Monthly Passive Income with Crypto in a Few Steps
Coinomi Overview
Founded in 2014, Coinomi is the longest-running crypto wallet, counting several million active users. Featuring 168 fiat currency displays and can be read in 25 languages, Coinomi is a multi-chain wallet for mobile and desktop computers that provides native support and true ownership for over 125 blockchains and thousands of tokens. Coinomi natively supports Cold staking technology which allows you to make monthly passive income with crypto!
To download Coinomi click here!
What is Cold Staking?
Cold staking is not related to proof of stake or a consensus mechanism; cold stakers neither generate blocks nor confirm transactions. The cold staking contract collects 40% of all mining reward and distributes it to the cold stakers in direct proportion to their holdings.
Cold stakers earn a passive income simply by locking their coins for a determined period of time. This makes it a much safer and eco-friendly way to earn passive income with cryptocurrencies.
Cold Staking Essential Points
- You can start staking at any time.
- A staking round is 27 days.
- You need to keep some CLO on your wallets to cover transaction fees (~1 CLO is enough).
- When you start staking, you can set the locking duration. The longer you set the initial locking duration, the greater your reward will be.
- It is not possible to remove staked CLO before the end of the defined period (round(s)). However, rewards can be claimed after each round.
- It is possible to add more CLO coins to an active cold staking:
- If the remaining staking period is less than 27 days, your Cold Staking round will be prolonged by 27 days (minimum staking period).
- If the remaining staking period is more than 27 days, it remains unchanged.
- Note: Adding funds to an active cold stake will reset the current round and result in the loss of the pending reward. It is therefore recommended to add funds at the beginning of a round.
- You will only earn interests during the defined staking period.
- Note: You will get reward only for the staking period you had initially specified. That means you will not get any reward for the days exceeding specified staking period, even if your funds remain in the Cold Staking. So, the longer you set the initial staking period, the greater your reward will be.
Click below for a detailed description of Cold Staking!
Monthly Passive Income with Crypto: The Step-by-Step Tutorial
1. Open Coinomi on your smartphone.
2. Select your Callisto wallet.
3. Tap on the “+” button.
4. Select “Cold Stake”.
5. Enter the amount of CLO you want to stake (1000 coins in our case).
6. Select the period of time you want to freeze your funds (6 rounds or 162 days in the example).
7. Tap on the “Deposit” button.
8. Confirm the transaction by pressing “Confirm”.
9. Congratulations! You are now Cold Staking your coins!!
You can now see your deposit as well as the date your coins will be available under “Staking amount”.
When it comes time to get your reward, you have two options:
1 – The “Claim & Restake” button allows you to claim your reward after each round.
2 – While the ” Claim & Withdraw ” button allows you to withdraw both your initial stake and your reward at the end of the defined staking period.
Cold Staking, Passive Income For Everyone.
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