Staking TERN: How to Earn Staking Rewards as a BlockCard Holder
Staking crypto has become one of the most popular ways to earn income on existing cryptocurrency investments. BlockCard holders have the ability to earn staking rewards every time they spend money using the marketing-leading crypto-back rewards debit card.
Discover how easily you can earn crypto staking rewards when you use your BlockCard Visa Debit Card.
What is Staking in Crypto?
“Crypto staking” refers to providing a digital token or coin as a “stake” to earn more of the same cryptocurrency.
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The concept of staking crypto comes from Proof of Stake (PoS) blockchain networks, where participants can “lock-up” the platform’s native token to secure the network and help to process transactions. In exchange for this service, “stakers” are rewarded with newly minted tokens. The more tokens or coins someone stakes, the higher the percentage of the block reward the staker receives.
Peercoin was the first digital currency to adopt the Proof of Stake consensus algorithm in 2012. In the years to follow, many newly-launched digital currencies opted for Proof of Stake over the more commonly used Proof of Work protocol as PoS is considered a more environmentally-friendly and scalable algorithm by many industry experts.
In recent years, new types of PoS-based consensus protocols were developed, such as delegated Proof of Stake (dPOS), to provide the best possible consensus models for new, emerging crypto networks.
Today, there are numerous blockchains that have adopted staking in some form to improve governance and to enable crypto holders to earn staking rewards in exchange for “HODLing” a network’s token.
BlockCard’s native cryptocurrency, called TERN, can also be used to earn staking rewards as a BlockCard holder. But before we dive into how that works, let’s first look at how TERN fits into the BlockCard ecosystem.
The Role of TERN in the BlockCard Ecosystem
Ternio, the company behind BlockCard, issued the cryptocurrency TERN in 2018 to provide a means for high-speed, low-cost P2P value transfer and to power the BlockCard ecosystem.
In the BlockCard ecosystem, which encompasses a crypto-native bank account, an app, and the BlockCard Visa Debit Card, TERN acts as the crypto-to-fiat bridge for card payments. That means when a BlockCard holder deposits cryptocurrency, such as Bitcoin (BTC), Litecoin (USD) or USD Coin (USDC), it is automatically converted into TERN. When the cardholder then makes a payment using their BlockCard debit card, the TERN they hold is automatically converted into fiat currency at point-of-sale.
What’s more, TERN acts as a “stakable” digital asset that can be used to earn crypto staking rewards every time a card purchase is made. Now, let’s look into that process in more detail.
How to Earn Staking Rewards in TERN
The process of earning staking rewards in the form of TERN using your BlockCard is very straightforward. All it takes is four simple steps:
- First, you need to sign up for a BlockCard account, which is free and only takes a few minutes,
- Next, you deposit a cryptocurrency of your choice (which is automatically converted into TERN), and stake in your TERN wallet provided by BlockCard.
- Then, you order a physical BlockCard Visa Debit Card or use your free virtual debit card to make payments online.
- Finally, you will receive crypto staking rewards as a form of “crypto-back” every time you make a card purchase. The “crypto-back” percentage you will receive will depend on how much TERN you are staking. Each staking cycle is 30 days.
It’s that simple!
BlockCard: The Card That Pays You Back
The percentage of crypto-back that you will receive depends on the amount of TERN you provide as a stake.
You can view the detailed breakdown of staking rewards below.
For example, you have just opened a BlockCard account and deposited around $700 in bitcoin. The $700 in BTC will then be automatically converted into roughly 92,000 TERN (at the time of writing.) By staking 92,000 TERN, you will receive 3% “crypto-back” on all BlockCard purchases.
If you then go out and spend $700 using your card while staking your 92,000 TERN, you will receive 3% on your 92,000 TERN, which amounts to 2,760 TERN (~ $21) in crypto staking rewards. Moreover, if you then spend the additional 2,760 TERN, you will receive 3% ($0.63) of that amount as “crypto-back” as well. That means you can also earn rewards on your rewards!
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The TERN staking feature makes BlockCard the only crypto debit card that pays you back in crypto every time you make a purchase. Sign up for free to start earning crypto staking rewards when you spend money using your BlockCard Visa Debit Card.