Last week, I put up a post looking for more ways to earn income in crypto land. Feel free to check it out, both the original post and all the comments if you want some ideas. It had a decent response and one of the suggestions was to stake a coin called XPTX - PlatinumBar.
Source: pixabay
What I have learnt so far is that staking a coin is not a particularly difficult process - but it takes money to make money in this instance.
- I started by setting up a full XPTX windows wallet.
- Next step was to buy some of the coin. This particular coin is only listed on a couple of exchanges, so I had to open a new account with Cryptopia. click this link (that is a referal link, I will benefit if you join and trade from it) It looks like a good exchange, but I don't have a big frame of reference to judge. Lots of small market cap coins and interesting options.
- I then had to get some other coins in there to exchange to XPTX. Firstly I sent some BTC I had accrued from my cloud mining. This was around 0.005 BTC (which is Cryptopia's minimum trade size). I purchased my first 5 XPTX and sent it to my wallet.
- Quickly realising that this was a very small amount and would probably take ages to earn a staking reward, I assessed my options and discovered Cryptopia also has byteballs listed. I sent some of my remaining byteballs there, swapped them to BTC and then bought another 5 XPTX. Sent them to my wallet also. (If only STEEM was listed there, then all my favourite coins would be in one place)
- The next thing I stumbled across is something called "Coin Control". Basically, 1 parcel of coins will stake quicker than 2 small parcels of coins. (Even if the total is the same) I found on the XPTX discord server a link explaining all this, so I combined my 2 parcels of coins into 1.
- So now, the coins are in my wallet, and I have an "expected time to earn a reward" of 85 days. Obviously I don't have enough coins, but you have to start somewhere right?
My plan over the coming weeks is to slowly build up my stash of PlatinumBar coins by purchasing them whenever I have enough funds from other sources to do so. It looks like it takes 300 - 500 coins to have a decent sized stake that will earn quickly. That will take me many months at my current rate, and as I don't have fiat available to invest, patience is needed. Slow progress is better than no progress.
source: pic of my wallet
Definitely not a get rich quick scheme, but staking does look like a good way to earn crypto. There are many other coins that are "Proof of Stake", I have just started with XPTX as it was suggested to me. Once I have built it up to a decent size, I will explore other options or staking pools to grow further.
Thanks for reading and have a great day,
John.
If you would like some free crypto, follow this link: https://www.mannabase.com/?ref=4884fdd285. Manna is a cryptocurrency aimed at providing a Universal Basic Income to all. Once a week, Manna is deposited in your account. You can earn bonuses through referrals like this.
