Module 5: HOW DO I...
How Do I stake cryptos? How do I use the MetaMask wallet? How do I update the firmware on my Nano Ledger? If you wanted to know how to do something, it's found HERE.
Estimated time to complete
1 hours 16 minutes
Difficulty Level
Begineer to Intermediate
HOW DO I USE THE METAMASK WALLET?
Q: How Do I set up the Metamask Wallet?
A:
1. Download the Metamask wallet
2. Create a wallet (if you do not already have one)
3. Document your secret phrase
We highly recommend using a Stonebook to safely document your secret/seed phrases. A link to purchase your own Stonebook will be provided in the links below the video.
4. Transfer either ETH, AVAX, or Smart Chain into your Metamask Wallet
For $SENT token, you'll use the Zero Wallet which allows you to swap either Ethereum, Avalanche, or Smart Chain.
Otherwise, you may transfer any coin that allows transfers into your Metamask wallet if you are NOT planning on buying $SENT token
We will use ETH for the demonstration
Time Stamp: 2:18 - 6:28
Q: How Do I get ETH* into Metamask Wallet?
A:
1. From your exchange of choice, select ETH*
2. Select "Transfer"
3. We are going to withdraw ETH*
4. Cope the Metamask wallet address into your exchange of choice
*or any other chosen, transferable token
Time Stamp: 5:29 - 9:30
USING SIMPLESWAP with THETA TOKEN EXAMPLE
Q: Where can I buy Theta?
A: For people OUTSIDE of the US they can use BINANCE.
For people living in the United States you can use SimpleSwap which we go over in detail in this video
Video Time Stamp: Entire Video
Q: When we are at SimpleSwap do we choose the FLOATING Rate or FIXED Rate?
A: We MUST choose the FLOATING Rate option. If you choose FIXED Rate, Theta WILL NOT be an option for you to purchase.
Video Time Stamp: 1:47 - 2:20
Q: Before we can BUY Theta, what must we do FIRST if we're going to use SimpleSwap?
A: We must FIRST set up our THETA wallet!
To set up your THETA Wallet go to ThetaToken.org
Video Time Stamp: 2:27 - 3:32
Q: What should we COPY and store until the swap is complete and Theta is on our wallet?
A: The Exchange ID. We can enter that into the site and track our transaction.
Video Time Stamp: 6:18 - 6:55
HOW DO I UPDATE THE FIRMWARE FOR MY NANO LEDGER WALLET?
Q: How will you know if the Nano Firmware NEEDS UPDATING?
A: When you log into Ledger Live it will say something along the line of, "Firmware is outdated. Please update to ..."
Video Time Stamp: 00:28 - 00:37
Q: What happens if the update process has an error and your device becomes unreadable?
A: Not to worry. You have your 24 word passphrase that you wrote down and stored SAFELY somewhere. Now you can use that to RESTORE your nano device and try again (if needed).
This is a RARE occurrence but you'll be glad when you have your recovery phrase (sometimes called a seed phrase or mnemonic phrase) on hand!
Video Time Stamp: 2:00 - 2:17
Q: Once the firmware is updated, what will we have to do next?
A: We'll have to install the specific crypto apps that you hold. If you hold ethereum, you'll have to re-install the ethereum app. If you hold xrp, you'll have to re-install the xrp app. And so on and so on...
Video Time Stamp: 2:28 - END
HOW DO I ORGANIZE & PREPARE MY CRYPTO ASSET TAXES?
Q: Do you HAVE TO PAY TAXES on your crypto?
A: ONLY if it is a taxable event but YES! You should pay taxes IF it is a taxable event!
Video Time Stamp: Entire Video
Q: What is a TAXABLE EVENT in Cryptocurrency?
A: *TAXABLE EVENTS INCLUDE:
- Trading Crypto for Fiat (cash)
- Trading crypto for another type of crypto
- Using crypto for GOODS & SERVICES
- Earning crypto as INCOME
*NON-TAXABLE EVENTS INCLUDE:
- Giving crypto as a gift
- Transferring crypto
- Buying crypto
Video Time Stamp: 11:14 - 13:57
Q: Is Wash Trading ILLEGAL in Cryptocurrency?
A: As of 2020 it is NOT because Crypto assets are treated as PROPERTY by the US government. Check with YOUR laws in YOUR country!
Video Time Stamp: 10"09 - 11:13
HOW DO I STAKE THETA FOR PASSIVE INCOME?
Q: What are the Requirements to Stake Theta and earn T-Fuel?
A: You only need to have 1,000 Theta tokens to meet the minimum amount to stake.
Video Time Stamp: 0:15 - 0:25
Q: How much T-Fuel will I need to set up the Theta Staking Process & Where can I get some?
