How to transfer Crypto to a Wallet and Stake It
This is a continuation of my previous article on How to Buy Crypto Currencies from Jamaica.
Note: This is article is written for educational purposes and should not be considered financial advice.
Why transfer your Crypto to a Wallet?
Crypto Currency exchanges tend encounter a lot of challenges, namely, regulations from government entities, scams, government shutdowns etc.. Many persons opt to place their Crypto in wallets. Although hardware wallets are considered the most secure, I will be focusing on software wallets for this tutorial given how easy and convenient they are to set up. If you are interested in purchasing a hardware wallet then check out the Ledger Nano S.
Ready? Lets begin.
Transferring Crypto to Atomic Wallet
Atomic is a great Crypto Wallet that you can use to store your Crypto, stake it and more. Let’s say you have some ZIL on Binance that you want to transfer to your Atomic Wallet.
Select withdraw and you will be taken to the withdrawal screen.
Now go over to Atomic, search for ZIL and select it. I am using the Windows version of Atomic.
Select Receive.
Copy the link
Now lets go back to the withdrawal screen for ZIL on Binance and paste the address then select Withdraw.
Your ZIL address will be different from mine.
You will be prompted to confirm the transaction and enter the required security information. Once successful, you should see the screen below.
The transaction will take a couple of minutes to be reflected in your Atomic Wallet. Check your wallet and you will see that the ZIL has been successfully received. It’s now stored in your wallet. You can repeat this process with any Crypto Currency supported by the wallet.
How to Stake Your Crypto
Staking can be done on the exchanges and in any wallets that support them. Below is an image about staking on CEX.
Here is a definition of staking from Binance:
Simply put, staking is the act of locking crypto currencies to receive rewards.
For this tutorial, I will show you how to stake in your Atomic Wallet. Let’s go back to Atomic and select Staking.
Select Zilliqa.
Select Stake.
You will be prompted to enter your password and confirm. You should see the success screen below. It is advised to select the same Validator(Atomic Wallet in the case) each time you stake.
Congratulations your ZIL has been Staked. Check it back in a few months or a year and you should be smiling. There is a Network fee attached to staking so it is advised to stake for a long period of time so you can earn more than the fee you paid. Claiming your rewards will may take about a week(depends on the validator). It will also take about 1–2 weeks to unstake your ZIL. Transactions done in the Atomic Wallet may take a few minutes to reflect. You can sign out and sign back in if you still don’t see a transaction reflected.
Extra
The news affects Crypto prices just as it affects stock prices. You can keep up with the latest Crypto News by signing up for CoinMarketCap News.
Liked my article? You can consider buying me a book by selecting the link below.
Or you can donate ADA to this address: addr1qyw74nh86ewu5mes0gkfw09y2qgqs7fjmacf7th4flnjrn0zdnpspv7sr0kw0gz84gzxzdw7k8ammwa47luqhl53lv0sdulm5a
Buying the Ledger Nano S with my link gives me a commission. You can also stake ZIL with the Ledger Nano S.
