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By Zach — 2 years ago
In this review, we are going to see the SAFEST way to store your tezos ledger nano x, simulatenously! Tezos is self-amending, meaning that it does not need to go through regular hard forks in order to be upgraded. Even when hard forks are agreed upon by an entire network, they can create a lot of work for developers and node operators. Tezos has a more seamless upgrade process that does not involve regularly forking the blockchain. That said, it is possible for part of the network to decide to fork Tezos indeed, this has already happened during the initial KYC controversy.
The Tezos coin (XTZ) can be obtained through a number of prominent exchanges, including Kraken and Binance. Each exchange has different trading pairs, meaning that you can purchase XTZ by spending ETH, BTC, Tether, or fiat currency.
Traditional proof-of-stake, which is used in Ethereum’s upcoming Casper protocol, allows node operators to lock up their own tokens for a chance to validate blocks and earn token rewards. This system allows an unlimited number of nodes to vie for control over block validation, and the fact that countless stakers can exist makes the model highly decentralized. Unfortunately, staking is too expensive for many basic users: even if Ethereum lowers the minimum staking amount to 32 ETH, staking will still require thousands of dollars.
Meanwhile, delegated proof-of-stake (DPoS) allows users to stake their tokens in order to vote for a limited number of block producers. EOS, for example, elects only 21 block producers, all of whom are large organizations that must dedicate massive amounts of computing power. This model has come under fire for centralizing power in the hands of a few block producers.
However, delegation and voting make it possible for less wealthy users to have an indirect say over the course of the blockchain. Tezos combines these two models with its unique liquid proof-of-stake mechanism. This model allows up to 80,000 block validators or bakers to accept delegated tokens. Bakers must hold 10,000 XTZ, which is, again, thousands of dollars.
However, Tezos also allows users with smaller holdings to delegate their tokens to bakers and receive rewards in return. In other words, liquid proof-of-stake permits users to either become a full-fledged block validator or merely delegate tokens to validators. The following infographic gets into some of the specifics of the baking process, which involves unique features like a “quality assurance team” and a “bonding” or “cooldown” phase: Just like Ethereum and EOS, Tezos supports smart contracts, which are blockchain programs that can execute automatic transactions.
Tezos Ledger Nano X: How Do I Stake My Tezos On My Ledger Nano X?
Staking with Tezos (XTZ) – Earn money while holding crypto assets | Ledger Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network and, in return, holders are rewarded for their contribution. This can be compared to earning interest in a traditional bank. Tezos is a multi-purpose blockchain which uses a Proof-of-Stake protocol to secure its network. Token holders can delegate their accounts to a validator, who will be in charge of securing the network on their behalf.
Tezos Ledger Nano X: How Do I Set Up Baking Tezos On My Ledger Nano X?
The user may then earn the rewards generated minus validator’s fees. Discover Ledger Live When staking, you can earn a passive income by participating in the Tezos network via delegation. The current annual yield on Tezos is around 6%, minus a validator’s fees. You can use Staking Reward’s calculator to estimate your monthly earnings.
When you first start delegating, it will take roughly five weeks for you to receive your first rewards from your validator. After this, you can expect rewards about every 3 days. In Tezos, the current consensus mechanism is known as Liquid Proof-of-Stake (LPoS).
Token holders can delegate their validation rights to other token holders (called validators) without transferring ownership of their tokens. Contrary to other DPoS protocol, in Tezos you delegate your whole account. When delegating, your XTZ are completely liquid. You are free to move your tokens anytime as there are no freezing periods when delegating to a validator. There are no direct risks of delegating XTZ. The only risk you take is not earning the potential rewards.
How Can I Earn Passive Income With Tezos?
Carefully choose your validator to ensure quality of service and rewards. Select the Tezos account you want to delegate in Ledger Live Choose your validator (baker) by comparing estimated reward rate Verify and confirm delegation information on your Ledger hardware wallet Tezos token holders who are not interested in being a baker themselves can delegate their tokens to a validator to bake on their behalf.
When performing a delegation operation, you only send your baking rights to a validator: your XTZ stay on your wallet and remain yours. As you retain ownership of your assets, you can keep your XTZ on your hardware wallet while staking via delegation. This is the best way to keep your assets safe.
