Want To Stake Crypto? Get Started With Ignition Coin ⚡️

2년 전

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Intro 👋

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.

What's 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:

  1. 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)
  2. 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

  1. Purchase Ignition Coin ($IC) through CryptoBridge with Bitcoin that I had transferred from my Ledger Nano S.
  2. 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)
  3. Follow the on-screen instructions to create a unique passphrase for locking/unlocking the wallet.
  4. 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.
  5. Confirm the withdrawal address, and your coins should show up in your wallet in 10 minutes or so.
  6. 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".
  7. 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.
  8. 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.
  9. 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.

Any suggestions for how I can better explain any of the steps or any other suggested topics for me to write about in the future? I would love to hear from you all in the comments section!🤓

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Great!

Interesting! Why did you pick Ignition Coin as a long term hold apart from the staking rewards? No point having high passive income if the coins can't retain long term value.

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Totally agree! I've been really impressed with the teams communication and activity thus far. I know that they are going to be listed on a few larger exchanges within the next 4 to 6 weeks as well so I definitely think it will appreciate in value in the next few months if everything goes according to the planned milestones.

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But in terms of their vision, do you really see them gaining enough popularity to disrupt Bitcoin in terms of being a store of value?

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Still too early to tell given the many years that Bitcoin has in terms of a headstart. I do believe that there can be some pretty rewarding profits to be made in the near term though!

Welcome to Steemit! Looking forward to your updates around here:) .
Will definitely check this out!

welcome here wish you have a good time

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Thanks, appreciate it!

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Welcome to Steemit Anthony! Will definitely check this out!

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Thank you! Definitely curious to hear your thoughts

Can you perhaps explain what kind of staking this coin offers?

You said invest $2k, get $500 back in 30 days. These are based on current IC coin price to USD? How is this sustainable? You're suggesting you can double your money in 4 months. So, if I purchased 100 coins today, you're saying I'd be rewarded 25 more coins by the end of 4 months?

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Just about, maybe a little more. The stake rate fluctuates, but it's still a pretty good average. Right now at the time of this comment if you stake about 100 coins in the desktop wallet (by leaving the wallet unlocked and constantly staking) you'll earn about 1.7 IC every 4 - 5 days. Times that by let's say 4 (4 weeks in a month give or take the weekends) and times that by 4 months, you would receive approximately 27.5 IC. I've been staking on the desktop wallet and it's been about 1.7 IC every 5 days with around 90 coins. Sometimes it may come quicker too. I find this probably the most profitable coin of 2018. After 2018 is over, the stake reward drops about 75%, so it's still early to take advantage of the current reward of 1.7 IC. Highly recommended! Their community chat is Discord only too, and it's thriving! Great community and you also have the option to stake your IC in their discord as well using a 3rd party bot called Tipbot.

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Can you share the discord link?

Hi
Thanks for sharing this with us.
Even if you staking profits are very high, investing in a specific coin only pays off if it's value remains more or less stable. This, on the other hand requires solid use cases, i.e. a need that is satisfied by the application. I was looking for use cases in the Ignition Whitepaper and website, but could not find any.
Why do you think IC will remain or even increase its value in the course of the next couple of years?
Thanks and regards

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