Beancash, originally known as BitBean, is a token derived from Bitcoin that has been out since 2014. At one point the original dev team stopped active work on the coin and became dead for a few yrs before being revived by another team. Currently the team is working on Beancash as a currency based token used for quick transaction speeds.
They were the first token to utilize 20mb block rewards, and have a unique proof of stake method. Here I'll explain how to stake your Beancash in order to gain a new passive source of income. I have researched many tokens to find the most profitable passive income, with the least upfront investment, and with the least risk. Keep in mind that Beancash is indeed a shitcoin, but it has some history to back it up.
To stake with a Private Wallet:
- Install the Wallet: Currently they have 2 wallets for staking - Windows and Linux 64 Bit
- Download the Blockchain: It will take 24 hours or more to gain a connection and about 74 hours or more to fully download the blockchain
- Buy some Beancash: You can buy them in many different exchanges. The most popular one is Bittrex.
- Deposit Beancash into your QT Wallet
- Wait 6 hours for your beans to mature
- Your beans will start sprouting: The more beans you have the more beans and quicker you'll sprout. For example if you have 100,000 beans or more, you will sprout at least once per week
Staking pools are similar to mining pools in that you can pool your beans with other investors in a large pool. This large pool stakes coins at that large amount, which also nets each investor daily returns. This can compound your beans quicker since you are gaining a daily payout in beans. There are a lot of staking pools out there, but in this blog post I will only talk about one: BTCPop.
Staking pools are riskier than private wallets since you are trusting a platform to take care of your tokens for you. But, the risk means more reward. Always do your own research to find out what you want to do, or which pool you want to select.
BTCPop has a history of being in business since 2014. To be honest, the first owner of the business was not good at managing the platform and was not liquid in meeting customers withdrawal demands. In late 2016, it got sold to new management, and it seems to be stably progressing. They have a lot of other investment types for sale within their platform, but on this one I am only focusing on staking. It has a lot of resemblance to high yield investment platforms with such services as collateralized loans, cloud mining packages, staking pools, and built-in exchanges, so keep that in mind when investing in this platform. They do have some positive things going for them in that staking nets them many rewards that can back all withdrawals or investments. They also have a built in exchange within their platform if you want to buy/sell/deposit/withdraw other staking coins. And, they collateralize assets for loanees.
With this history in mind, do your own research if you are able to find a better more stable staking pool. Thus far, I have received all rewards daily for my staking.
To stake in BTCPop Staking Pool:
- Deposit Beancash into the BTCPop wallet
- That's it! You automatically are eligible to receive your first bean sprouts. I received mine after an hour of staking
I hope this staking tutorial for Beancash was useful to you. Once again please do your research and if you figure out another Beancash staking pool that is better, please comment below.
In another updated vlog, I'll test out another staking pool like this one which seems to have a lot of transparency. I'll keep you all posted so make sure to subscribe to the newsletter to get it!
Beancash Staking (Even with Low Coins) Reviewed by Dividend Raptor on 3:49 PM Rating: