I know many of you have this same question as many of my friends keep asking me.
What's next after spending my byteballs?
Just some few days ago steemian beamed with smiles as the byteball team decided to give every steemian with a reputation above 30 some rewards after approving ownership of their accounts, tying them to a byteball address and recording it in the byteball network/ledger.
You need to bear in mind that, it is not over yet.
Half of the reward will be immediately available, the other half will be locked on a smart contract and can be spent after 1 year.
Whatever reward was giving you, the same amount is still sitting in your wallet and in case you referred someone, you have 75% of the referral rewards (or 3 time what you were able to spend instantly) of referral reward still in your wallet.
Yes, it is still there but can only touch that after a 365 days countdown.
What Should you do now..?
In case you are someone like me who likes changing phones or they keep getting missing. There are some few precautions you need to take
Open your byteball app, click the menu at the top left and go to settings
Scroll down to the backup section
In the backup section, there are 4 things there
- Back up wallet seed
- Recovery from seed
- Full backup
- Recover from full backup
This means there are two backup means. Seed and full backup
- For single wallets, a seed backup is ok
- For a multisig wallet, a full backup is necessary
In order to be on the safer side, I prefer you go for a full backup, whether single or multisig wallet
Set a password for your backup, please choose something you will remember after a year.... lol
Afterward, hit export and save the encrypted file
Lastly, copy the encrypted file and save it somewhere safe.
Probably you have a thumb drive on which u keep all your backups and keys and other stuff.
Some may choose to trust some cloud service to do that for them
Others may save on several pc with some funny name.
It all depends on you. Save it well
It is adviced that you do not setup your account on another device while you still have this one running
All these are my own thoughts and I do not in anyway affiliated to the byteball team so you do all these at your own risk but it is a tried and tested means