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Staking and Growth

Staking and growth on Bitmove

Some blockchain protocols allow participants to earn additional cryptocurrency by contributing to the network. These rewards can be earned in many different ways including staking, inflation, savings rates, etc. Bitmove wants customers to be able to benefit from these protocols. Bitmove will participate in these networks and pass on the rewards to eligible customers who have opted into this feature.

What is staking?

Staking is the process of actively participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain. On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards. 

How does staking work?

  • When the minimum balance is met, a node deposits that amount of cryptocurrency into the network as a stake (similar to a security deposit). 
  • The size of a stake is directly proportional to the chances of that node being chosen to forge the next block. 
  • If the node successfully creates a block, the validator receives a reward, similar to how a miner is rewarded in proof-of-work chains. 
  • Validators lose part of their stake if they double-sign or attempt to attack the network.

What is growth?

Assets such as Algorand (ALGO) earn rewards via inflation, or community rewards. With inflation, new tokens are added to the network at a rate determined by the protocol, and those tokens are then distributed to holders as rewards.

How does earning rewards with Bitmove work?

Some protocols offer asset holders the ability to earn rewards via Proof of Stake, which means that you're able to earn rewards just for holding a minimum balance. Bitmove helps connect eligible customers to those platforms to earn rewards from those protocols. Depending on the asset, you may be required to accept specific terms or opt in to staking.

Please keep in mind:

  • You may be required to accept User Terms specific to the asset you’d like to stake. Please read them carefully!
  • You will retain full ownership of your staked crypto. In the event of a slashing incident involving staked ETH2, Bitmove may or may not replace your assets—depending on the cause of the slashing. 
  • For some assets with lockups at the protocol level, we may withhold a small amount of that crypto to assure that all Bitmove customers have liquidity and can cash out their crypto as needed. 
  • We take a commission on all rewards received, and the return rate for our customers reflects this commission and the actual amount of your crypto that was staked.