An Easy Way You Make More Money Staking Crypto Than Your Savings Account

Making money is easy these days unless you know where to look. For the past few years, bank savings accounts were paying literally nothing. 

It’s only recently you have seen an increase in savings rates. 

US Bank is offering 4.5% interest and some other banks are offering as high as 5% interest. 

These rates sound good, but then you have to wonder if your bank is the next one that will fail. 

So far, you’ve seen three big banks, Silicon Valley Bank, Signature Bank, and First Republic all shut their doors in the past month to ordinary people just like you. 

If that were me, I would be very scared about putting my money in a bank. These bank failures are reminding me of the Depression in 2008. During that time period, 465 banks failed. 

But did you know, the three banks that failed this year held more assets than all the banks combined from the last crash? 

Silicon Valley Bank, Signature Bank, and First Republic were not your local community bank. They were big banks in the banking sector. 

Then another popular bank, USAA had its first losing year in the past 100 years. The bank lost $1.3 billion in 2022. 

You’re probably wondering what bank will be next to fail. 

The money they lost is from trying to recover from changes in the economy, handling natural disasters, to pay insurance claims. 

I’ve never been a fan of keeping money in banks. So, this is what I’m doing… 

To make higher returns than banks, I’m staking my cryptocurrencies. 

Since staking became an option, I started to dabble in this sector to see if it really worked. 

Well, not long after I started, I was surprised since I was making a lot more than my bank savings account was paying. 

If you haven’t tried, you can make more money staking in cryptocurrencies than a bank savings account. 

The returns for crypto staking vary by both the coin you stake and the platform you use. 

In 2021, a cryptocurrency staked on Kraken provided an average annual yield of 14% — a 9% increase from a year earlier. 

For example, you could stake Cardano (ADA) and earn an average annual yield of 5.7%. Or, you could stake Solana (SOL) and earn an average annual yield of 7.5%. 

It’s important to note that staking is not without risk. The value of your cryptocurrency could fluctuate, and you could lose some of your investment if the network is hacked or if there is a consensus change. However, if you’re comfortable with the risks, staking can be a great way to earn passive income on your cryptocurrency holdings. 

When the market is in a bear market, it’s a good way to keep your money available when you want to earn higher yields just by staking your cryptocurrency. 

Here are some things to consider before staking your cryptocurrency: 

The type of cryptocurrency you’re staking. Some cryptocurrencies offer higher staking rewards than others. 

The amount of cryptocurrency you’re staking. The more cryptocurrency you stake, the higher rewards you’ll earn. 

The duration of your stake. Some staking rewards are paid out over a period of time, while others are paid out all at once. 

The risks involved in staking. As mentioned above, there are some risks associated with staking, such as the potential for your cryptocurrency to lose value.