Crypto Theta: how to get started with Theta staking? – BeinCrypto France

Staking is increasingly popular in the crypto market. Indeed, a growing number of projects offer the option of investing assets in order to earn a modest passive income. Theta, a cryptocurrency created with the aim of improving video streaming, has also done the same. However, it can be tricky to indulge in staking if you are new to the market.

In this article we introduce you to the Theta project, its use cases and a step-by-step guide on how to get started with crypto staking.

Contents :

  • What is Theta Crypto?
  • Can Theta be staked?
  • How to stake Theta?
    • 1st step: Configure your crypto wallet
    • Step 2: Buy Theta Crypto
    • 3rd step: withdraw your tokens
    • Step 4: Staking Theta
  • Is Theta staking worth it?

What is Theta Crypto?

Theta aims to solve the problems posed by the growing demand for video streaming and virtual reality. While for YouTube or Netflix users the process may seem simple, the demand on computing resources it requires on the other side of the screen is very significant.

Content delivery networks are contributing to this process, but are under pressure. So against network power, Theta token holders receive additional tokens. This relieves demand on these networks and in return provides income to holders.

Can Theta be staked?

Although it is not possible to place all the cryptocurrencies in the sector in staking, Theta is one of the ones that has this functionality. To “stake” a cryptocurrency is to place it on the blockchain for various uses, such as computation or network power, as described above. It is therefore indeed possible to place the Theta crypto in staking.

How to stake Theta?

To stake Theta crypto, you need a minimum of 1,000 Theta tokens. At current prices, this equates to approximately US$1,400.

If you have the required 1,000 tokens, you can use the Theta web wallet to place them there in staking, this, up to a maximum of 10,000 tokens.

However, there are minimum conditions to be met in order to be able to stake your Theta, and which concern the specifications of your computer. Theta staking reward is paid out in Tfuel tokens. These can also be staked to increase his winnings.

Currently, you need a computer with the following specs for Tetha or Tfuel staking :

  • a 5 Mbps internet connection
  • 8 GB RAM
  • A processor with at least 4 Cores

That said, the majority of computers meet these criteria, which makes staking accessible to most people.

1st step: Configure your crypto wallet

To stake Theta crypto, you need a wallet Thetawhich you can get by visiting thetatoken.org.

To do this, click on “Wallet” at the top of the page and on “Create Wallet” on the next page. You will then be directed to an account sign-up process, which will require you to create a password.

how to stake theta: creating a password for the wallet

Once you have created a password, you will be prompted on the next page of download a Keystore file, which is required to log in to your account. In addition, this page will provide you with a twelve word sentence which will allow you to recover your wallet in case you forget the password.

Step 2: Buy Theta Crypto

Before you can stake Theta, unless you already hold this crypto, you will need to buy some on the exchange of your choice. For this presentation, we will be using Binance; however, this token is available on other crypto platforms.

First go to the “Buy Crypto” from the Binance website and select Theta in the “Receive” from the drop-down list. Enter the amount of token you want to buy. For our example, we just entered 15 (the Binance minimum amount), but the minimum required for Theta staking is 1,000 tokens.

Buy cryptocurrency

Click on “keep on going” to go to a page where you are asked to complete the transaction. Confirm your details, including the CVV on the back of the card used.

Then you should be able to purchase your crypto. This will then appear in your Binance Wallet.

3rd step: withdraw your tokens

The next step is to go to your Binance wallet and click on “Withdraw” at the top of the page. This will take you to the page below.

Withdraw crypto

Then you find the address of your Theta wallet by going to wallet.thetatoken.org; log in by uploading the Keystore file created and downloaded earlier, and entering your wallet password.

Then click on “Unlock Wallet“. On the next page, click “Receive” and copy the wallet address.

How to stake theta: unlock the theta wallet

Enter your Binance wallet address and the amount you wish to withdraw. In this example, we have no tokens, so this option is not displayed. Finally, at the bottom of the page, click on “Withdraw“.

Binance Claims Crypto Should Be Received Within 2 Minutes; however, in some cases it takes several hours to arrive.

Step 4: Staking Theta

Once your wallet contains at least 1,000 Theta tokens, click “Stakes“. This amount of tokens may take some time to collect.

From there, you need to click on “Deposit Stakes“, then on “Delegated Guardian Node“. This option allows you to use nodes provided by other community members for staking. Select one from the list and then, on the next page, enter the staking amount.

Deposit stake

The node you choose is important because it can determine the amount of fees you pay to the node host. Unless you hold a lot of Theta tokens, this is your only option.

However, for TFuel tokensthe type of token in which to receive your staking reward, you can stake them from 10,000 tokens.

Delegated Guardian Node

Unless you have a lot of Theta tokens, the community consensus seems to indicate that the best option is to stake your crypto on a delegated custodian node. Once you have chosen a node to delegate staking to and confirmed the amount to be placed, you may need to approve the transaction.

Whether you choose a node that charges fees or not, the platform fee is 0.3 TFuel. This is a small amount, but once the transaction is complete, your Theta will be locked in staking until you ask the platform to unlock it. The longer you leave your staking tokens there, the more you will earn.

You can convert your TFuel into additional Theta tokens on the Theta.tv website.

However, it is important to note that TFuel tokens currently exhibit a significantly lower value than the Tetha crypto. Right now, TFuel is worth around $0.06, compared to $1.43 for Theta. This means you would needjust over 23 TFuel to get a single Tetha token.

Is Theta staking worth it?

Although it is still little known, the crypto Theta nevertheless has some potential, especially because of its use case. When it comes to Theta staking, however, it is possible to earn between one and two TFuel tokens per dayaccording to the experiences reported by members of the Theta community.

TFuel provides a service to calculate your yield. Don’t expect to become a crypto millionaire overnight though.unless you have a very large starting capital.

One of the drawbacks of this activity is that unlocking the tokens and withdrawing your reward can take a considerable amount of time. Indeed, the waiting time is currently 60 hours. Staking this asset therefore requires some patience.

With sufficient capital, however, it is possible to earn several thousand dollars a year. If it’s worth it for you, go for it. If you are looking for a little extra income, this may be enough. However, this is not enough income for the average staker.

Disclaimer

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We would love to thank the writer of this write-up for this outstanding content

Crypto Theta: how to get started with Theta staking? – BeinCrypto France


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