for the growth of your portfolio imo. The market has given you the opportunity to buy your favorite tokens at a very cheap price and stake them for certain percentage in returns. imagine those that want to stake sol, dot, near or any other good top alts for so long but the high price hasn't make it easy for them to buy a good amount that will yield enough reward but with this bear market you are able to afford to buy more.  The good part is, you buy your coins cheap, stake them to get more while holding for the next bull season.
This is a good decision if you ask me. Always look for reputable staking platform to stake, mycointainer also offers good apy for staking.

[Xal0lex]

Obviously, your strategy is based on which coin at the lowest cost per coin will yield the most interest for the year. This strategy fails most of the time for two reasons. The first reason is that the coin may devalue greatly in the future and at best, the interest on the stake will only cover the losses from the lost value of your purchased coins. The second reason is that APY can become floating at any time and you will not get the claimed 18.25% that the service promised you. From this we can conclude that this steaking is an extremely risky business.

[Psynthax]

If you wanna hold that for at least 1,5 years and then just staking it. The accumulation for reward from the staking is even more compared with the fees. Remember that if VRA was also going down so hard. The possibility to get the capital gain from holding your VRA will be adding more value to your portfolios. If such APY was real and it sounds good to stake it for long term but remember that if there's no guarantee if this token can still exist until next years.
If you have agreed with your choice and you must have dealt with the risk.

[icalical]

If you stake it on the right time it sure will be worth it, now for example, most of the crypto price is still low, so you expect the price to bounce at the end of your staking period. But if you only hoping to get some money from it's APY, you will more likely to lose some money.

[LogitechMouse]

Staking is worth it if you are holding that token for mid to long term but short term, it's not and it would be better if you just trade it than to stake. Staking is worth it depending on different factors.

Right now that we are in a bear market, I'm holding some staking coins and currently they are staked in a wallet that I have control with. Instead of selling it and panicking right now, I'd rather store it and let it grow thru staking rewards. They are my mid to long term holdings anyway so I have no problem with it. Staking has risk depending on the coin that you are holding. If you are holding a coin that has low market cap then it's prone to it getting abandoned as it is relatively new. If you will hold a coin that has a high market cap and existing for a longer time then you are safer.

This site will help you pick a coin you want to stake with: https://www.stakingrewards.com/

[ethereumhunter]

I think staking is still worth it try but you need to search for the right coin or token. I do not know how about VRA but you should search for more information to know if that is worth it. It is better if staking VRA is not locked so you can sell it if the price increases, but if the coin is locked, you can not do anything if the term is not yet. And if Binance has VRA staking, you can use Binance to stake as I guess that is worth it.

[TastyChillySauce00]

I think I am going to go for it having had a look at their requirements there is no locked period which is pretty good.

No lock up sounds good for me caused by you can take your token anytime.

The vesting has become the main problem why staking is not so profitable caused by a chance to lose your capital due to the volatility. The must become your main concerna and it sounds like APY was good enough as well. Majority of people who have been losing their money caused by the lock period that happened with their tokens. I meant if people would not able to cut loss their investment caused by it was getting locked.

That must become your main consideration when doing staking

[JamesDaniel90]

Right so I have just bought more VRA so I now have 36500 total (£150 investment).

After the withdrawal fee from Kucoin I will have 35000 to stake.

18.25% is the staking reward and there is no lock up period, I just have to wait 72 hours until I have access to my funds.


Can someone please confirm I have worked this out correctly ..

35000 VRA staked @ 18.25% = 6387.5 VRA per year (122.5 VRA per week).


If i have the above correct then I will get back my Kucoin withdrawal fee in 12 weeks which doesn't sound too bad.


Is this worth doing?

[sbrys]

I have never bought a coin because it can be staked however it's very tempting to me to leave them on an exchange when there is a (material) staking option.

[Note3]

I think I am going to go for it having had a look at their requirements there is no locked period which is pretty good.

the locked period is not the only thing you have to consider there are other things for example the 3rd party where you stake the coin is hacked then you will also lose your coins, why force yourself to stake the coin keeping it private is much safer where you have it control

[JamesDaniel90]

I think I am going to go for it having had a look at their requirements there is no locked period which is pretty good.

the locked period is not the only thing you have to consider there are other things for example the 3rd party where you stake the coin is hacked then you will also lose your coins, why force yourself to stake the coin keeping it private is much safer where you have it control

I have read it is pretty safe staking with their official wallet.

I either stake it with their wallet or leave it on Kucoin and who knows if there is a problem with Kucoin in the future?

It is starting to feel like holding your crypto anywhere but a hardware wallet is not safe at all.

[Jackl87]

Have just bought £100 worth of Verasity (VRA) which got me 24500 total.
I have just gone to withdraw this to stake elsewhere but noticed there is a fee of 1500 VRA.
The APY for staking this crypto is 18.25% - is this worth doing or due to the fee am I just better off holding?
I plan to hold for 18-24 months.

In general i would say that staking is usually always worth it if you are planning to hold for a long time anyway. Why just hold the coin in your wallet doing nothing when you can just stake it and get a nice APY on top. In your case that would be 18,25% which is quite a lot. A pretty high APY like that can always be harmful to the price.
You are planning to hodl the coin anyway so i don't see any reason why you should not stake them, if you don't have to do a weird time lock or something on your tokens where you can not really react to the market anymore. You have to check that. There are protocols that only let you withdraw like 1 or 2% per day once you have locked them for staking.

[hugeblack]

Stacking is not ideal in a bear market situation because it means that these platforms do not have enough money, most of these companies generate money from providing lending service to other platforms and so on.
In addition, if Stacking is not decentralized and you are not able to withdraw your money as you wish, then the Stacking may be closer to a useless gambling.
It is better to invest in traditional methods or Bitcoin.