Backpacker Coin (BPC) has announced the completion of a shift to Proof-of-Stake (PoS) mining approach from the existing Proof-of-Work (PoW) approach. As part of the new upgrade, investors can now stake their coins and earn valuable rewards in the form of POS mining exploits. Upto 4% staking rewards can be earned through this system and considering BPC is a USD-stablecoin, it means that one can make more than what some banks are offering at interest rates on a yearly basis on savings accounts.
Cryptocurrencies are a great industry that are growing more and more with each passing day. However, one thing major cryptocurrencies like Bitcoin do not offer is a way to increase your wealth with time. If you have 0.1 Bitcoin in your account, they will remain 0.1 Bitcoin till eternity and the only way your worth will increase is when Bitcoin’s own value will increase which can be volatile at times.
However, if you have fiat money like the US Dollar, GB Pound, Indian Rupee, etc you can put it in a savings account and earn passive returns from it. However, if you have stablecoins that are digital currencies backed by USD and others you cannot earn passive returns. That is until now.
Earn Passive Returns with Backpacker Coin
The Backpacker project has announced attractive staking rates for users around the world. All you need to do is to buy Backpacker Coin with minimal fees and keep it locked in place for a while. There are different returns applicable depending on the duration of your staking endeavor.
Here are the staking rates promised by Backpacker Coin project:
The Backpacker Coin is a secure investment for everyday users. With the staking feature, you can earn passive income on your USD amount all the while helping the network become more secure.
Other Staking Apps/Services
Some other exchanges/wallet companies are also offering staking opportunities but their offers are limited by geographical location and many do not offer as lucrative returns as BPC.
For starters, Coinbase also offers staking services for coins with a POS mining approach. However, only following countries are eligible:
The United States (excluding Hawaii and New York)
So, much of the world cannot benefit from the staking opportunities presented by Coinbase. In addition to this, you need to get your identity verified, have a minimum balance requirement and staking is not available on Coinbase Pro.
Why is Backpacker Coin Superior?
The Backpacker Coin (BPC) staking opportunities are much more easier and readily available for users around the globe. Now with the new Android app, one can easily deposit Bitcoin, buy BPC and then stake it directly on the app itself. There are some Know You Customer (KYC) and Anti Money Laundering (AML) procedures involved but everything is easy enough to complete and you can start staking your coins in no time.
The Backpacker Coin also has a limited supply overall at around 20 million BPC of which only 4 million are initially available. So, by getting new coins and the guaranteed $1 value that may increase with time, staking BPC can bring you great returns.
Also, users can get up to 4% per month as staking rewards and rather than being a permanent staking feature, users can stop the staking process whenever they require, they only have to let go their staked rewards if they choose to do so.
Backpacker Coin however does support staking on the native stablecoin BPC only at the moment.