It is a known fact that the value of the Naira is depreciating by the day.
So, in this post, I will show you how you can make a million naira through staking on Bybit.
Bybit is a renowned crypto exchange that ranks among the top 10 on Coinmarketcap.
Currently (September 2022), it is offering the biggest crypto-staking APY and up to 12% on USDT.
Read this post to the end if you want to learn how exactly you can make millions of naira through staking.
Post Summary
This is what I will cover:
- What Is Staking Crypto?
- How To Make A Million Naira Staking USDT On Bybit
- A Brief Overview Of Bybit
- Staking On Bybit: A Step-by-Step Guide
- Conclusion
Without hesitation, let’s get down to business.
1. What Is Staking Crypto?
You’re new to crypto?
Staking crypto is simply a method of earning new free coins by contributing to a staking pool.
If you are wondering what a staking pool is, it is a pool of crypto funds that is used for validating transactions on a proof of stake blockchain.
When you stake your coin, you are typically offering it to be used for validating transactions. And in return, you earn free coins as rewards. 😋
Furthermore, staking crypto provides a good source of passive income for investors who want to HODL their crypto for a long time.
Of course, they aren’t just holding these coins, they’re also using them to make more money.
Awesomely, Bybit now offers a pretty rewarding APY for staking coins.
Gladly, this offer is available not just for POS coins but also for POW coins like BTC.
In this post, our focus will be on staking USDT. Scroll down to continue reading!
2. How To Make A Milion Naira Staking USDT On Bybit
It is true that staking crypto is one of the proven ways to make money in crypto.
However, with the current market downtrend, it is possible to lose your money while staking as the crypto asset you stake loses value.
And that’s exactly where USDT comes in.
Now, USDT is a stable coin pegged to one dollar.
This means that one USDT will always be equal to one dollar, regardless of how volatile the market is.
In fact, many crypto traders are currently moving a sizable portion of their crypto to USDT as a result of the crash, at least until the market stabilizes.
In other words, these traders can also stake their USDT to earn interest instead of leaving them idle in a wallet.
Additionally, USDT serves as a hedge for volatile assets and unstable local currencies like the Naira.
Here is a perfect example of how you can make a million naira by staking USDT on Bybit.
So, this is John🙎♂️ before 2019. This guy receives a monthly salary of 100,000 NGN.
Nevertheless, every month, he removes 20,000 NGN from his salary and saves it in his bank account.
At the beginning of 2019, John did something astounding.
What he did was that instead of using the bank, he decided to start buying USDT with his 20,000 NGN monthly savings and stake it on Bybit.
Of course, the difference is obvious. While the bank offered him 1% APY, Bybit offers him 12% APY.
By 2021, John saved a total of 720,000 NGN and accrued 86,400 NGN in interest, netting him a total of 806,400 NGN.
Again, the exchange rate of NGN to USDT between 2019 and 2021 was 400 NGN.
This means that John has a total of $2,016 in his savings (i.e., 806,400 divided by 400).
Fast forward to the beginning of 2022, and the exchange rate of NGN to USDT increased to 700 NGN.
That means that the value of John’s $2,016 is now worth 1,411,200 million in NGN (2,016 x 700).
Wow! That is an additional return of 334,700 NGN.
Now, he can decide to invest this windfall return in other crypto assets like BTC for higher returns.
Had it been that John continued saving in his bank account, his money would have totalled 720,000 NGN and accrued interest of 7200 NGN only, which is very poor.
Note that this is just an example, there are many other possibilities to staking USDT on Bybit.
You see, I know that you have different reasons for saving.
It could be for the house you want to build in the future, the car you want to own, or maybe for your children’s savings.
Instead of saving in the bank with little to no interest and where the price of the Naira keeps dropping, why not save on Bybit?
Saving on Bybit not only pays you a good yield but also preserves the value of your money. Interesting! Continue to the next section.
3. A Brief Overview Of Bybit
As earlier mentioned, Bybit is one of the world’s leading cryptocurrency exchanges.
According to Coinmarketcap, this exchange closes over one billion dollars in daily trading volume.
The exchange was founded in 2018 and is used by 10 million users worldwide. Mind-blowing!
Read Bybit’s full review here. Bybit Review: This Is Your Next Level Cryptocurrency Trading Platform!
To stake on Bybit, you must first create a Bybit account and verify it. See the steps below.
How To Create A Bybit Account
- Firstly, click to sign up for a Bybit account with this link.
Note: There is $5 worth of USDT up for grabs!
Bybit is celebrating its first 10 million users.
As a result, we are giving out $5 to the first 5 people to sign up for Bybit using the link above and make a deposit of at least $10.
Fill out this form to claim your prize!
- After successfully creating your account, proceed to verify your identity. To do this, navigate to your profile icon and select “Account Security.”
- Select “Identity Verification” and click “Verify Now”.
- Bybit has three verification levels. You must attain level 2 before you can stake on the platform. The requirements for each level are shown in the image below.
Now that your account has been created and verified, you can proceed to stake on Bybit. Scroll down!
4. Staking On Bybit: A Step-by-Step Guide
There are three forms of staking on Bybit; they include:
- Flexible: With this option, you can redeem your staked assets at any time.
- Fixed: However, this option requires you to stake your asset for a set period of time before you can redeem it. “Flexible” has a higher APY than “Fixed”.
- Exclusive Offers: This option includes coins with a higher APY; however, they are only available for staking until a certain cap is reached. The coins featured here can either be staked through flexible or fixed methods. At the time of writing (September 19, 2022), ETH is up for a 60% APY on “Exclusive Offers”. Yummy!
Note: The APY attached to the coin you want to stake indicates how much you can earn if you stake your coin for a year.
In addition, there are many coins you can stake on Bybit, but our major focus will be on staking USDT.
Are you ready to stake on Bybit? Go through the steps below.
Step 1 – Select a coin to stake
- Navigate to Earn and select “Bybit Savings”
- A new interface will be displayed. Then you can scroll through to see the coins you can stake.
In the upper part of the interface, you will see “Exclusive offers” you can select from.
Alternatively, you can scroll down to see other coins you can stake.
If you wish to go for either flexible or fixed staking, then filter the options accordingly.
Note: The coin or coins you will select must already be in your Bybit’s “Earn account”.
In this 👉 post, I discussed how to fund your Bybit account, how to buy coins on Bybit and transfer funds to different accounts.
Continue to the next step!
Step 2 – Stake your coin
- We will stake USDT using the flexible option. As earlier mentioned, Bybit offers up to 12% APY on USDT.
Click on the “Tier rate” tag to reveal your potential earnings.
Typically, the APY is divided into three tiers and indicates your potential earnings based on your stake amount. See how the tiers have been allocated in this post.
Proceed to stake your USDT by clicking “Stake Now”.
A new interface will be displayed, enter the amount you want to stake and click on “Stake Now” again.
Now that you’ve successfully staked your coin on Bybit, relax and sip some juice while your earnings accumulate in your account.
Let’s meet at the next section!
Heads Up!
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Go to www.ctmastery.com to enrol. You can also join our Telegram community at https://t.me/ctmastery for more information.
Conclusion
Here we call it a wrap!
But before I go, I would love to hear from you:
Do you love the concept of staking cryptos?
What do you think about staking on Bybit?
Do you buy the idea of staking USDT?
Also, have you been staking crypto? Share your experience with us.
Or perhaps you have further questions?
Let me have your responses in the comments section below.
You have not signed up for Bybit yet? Do so with this link.
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How can I invest bybit?
Hello Jesse, check out this post to find out how.