You can bake on your own by setting up a node and having at least 8.000 XTZ (8.000 XTZ is called a “roll”). Baking yourself requires you to run a Tezos node, a baker & endorser client. You should have a reliable Internet connection and high-availability servers. The more delegated funds a baker receives, the greater the chance it has to produce blocks and earn rewards.
Tezos Ledger Nano X: Final Verdict
Overall, this article gives you a high level view of how Tezos works and how you can make money by “baking” your coins to help validate transactions on the network. You can spend a lot more money and become a “baker”, however that is out of reach for most people. This is why I use my Ledger Nano X to earn passive income, WHILE keeping my private keys safe and in my possession.
Don’t be fooled and believe that you can only do this on an exchange. That is the WORST way to do this, as you are making the money, and letting them keep possession of your keys. It’s easy to setup and you don’t need ANY technical knowledge to do this. In the video above, it explains how I easily did this and how you can too.
If you own and believe in the Tezos Project, there is no reason why you should not be earning passive income while doing so, in the safest way possible. What are you waiting for? Get a Ledger Nano X now so you can safely stake your rewards and not risk leaving your private keys on on an exchange or hot wallet, where you are at risk!Post Views: 351
By Zach — 3 years ago
In this article I am going to provide you with the easiest way to buy bitcoin and also one way I personally earn free bitcoin by doing something I was already doing. This is a game changer! Within the last 24 hours, the Treasury Secretary of the United States, Steve Mnuchin, has made an announcement on regulating cryptocurrency and mentioned Bitcoin and Libra specifically. The recent tweet that was sent out by president Trump has been a bullish sign for many people. Not because he said it was “based on thin air” but, because no standing president has ever mentioned “bitcoin” or “cryptocurrency” at all, ever.
This is bringing more mainstream awareness and people who are uneducated may take that as a sign that they should stay away from it, because Trump said so. Most people however, are taking this as a sign that they should buy some bitcoin, just in case.
No matter where you stand, the big question many people ask that are completely new to cryptocurrencies is “What Is The Easiest Way To Buy Bitcoin?“. Luckily for you, I am an expert in this field and I will provide you the TWO easiest, fastest, and simplest ways to obtain your first bitcoin or fraction of a bitcoin. As an added bonus, I will provide you at the end of the article with a free tool that will allow you to EARN FREE BITCOIN, by doing something you are already doing every single day. This is a “YUUUUGGGGEEE” (as Trump would say) bonus, as there are very few legitimate ways to obtain bitcoin for free.
Let’s get right to it!
#1 Cash App
This is a free app (you may have already heard of) that is similar to Venmo. It’s designed for sending and receiving money easily between users and can connect your debit card, credit card, or bank account to facilitate these transactions. It’s super easy to use and I use it to pay people for splitting dinner tabs and splitting costs on various things and works flawlessly. Unlike Venmo, they have also setup a way to buy bitcoin directly through the app, and you can even set up a purchasing schedule if you so choose, but this is BY FAR the easiest way to buy it once you set up the app.
The steps are extremely easy to do this:
1.) Download the Cash App HERE. When you use this link, we both get $5 for free. Pretty Neat.
2.) Create your account and add either your debit card, credit card, or link your bank details if you’re so inclined.
3.) Click the Profile Icon in the upper left hand corner and scroll down and click on “Bitcoin”
4.) Click “Buy” (you can also sell at any time you want as well)
5.) Type in the dollar amount you want to buy and click “Confirm”
6.) You’re done! Your bitcoin will show up in your account within a few minutes. So simple.
This is a tried and true method I’ve used to buy bitcoin for both personal reasons and business reasons, with great success. This is one of the highest rated companies that you can buy bitcoin with a debit card or credit card with no limit. Now, in order to use a credit card there are some additional fees (not unlike Coinbase), but it will process and give you access to your coins in less than an hour instead of days. This is a good method if you want to buy them quickly and easily and do not want to use cash app or any other services.
This is the most trusted provider and the reviews are excellent. When I was originally looking for how to buy my first bitcoin, this was one of several options that came up, and back then, there were not many “trusted” options as there was many companies that did not have a good track record or many positive reviews, except this one.
This ultimately led me to use this service and not only was it quick and efficient, it was delivered within 20 minutes, and Coinbase was the only other option in the U.S. at the time and quoted a 10-day “verification” period just to activate an account. This didn’t even include the amount of time to let me buy my bitcoin, which would take another 3-7 business days. Not acceptable in my eyes.
