How To Stake Your PotCoins Benefits of Staking:
How To Stake Your PotCoins
Benefits of Staking:
GENERATE INTEREST
When you stake PotCoins, the network rewards you with an annual interest rate of approximately 5%.
SUPPORT THE NETWORK
By staking your PotCoin your computer becomes an active node on the network, processing and relaying transactions. It not only earns you additional PotCoins but it's also the backbone of the PotCoin network and security.
CONTROL YOUR FUNDS
Staking your PotCoin requires the coins to be held in your desktop QT wallet. This encourages people to take control of their finances rather than leaving their private keys in the hands of third party services.
Rules you need to know:
• Before your coins begin staking they must be held for about 8 hours in the QT wallet. Every time you send coins to another address, the 8 hour coin age resets.
• Once your coins have staked, they will be “locked” for 240 blocks until they can be spent or staked again.
• Once your wallet has been unlocked and is staking, it will continue to automatically stake your coins unless you lock your wallet.
How to Stake:
Step 1 - Download and Install the PotCoin Desktop QT wallet
Step 2 - Send PotCoins to your Desktop QT Wallet.
Step 3 - Encrypt your wallet. It is important to remember your password or your coins will be lost. Please write down your password somewhere safe.
Step 4 - In order to stake you will have to unlock your PotCoin wallet. Unlock your wallet “for staking only” enter your password and the QT wallet will begin to stake. Look out for the little green Staking Arrow in the bottom right hand corner of your wallet.
Congrats, you are now STAKING!
Reserving a balance (Advanced Feature):
It is possible to “reserve” a balance in your desktop QT wallet. Reserving a balance will allow you to spend those “reserved” coins while your wallet is staking. In order to reserve a balance, open your QT wallet and open the Console. The console can be found by clicking the help menu, then the ‘debug info’ tab and you will see the option to open the “CONSOLE”.
Type the following command in the console and replace “X” with the number of coins you wish to RESERVE:
reservebalance true X
Type the following command in the console to remove the RESERVE balance:
reservebalance false
