**February 22nd: STAKE REWARD UPDATED IN COMMENTS @ BOTTOM OF PAGE **
***Feb 11, 2018 - Transaction ID NO LONG REQUIRED :) ***
Hey - so if you are here, you probably had a chance to read the previous piece that explains the difference between mining cryptocurrency coins through proof of work, and forging coins through proof of stake.
If you haven’t had a chance yet, no worries - let's get started.
There is some serious coin to rake in.
A Step-by-Step, How to Crypto Guide: Stake United's proof of stake mining pool registration, and setting up your 1st stake
I put their page directly into this step by step so you can register.
After you register with Stake United Automated Managed Pooling, the previous read becomes a lot easier to digest.
I'll just quickly reiterate here, the more people that there are in the pool, the stronger the take away is from each round of collecting your stake. As time passes, expect those who are joining right now, while the program is young, to see the greatest benefits over time.
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So lets get started, I’m going to take you through signing up and getting your first stake - all of which is very easy.
If you have any questions, don’t hesitate to email me.
The list of steps is below.
- Only need your email. Love the anonymity.
2. Transfer Coins to Stake United Pool
- NO LONGER NECESSARY
Must haveTransaction Identification (txID) of your withdrawal, you will find it on your wallet or whatever exchange you are sending the coins from. Should be in withdrawal history beside the transaction record..
3. Sit back and watch your coins grow.
- This might be the hardest part :P
Literally that's all this process takes, and you are getting stake in this pool.
Thats why I love blockchain technology. It's financial vehicles like this that make investing so easy.
Go to the Stake United website and register and start registration at the top right hand corner of your screen. You can click on any image to jump to Stake United, or you can actually just use their page that I’ve installed at the top of the guide - I try to make it easy for my readers.
Click on Register
Fill out this registration form prompt that pops up on your screen.
Log into Stake United with your email and password that you just used to register.
Great. Now you are a part of the Stake United community.
Time to get stakin!
STEP 2 - TRANSFER COINS TO STAKE UNITED POOL
Now that you are logged in, it’s time to get your coins into the pool.
Start by clicking on Account Balance at the top left hand corner of your screen to see a list of coins available to pool.
Once the balances page loads, you should see a list of coins that are available to pool.
Remember each individual coin has its own code, its own developers, its own rules. So you should carefully analyze which coins you want to start growing before moving any farther.
You can see above that I’m starting my stake with only 3% of a single bitcoin.
Definitely not a lot, around $250 at the time of this writing (bloody week in the markets!), but again, this pool is generating more coins simply as time passes.
So that 3% of a bitcoin, could look like 6% of a bitcoin, or 20% of a bitcoin, etc. depending on the how quickly the stakes come in for the coins you choose, and how long you keep staking.
So let’s look at some of the columns in this chart to understand what they mean. They are important.
QUICK LESSON: ACCOUNT BALANCE COLUMNS ON STAKE UNITED
1st Column: Represents whether the coin is actively staking or not. Pretty straight forward.
2nd Column: The second column is the deposit and withdrawal column, we will come back to this one.
3rd Column: Currencies Available to Stakes
4th Column: Price in both BTC and USD of the coin.
5th Column: Your current balance in the pool.
6th Column: Your current balance converted to BTC and USD.
7th Column: Your total deposit of a certain coin into the pool.
8th Column: Stake count is the number of times you’ve taken your stake in the mining pool.
9th Column: Stake rewards will tell you how many coins you are receiving for that particular currency, per each take on the stake.
10th Column: Probably the most important column you will look at if you are a beginner. The Hour/Stake detail is the time it takes for your stakes to come in through in hourly cycles.
Some are 2 hours per staking cycle, some up to 100 hours.
Depending on your investment profile, how aggressive you are, you may want to stake in something that doubles up quickly, or that may have longer term value because of its functionality in the blockchain ecosystem.
I am personally staking in XP (Experience Points) coin, and DVRS (Diverse).
XP is a slow staker with small payouts, I genuinely believe in the project and will most likely be staking XP for a long time. Hodler!
In contrast, DVRS is a more aggro stake, with estimated returns of %3000 over 5 months, according to their teams outline on the block explorer.