If you want an easy and TRUSTED way to buy bitcoin with credit or debit card, then Coinmama is the way to go!
This is another service that is VERY interesting and is unlike CoinMama above in a few different ways. Although Paxful is a pretty well-known way you can purchase bitcoin with a credit card, the reason I am giving it a mention here is because of the other ways and payment methods you can use to obtain bitcoin (or other altcoins if you want). With Paxful, you can trade gift cards (Visa, Wal-Mart, Amazon, eBay, and Starbucks) just to name a few.
Additionally, you can also use Zelle (a money changing app similar to Venmo and other direct payment services that many banks use), SWIFT, MoneyGram, Alipay, WeChat Pay, and hundreds of other gift cards as well. It’s also worth mentioning that you can directy trade other altcoins in for bitcoin and vice-versa. So not only is it a fiat-to-crypto exchange, bult it can also be used as a crypto-to-crypto direct exchange (not unlike ShapeShift).
All this to say, it’s now become easier and easier with these services to BUY BITCOIN. Whether you trade you existing gift cards, other altcoins, or even CASH, it’s not easier than ever to get your hands on bitcoin. When I first tested this service, I received a $100 Amazon gift card for Christmas and I didn’t really want to use it for anything, so when I discovered I could trade it in for $100 worth of bitcoin, I was pretty excited to say the least. I will leave a list of all the hundreds of gift cards you can use to trade for crypto HERE.
I will have an in-depth review out for Paxful shortly. Stay Tuned!
Easiest Way To Buy Bitcoin – Conclusion
Overall, there are multiple ways to buy bitcoin (some easier than others) but the two main methods I’ve listed above are BY FAR the quickest and easiest ways to get it fast. The price is always fluctuating, so some people may be hesitant to buy right now in fear that it could go down in the future. Here’s the deal. In the grand scheme of things, hind-sight is 20/20 and over the next 3-5 years, I can almost guarantee that the price will be higher than the point is at right now, which is approx. $10,900 at the time of the writing.
This is one of the most important and unique inventions since the internet itself and will continue to bring forth different use cases and provide value to every single person on the planet. This is part of a much larger revolution where the people are now going to take back their financial power from the government and authorities, and there is NOTHING they can do to stop it.
That is powerful.
Bottom line, if you don’t currently have any bitcoin, you can start accumulating it in small amounts (as low as $10) at a time and it will start to grow very easily. You will be glad you did it when you look back, even in 6 months to a year from now. Mark my words!
What do you think? Are there easier ways to buy bitcoin right now? Let me know in the comments!
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.Post Views: 658
By Zach — 3 years ago
In this article I am going to give an recap of my experience using Blockfi, so let’s take a look at this Blockfi Review! Before I get into the burning questions about what this is and why you want it, I want to just mention that I recently wrote an in-depth ebook that goes over the 5 best ways to secure your cryptocurrency.
This information is extremely valuable and it goes into far more than just common sense. You can click HERE to get your free download now! This also gives an intro into the best practices when sending, receiving, or managing crypto in all cases, make sure to check it out! So let’s get to Blockfi and why it matters in today’s crypto market.
What Is BlockFi?
Blockfi is a new platform that allows you to get crypto-backed loans against fiat and also allows you to gain compound interest on your bitcoin holdings that you already have. DeFi (decentralized finance) is a new category in the space that is inevitably going blow up and has already shown signs of this happening.
This is basically a bank account for your crypto on steroids. It is fully insured and backed by the FDIC and SIPC Insurance that is partnered with Gemini Exchange. Anyone that is familiar with this exchange, it is very “by the book” and has customer protections in place to protect you in th event of the company going under.
This is a dual-purpose platform that now gives consumers a way to leverage their crypto holdings to help them get out of debt that they’ve accrued in fiat currency. Plain and simple. for example, let’s say you “HODL’ed” your bitcoin during the run up and crash that happened at the end of 2017 and you now want to put up your crypto as a way to get a loan (with a low 4.5%) interest rate to pay off some credit cards.
No problem, in fact, they do a 50% collateralized option, which basically means you just need to put up twice as much crypto as you take in fiat. So let’s say you need $10,000 to pay off credit cards, all you need to is to send $20,000 worth of bitcoin or ether in order to get the loan issued. You will get all of this back at the end of the term (usually 1 or 2 years, and you can prepay with no penalties). Additionally, any gains that your BTC made during that time is yours as well, so it’s a win-win situation (in my opinion).
