BitcoinPoS introduced a brand-new feature to safely gain extras from cryptocurrency on Tuesday â€“ Cold Staking. The original Proof of Work system is improved by developing a Bitcoin Proof of Stake consensus.
What does Cold Staking mean?
Are you familiar with the concept of staking? It now even get better. Not only is it easy to get a passive income with the Staking Pool feature, but you can also be protected from hackers at a higher level.
Unlike other cryptocurrency stakings, cold staking allows two wallets instead of one. They are cold and hot wallets. A cold wallet holds your cryptocurrencies and collects your earnings while a hot wallet does the staking.
By this way, the security of your funds will be improved significantly because the asset that makes your revenue is controlled offline.
Moreover, the cost of staking is less than that of mining so you can save your money and increase your revenue at the same time.
What is BitcoinPoS and how does their feature work?
BitcoinPos (BPS), Bitcoin Proof of Stake, ran its business in the cryptocurrency market in May 2020. The company successfully created a stable decentralized network by using 2 of the current biggest technologies â€“ Bitcoin Core and Proof of Stake. Thanks to its special features â€“ low fees and fast payments â€“ the company easily penetrated into the crypto community in a short period.
Possessing an active and conscientious team, the company really cares about the current needs of users. From the requirement of a safe and user-friendly platform, BitcoinPoS created Cold Staking which is easy to use and understand.
This brand-new feature helps users delegate their staking safely to third parties including:
A cold wallet, storing your current coins, doesnâ€™t need to be online 24/7.
Â Â Â Â Â Â Â Â Â A hot wallet, performing the staking operations and using delegations, needs to be online 24/7.Â
What are the Advantages?
Staking creates a passive income that is easier, more economical, and more beneficial while mining requires a wide range of technical knowledge and the power of computation.
With the development of the cryptocurrency domain, the scenario of coins replacing the fiat currencies is more acceptable. We are gradually trading without depending on banks or the government. The leap of BitcoinPoS is proved and the challenge to be financial independence can be feasible.