You can trade DVRS for BTC on coinexchange.io so this system of aggressive stakes does actually generate actionable value, when you transfer your coins back to the exchange and get your Bitcoin.
Now that you understand the Account Balances Chart, its time to transfer in the coin that you think has the highest potential, for yielding value over time, given your personal investing comfort.
Let's take a look at a successful transfer.
Choosing your coin for staking really does depend on your personal investing preferences, but once you have, the transfer process is easy.
For this example we will look at depositing XP.
Just scroll down to the bottom of the chart in the account balances tab, and click on the Plus (+) symbol to he left of the XP ticker (or the coin that you want yourself).
Now enter the number of coins you are looking to begin staking.
This was my entire XP hodling.
Now you are just letting Stake United know that coins are incoming, you haven't deposited anything yet. When you have your exact number of coins ready to transfer, continue reading.
Now there are 2 parts to the deposit... SO YOU MUST PAY ATTENTION.
You’ve only just let Stake United know that your coins are incoming to the pool, they aren’t actually in the Stake United pool yet.
There is still the matter of sending of your coins from the exchange, or wallet, they are on, to the pool. Using the prompt that pops up.
It looks like this.
Take that deposit address and head back to the wallet or exchange your soon to be pooled coins are sitting on.
Once you have made the withdrawal request on your wallet or exchange, using the deposit address given to you by Stakes United, you will then be given a Transaction ID once the transaction has processed on that exchange.
If you use Coinexchange.io it will look something like this.
Go back to your Account balance page on stake United, scroll down to your pending deposits at the botom of the page.
This was the amount you intended on sending to Stakes United when asked you how many coins you wanted to transfer.
Update the deposit prompt with your txID, the window came up before with the Stake United Deposit address. You just have to copy and paste the txID from your exchange or wallet withdrawal transaction record, into this window and hit ‘Update Deposit’.
After that you see your pending deposits now processing, and there should be a 2 hour timer that comes up where your deposit to the pool is processing.
Make sure you check your deposit history after 2 hours to see that your deposits did in fact make it to the pool.
Now you can see in my deposit history detail here, the coins have yet to be staking. That’s ok.
It actually takes 1 staking cycle before your coins join the group of takers. A few discord conversations with the Stake United team helped me iron out questions I had on the timeline for my stakes.
See the most recent payout schedule here.
StakeUnited Daily Percentages
Overview Data extracted and updated every day around 0: 00 UTC * Historical records only, StakeUnited cannot promise or guarantee returns as they are the decision of each coin developer. WEEK 3, Day 15, Day 16, Day 17, Day 18, Day 19, Day 20, Day 21, Daily Average, Weekly Total AERM, staking ...
Those are daily percentage payouts…
So because the process of working your coins into the pool requires computation on a large scale, it is understandable that it would take time before staking begins.
Leading us to the last, and most important, step in this guide.
STEP 3 - SIT BACK AND WATCH YOUR COINS, YOUR WEALTH, GROW AUTOMATICALLY
That’s basically it for the set up.
Really easy, especially if you already know how to navigate wallets, exchanges, and deposit address.
Basic crypto stuff.
But this basic stuff is also allowing anyone to become their own autonomous investor.
This is how I personally feel being a part the community and Stake United Pool...
I’m looking forward to what the Stake United team has in store for their pool.
I know the list of coins is diversifying while many of the coins are lined up to hit major exchanges.
XP, for example, just barely missed out on making it to Binance in December.
So if I’m lucky, by the next round of listings, it will be accepted, and my modest hodlings will #MOON.
Withdrawing coins from the pool also does take some time. Again, it all depends on which coin you are staking. So it's always good to give yourself preparation time if you want your coins back on the market.
Something called coin control is the window where withdrawal requests are carried out.
Withdrawal of your staked coins is explained by Stake United below:
Remember this is a lot of computation, so the process takes time.
But its so worth it - you are quite literally printing coins.
If you have any questions or get stuck anywhere, do not hesitate to email me.
But I suspect as the process is very easy, you should have no problem plopping your cryptocurrency into the system, and creating wealth of your own.
Hope this helped!
Cheers to your future in the pool!
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