A: You will need .000001 T-Fuel and you can get some for FREE by clicking on the T-Fuel tab and then RECEIVE and then FAUCET. After you do that you'll receive .0001 T-Fuel
Video Time Stamp: 2:50 - 3:05
Q: After I'm done staking Theta in my wallet, what do I need to double check to verify?
A: After you've staked the Theta in your Theta wallet, you want to double check that the process has worked by checking the guardian node application that you downloaded to your computer.
NOTE: Leaving the Guardian Node ON and RUNNING in the background of your computer is what generates the passive income of T-Fuel.
Video Time Stamp: 4:20 - 4:51
HOW DO I STAKE CARDANO FOR PASSIVE INCOME?
Q: What is the difference between POW (proof-of-work) and POS (proof-of-stake)?
A: POW is using powerful computers to solve a complex mathematical problem to then acquire a reward (such as gaining bitcoin).
POS is like a lottery system where the more tokens you hold of a cryptocurrency the greater the chance you'l have to get the opportunity to mint a block on the blockchain and thereby gain a reward (such as Cardano)
Video Time Stamp: 01:05 - 01:48
Q: How often are Rewards paid out?
A: Rewards are paid out every Epoch and every Epoch is 5 days.
Video Time Stamp: 02:00 - 02:23
Q: When you stake your Cardano tokens (ADA) with a staking pool where do they go?
A: Your Cardano tokens (ADA) stay IN YOUR WALLET and NEVER leave. This is the beauty of the Cardano Staking Protocol.
Video Time Stamp: 02:24 - 02:49
Q: What happens if a staking pool is offline when they are chosen to mint a block on the ADA blockchain?
A: If a Stake Pool Operator (SPO) has an issue and is NOT able to keep the node online due to errors then the reward (ADA) will be passed on to the next stake pool that is functioning.
With DNEWS this will not happen as we have monitoring 24 hours a day, 7 days a week, 365 days a year with Grafana and Kubernetees on the Microsfot Azure network that is Commercial Grade and extremely reliable.
Video Time Stamp: 03:30 - 03:55
Q: What are the fees to stake on a stake pool?
A: There are 2 fees:
1. The mandatory fee set by Cardano is 340 ADA. Some stake pools charge more but at DNEWS we charge the bare minimum. This fee is enforced to help cover the operating costs of the stake pool and is spread out over the ENTIRE pool so no ONE person pays for it. It is split among all the people who have staked their ADA in the pool (i.e. the delegates).
2. The Margin Fee is set by every Stake Pool Operator and DNEWS is set at 5%. Some charge more and some charge less but with our pool's reliability, uptime and security we feel this is the ideal price range. So, if your staking rewards are 100 ADA, our 5% comes to only 5 ADA and you keep 95 ADA. Very simple
Video Time Stamp: 04:00 - 04:40
HOW DO I STAKE AVALANCHE FOR PASSIVE INCOME?
Q: Why Stake Avalanche?
A:
-Your $AVAX stays in your wallet where you have TOTAL CONTROL over what you do with it.
-When you stake your $AVAX, you're helping secure the network (Proof-of-Stake)
Time Stamp: 1:00 - 2:15
Q: How Do I Set Up the $AVAX Wallet?
A:
-wallet.avax.network (link provided below the video)
- create your wallet and set up your private key. (DO NOT share this information with anyone!)
-$AVAX exists on the:
+ X-Chain - to be traded
+ P-Chain - to be staked
+ C-Chain for smart contracts and to pay for gas
So depending on how you intend to use Avalanche, the next step is to copy the respective chain's address into your exchange of choice (where your $AVAX lives) then transfer your desired amount!
Time Stamp: 3:00 - 7:45
HOW DO I STAKE / UNSTAKE POLKADOT FOR PASSIVE INCOME?
Q: What are the RULES of staking?
A:
1. Always do a test transaction
2. Know the LOCK-UP periods
3. Know the Un-Staking time frame.
4. Take profits
Time Stamp: 0:32 - 1:28
Q: ?
A:
Time Stamp: 3:00 - 7:45
HOW DO I STAKE / UNSTAKE ATOM COSMOS FOR PASSIVE INCOME?
Q: What are the RULES of staking?
A:
1. Always do a test transaction
2. Know the LOCK-UP periods
3. Know the Un-Staking time frame.
4. Take profits
Time Stamp: 0:32 - 1:28
Q: ?
A:
Time Stamp: 3:00 - 7:45
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The Top cryptocurrency and digital asset news...in bite-sized pieces. Channel is for entertainment purposes only. I’m not a financial planner, or a financial analyst or anything to do with finances. I’m just a small business owner who firmly believes in cryptocurrency and digital assets.
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