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: What are the steps involved in using a DEX?

A: 

1. Set up a MetaMask wallet: This involves downloading the MetaMask browser extension or mobile app and creating a new wallet.

2. Send crypto from a centralized exchange to your MetaMask wallet: You'll need to find the public address for your MetaMask wallet and copy it into the "send" section of your centralized exchange. Then, enter the amount of crypto you want to send and confirm the transaction.

3. Swap tokens on a DEX: Once you have crypto in your MetaMask wallet, you can use a DEX to swap it for other tokens. The video demonstrates how to do this on Uniswap and Orca. You'll need to find the contract address for the token you want to buy and paste it into the DEX. Then, enter the amount of the token you want to sell and confirm the transaction.

Q: What are some of the risks of using DEXs?

A:

High gas fees: DEX transactions can incur high gas fees, especially on Ethereum-based DEXs like Uniswap.


Scams: There are many scams associated with DEXs, so it's important to be careful about which tokens you buy and where you swap them.


Loss of funds: If you lose your private key or your wallet gets hacked, you could lose all of your crypto

Q: What are some alternatives to MetaMask and Uniswap?

A:

Phantom and Titus wallets: These are two popular wallets for the Solana blockchain.


Orca and Jupiter: These are two DEXs on the Solana blockchain that have lower fees than Uniswap.

Q: What coins can I use for each wallet?

A:

---------- WALLETS ----------

METAMASK Wallet (Eth,Opt,BNB,Poly,Arbitrum, Avax, Linea chains)
➡ https://metamask.io/

Phantom Wallet (Solana, Eth, Polygon, Bitcoin chains)
➡ https://phantom.app/

Tidus Wallet (Solana, Eth, Polygon, Optimism, Bitcoin chains)
➡ https://www.tiduswallet.com/

----------DEX's ----------
UNISWAP - https://uniswap.io/
Orca - https://www.orca.so/
Jupiter - https://jup.ag/

➡️ Satoshi VM - https://www.satoshivm.io/

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A: When you log into Ledger Live it will say something along the line of, "Firmware is outdated.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

THE 2024 CRYPTO TAXES MASTERCLASS

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!

Q: What are some taxable events for cryptocurrency in the United States?

A: Buying and selling cryptocurrency, earning cryptocurrency through staking or mining, and using cryptocurrency to pay for goods or services are all taxable events in the United States.

Q: How are capital gains and losses on cryptocurrency taxed?

A: Capital gains and losses on cryptocurrency are taxed at the same rates as capital gains and losses on stocks. Short-term capital gains (held for less than one year) are taxed at your ordinary income tax rate, while long-term capital gains (held for more than one year) are taxed at a lower rate.

Q: What happens if I lose money on cryptocurrency?

A: If you lose money on cryptocurrency, you can claim a capital loss on your tax return. This can offset capital gains you have from other sources, and may also reduce your taxable income.

Q: How can I track my cryptocurrency transactions for tax purposes?

A: There are a number of cryptocurrency tax software programs available that can help you track your transactions and generate tax reports. CoinLedger is mentioned in the video as a free option for tracking up to 500 transactions.

Q: Does the IRS require me to report every single cryptocurrency transaction on my tax return?

Technically, yes, you are required to report all of your taxable cryptocurrency transactions on your tax return. However, the IRS does not have the resources to track every single transaction, so many people do not report all of their small transactions.

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: Is DOT deflationary or inflationary?

A: INFLATIONARY!


Time Stamp: 4:39 - 4:59

Q: What is required for NOMINATING?

A: All nominators must have 10 DOT


Time Stamp: 6:04 - 6:25

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: What is Cosmos/ATOM?

A: These are crypto blocks created every 6-7 seconds. They have incredibly fast transaction speeds and I recommend checking out the blue link under the video for more info!


Time Stamp: 2:34 - 2:56

Q: What device do I use and WHY?

A: LEDGER! Take a look at MODULE 2: Safety. There are step-by-step videos to help you set up your Ledger

I use Ledger because they're among the most secure cold storage devices on the market and safety should never be compromised

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