Blocknet staking - step-by-step video tutorial from FIAT to Blocknet wallet
I want to share with you simple video tutorial on how to get money from your bank to Blocknet wallet and perform Blocknet staking to receive staking rewards. If you already own some cryptocurrency or even BLOCK tokens, some steps might be skipped.
In this case I have 20 EUR in my bank account, I deposit them to Kraken, find cheapest way to transfer funds to Bittrex exchange (here is how), exchange euros to Dogecoin, transfer Dogecoin to Bittrex exchange, exchange Dogecoin to Bitcoin, buy BLOCK tokens, withdraw BLOCK tokens to installed Blocknet wallet and configure wallet to stake. At the end I will provide some numbers and calculations to perform reasonable staking. Lets go!
Contents
Step 1. 00:00-00:35 Getting deposit details on Kraken exchange
Step 2. 00:35–01:37 Making money transfer to Kraken exchange
Step 3. 01:37–05:46 Converting FIAT to cryptocurrency and transferring funds to Bittrex
Step 4. 05:46–08:53 Exchanging Dogecoin to BLOCK tokens
Step 5. 08:53–09:54 Installing Blocknet wallet
Step 6 09:54–END Making profit
Step 7. Some calculations and insights
Step 1. Getting deposit details on Kraken exchange
On 00:00-00:35 you can see how to get deposit details on Kraken exchange to transfer funds from your bank account to Kraken exchange. You need company name, IBAN number and reference code.
Step 2. Making money transfer to Kraken exchange
On 00:35–01:37 you can see how to make money transfer to Kraken exchange. For this task I've used N26 bank's app.
Step 3. Converting FIAT to cryptocurrency and transferring funds to Bittrex
On 01:37–05:46 you can see that I found Dogecoin as cheapest way to transfer funds from Kraken to Bittrex exchange. First euros were exchanged to Bitcoins. Then these Bitcoins were used to buy Dogecoin. Afterwards I've generated Dogecoin deposit address on Bittrex and withdrawed Dogecoin on Kraken to Bittrex exchange.
Step 4. Exchanging Dogecoin to BLOCK tokens
On 05:46–08:53 received Dogecoin were exchanged to Bitcoin in order to buy BLOCK tokens.
Step 5. Installing Blocknet wallet
A brief moment to take a sip of coffie or look out the window. On 08:53–09:54 you can see simple steps of installing Blocknet wallet. After installing the wallet you need to leave it running for a while until blockchain synchronization is complete.
Step 6. Making profit
On the last part from 09:54 you can see that blockchain synchronization is finished. First you need to encrypt wallet with some password which you should store in a safe place, because it cant be retrieved if forgotten and your funds would be lost. Then I am using wallets receive address to deposit BLOCK tokens from Bittrex exchange to the wallet. Once you successfully deposited BLOCK tokens, you need to unlock the wallet for staking (dont forget to tick the mark). After a little while (after 60 confirmations - could take an hour), your wallet will start staking and receiving staking rewards!!!
Step 7. Some calculations and insights
Of course with 20 EUR you will not get rich, because at the moment of this writing it would take over 2 years to receive your first staking rewards and it would be about 4.35 EUR.
If you want to calculate number of minutes until your next reward, you need to divide average staking pool by the amount of BLOCK tokens you have. At the moment of this writing yearly ROI for staking only (not running a service node) was 13.5%.
For current numbers and profit calculations you can check this spreadsheet (here "Staked coinds" -> staking pool).
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IMPORTANT ( to all who read this) : make sure you are on the latest wallet version, v.3.9.16. There is a fork still going on, and lots of bad mess in last two days.
It is worth also to check time to time, that you are on a valid chain ( not forked). Do this in console, with command < getblockchaininfo >, and compare your last block data to the last from the block explorer
Good luck and enjoy hodling #block - probably the most valuable coin in 2018
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