What Is A Bitcoin Backed Loan?
I touched on this above, but this is a special type of loan that is “backed” or issued with collateral of either Bitcoin or Ethereum for the fiat value you receive. For example, if you need $5,000 US dollars, you would put up $10,000 US dollars worth of crypto to get a fiat loan until the low interest loan has been paid off.
The standard term lengths are usually 12-24 months. This is extremely helpful if you have less than stellar credit and you need an asset to use for leverage to help you pay off or pay down your debt that you’ve accrued.
This is an interesting concept, because this is the first type of asset class that you can be used as collateral for this type of use and it may pave the way for utilizing different types of value or asset classes in the future in different industries. This process is also fast, as most people get access to their funds within 2 business days.
Additionally, this is the first type of service that allows you to get a loan without having to pay origination fees and you get to KEEP all of your coins at the end of the term!
How Much Interest Can I Earn?
Right now, the interest rates are set at 6.2% APY (per year) compounded. This is subject to change or fluctuate for the future, but when you sign up for at least a 1 year term, you rate is locked in, so you won’t risk it going any lower during your term.
This is helpful because you can calculate what your monthly returns will be, and that doesn’t even include the gains you will make in the newly budding bull market. This is helpful, because you can know for sure that you will at least get a certain return amount at very least.
This method is just one way I decided to diversify my holdings in an attempt to earn more passive income leveraging the crypto I already hold on my hardware wallet. There are always risks when you invest, but this is pretty risk-free if you ask me, as it’s compounding interest that is paid to you each month and you don’t risk losing it, like you possibly can with other investments.
The interest rate can possibly go up or down over time, so I recommend that if you ‘re on the fence, top at least try and lock in a 1-year term like I did, before they change it.
With this bull market starting up, I can only assume the interest that is paid out will go down, as the value of your assets will likely far surpass that. 8% is pretty high, and it surely beats any CD or other bank or savings accounts out there.
What Are The Minimum Deposits And Terms?
This is detailed on Blockfi’s website as well, but I will list the details here below:
“There is no minimum or maximum deposit for the BlockFi Interest Account. However, only deposits over 0.5 BTC, 25 ETH, or $2,500 GUSD will accrue interest. Balances of up to and including 25 BTC or $100,000 GUSD will earn the 6.2% APY interest rate. All balances over that limit will earn a tiered rate of 2% interest. To clarify, if you had 25.5 BTC in your BIA account, the first 25 BTC would earn interest at 6.2% and the remaining 0.5 will earn interest at 2%. For ETH, balances between 25 ETH and 100 ETH will earn 3.25% APY. ETH balances above 100 ETH will earn 0.2% APY.”
Is It Safe To Use Blockfi?
There are always risks when sending your private keys to a 3rd party, however you need to weigh your options. This is not for everyone, but is a good resource for people that have racked up a lot of debt and have an asset in their savings that they can now use in order to get some relief. There has never been an option like this before in the past, so I only recommend doing this if you need it.
Anyone that knows me knows that I’m a HUGE advocate of keeping your private keys in your possession at all times. So why did I try this? The simple answer is diversification. To clarify, I didn’t use the bitcoin backed loan option, but rather the compound interest option with some extra ETH that I had on my hardware wallet that I was willing to risk. Holding it on a hardware wallet is always the safest, but that just means you will live with the gains (or losses for the past year and a half) with whatever the market gives you.
Overall, I liked the service and the customer support that I received. I always like to support crypto-based companies because I am fascinated with the space and I am always eager to see the new innovation that is being created within this new industry. I wanted to try to earn some compound interest on coins I was going to be HODL-ing anyways and I used the minimum amount required just to test it out. If I like it and my experience is smooth after 12 months, I may go longer. We will have to see where the market is at that point.
The one take away I will give you is, if you have only a small amount of BTC or ETH, I would still use a hardware wallet to store your coins, until you’ve accumulated a lot more of it. If you want to start diversifying and branch out once you’ve built up your stash like I have, it’s a very interesting way of “guaranteeing” returns, for coins you plan on keeping for a long time. I will leave a link below for the hardware wallet that is my favorite right now below!
What do you think? Would you hand over your private keys for compound interest at 6%? Let me know if the comments below!
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.Post Views: 599