Since this is my very first post, I wanted to give a quick introduction to myself. I'm Anthony, Founder at Know Your VC(The world's largest database for verified investor reviews) and I'm also a Thiel Fellow. I've been involved in the crypto world for about a year now, but can certifiably say that the rate of innovation in this space has far surpassed the rate at which I can learn everything. That being said, I will never claim to be an expert on any subject matter, but will do my best to share my learnings with you all!
On With The Show
I recently became fascinated with the idea of earning passive income through coins that I plan to hold onto for a while and began learning more about staking.
- You take certain coin(s) you bought off an exchange and transfer it into a wallet.
- Since these coins are taken out of circulation for the time being, they are used to validate the transactions on that particular coin's network.
- You get rewarded free coins at certain intervals depending on how many coins you stake (kind of like earning interest!)
Why Stake Ignition Coin?
After researching about 10 other low market cap coins, I decided to roll with Ignition Coin for the following reasons:
- They offer some of the highest staking rewards (for example with a $2000 initial investment you would be able to earn over $500 after a month of staking assuming the price of the coin stayed stable)
- They have a thriving early community with very accessible founders. This helped me have a lot more confidence investing in the project, despite them having only launched publicly about two months ago.
Want To Start Now? Here's How I Did It
- Purchase Ignition Coin ($IC) through CryptoBridge with Bitcoin that I had transferred from my Ledger Nano S.
- Go to the Ignition Coin website to download the compatible wallet for my OS, since I have a Macbook. (Sometimes Apple will prevent you from opening an application downloaded from an unidentified developer, so CTRL+click to override that)
- Follow the on-screen instructions to create a unique passphrase for locking/unlocking the wallet.
- Under the "Addresses" tab, copy the deposit address the wallet has generated for you, and paste that as the location from which you want to withdraw your Ignition Coin in the "Withdrawals" tab in CryptoBridge.
- Confirm the withdrawal address, and your coins should show up in your wallet in 10 minutes or so.
- Awesome, you're almost all set up!👏 Next, go to "Settings" on the top left of your screen and click "Unlock Wallet". You will see a pop up window prompting you to enter your passphrase again, and make sure to click the checkbox that says "unlock for staking purposes only".
- After doing this, you will see an opened padlock icon at the bottom right corner of the wallet. Hover over the icon to see a confirmation pop-up that the wallet is indeed ready to stake.
- After 30 to 60 minutes, hover over the Ignition Coin icon directly to the right of the padlock, and you should see the estimated interval in which you will receive your staking reward. The amount will always be 1.7 IC, but the frequency in which you receive that amount will go up as you stake more coins.
- You are good to go! The wallet does notify you whenever you receive a reward, and you can also keep track of the timing of them in the "Transactions" tab. Every once in a while you will receive a stale block (which is basically a dud), but the vast majority of your incoming transactions will be verified and added to your current balances.