Learn to Bake Tezos

Baking (Staking) with Tezos. A brief explanation.


Have you heard of Tezos? I should hope so! It's Ranked 10th in Market cap for all Cryptocurrencies. This Crypto started out with some controversy (but we wont get into that here) and had one of the biggest ICO's ever. I actually really like the Governance model as it can self govern and change itself. (Tho nothing is perfect). For me it's one of the most exciting Coins out there! However what hooked me was the baking system or often referred to staking with other coins. Baking with Tezos is slightly different and is not done with a 3rd party so there is no risk of losing your Baking investment. (However with a bad baker you can lose your return.)

Baking can be done with a minimum of just 1 Tezos, this will obviously not have a large payout. So what I did was I used my earnings from the Coinbase earn program (don't worry I wont spam my referral links here) and swapped them for Tezos. This allowed me to have at least a decent start for Baking.(I've bought several hundred since and baked those too!) Coinbase earn actually has a program to stake Tezos (USA Resdidents only). This however has a lower than competitive interest rate and Coinbase even takes a larger than competitive cut and lets not even start with the negatives of keeping your Crypto on a centralized exchange.

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So what I suggest is dowloading your Tezos Wallet and transferring your Tezos and start Baking the way it was intended. Tezbox can Link with Ledger/Tezor and can be secure while your baking it. Setting up a wallet is comparatively easy as any other Crypto wallet and be sure to record important info Like Passphase/PW/etc...

 

Once your wallet is all set up head on over to MyTezosBaker.com or Baking-Bad.org and pick yourself a Baker. Here you can find longstanding bakers and all sorts of important information on each Baker. This is where it gets a little complicated so I suggest you watch my Youtube video (above) or find another equally/more informative video to help you understand the sites better. Don't feel overwhelmed if I can do it, anyone can. 

Once you've picked your Baker and started baking some Tezos you can check live on it's progress by clicking on the "View on TZSTATS" button within your Tezbox wallet. Boom you're now Baking Tezos.

If you want to take it a step farther you can actually become a Baker. This has a min Requirement of 8000 Tezos and requires another post for another day. ;-)

Some important things you should know.

-It takes nearly 34 days (7 cycles) for your Baking rewards to start rolling in.

-You can add or withdrawn Tezos at any time and still Bake. However be mindful that you still meet the Min requirement for the current Baker.

-You can switch Bakers at anytime.

-You can't lose your initial investment or any Tezos once it's deposited into your wallet. However a Bad Baker may cause you to lose your Baking rewards and possibly reward less than stated. So it's a good idea to check in on the status of your baker regularly. 

-Tezos is a inflationary coin

-I'm not a financial adviser, this is merely an informative article on how Baking Tezos works. Hope you enjoyed it.

-There is an official Tezos faucet. It's hard to get onto at times. Tezos Faucet

 

Check this and many other means of earning Cryptocurrecy on my Youtube or follow one of my Social Media outlets. Until next time, Get claiming!

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Poorboycrypto
Poorboycrypto

Hello, I'm Poorboycrypto and I host a Youtube channel among other content creations. My aim is to help others earn cryptocurrency for little to no cost by preforming various tasks. I inform anyone willing to listen/watch.


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