So last night i very reluctantly moved my entire bag of XTZ from Coinbase to my Ledger Nano X cold wallet. I had been putting it off for quite some time because i really didn't want to start the whole process of waiting 30-40 days to start receiving staking rewards again. I was happy with the 5.31% compounding interest that Coinbase had been paying me for the last few months and honestly, i thought the process would be a pain in the ass. On top of that the lifetime rewards counter on Coinbase is mesmerizing. Little did i know that the entire process was fast and painless and over in about 5 minutes.
It was a necessary move though as i did not really feel comfortable keeping my small bag in a wallet that i did not hold the keys to. On top of that the rewards that Coinbase was paying had been slowly growing smaller and smaller and i just did not want to lose the 25% cut they had been taking the last few months. Thus begins the process. To begin all you have to do is open your Ledger Live desktop app, connect and unlock your Nano X, navigate to the dashboard, and open the Ledger manager.
In the App catalog simply search for and install the Tezos app and download it. Once it is finished downloading you will go to the accounts tab, click on add account, and search for Tezos. Verify on your Nano x and it will create an empty Tezos wallet for you. Now you are all set and all you have to do is deposit some Tezos in it and you can delegate and start staking.
Once your Tezos arrives you will see a button at the bottom of the screen that says earn rewards. When you click on that it will take you to the delegation menu where it will give you a list of Validators with the interest rate they offer out to the side of them.
Some validators may be over delegated which will be noted under their name, be sure to choose on that is not over delegated. Once you choose a validator all you have to do is confirm it on your Nano x and you are good to go. You will pay a small network fee and that's it. Your delegation is now set and in 30-40 days you will start receiving your rewards. If you want to use multiple validators all you need to do is create another Tezos account in your Tezos wallet, deposit some XTZ into it, and repeat the process. Thats basically all there is to it. I know that this article is pretty basic but it was mainly written to show you that delegating/staking with your Ledger Nano x and Leger Live is extremely fast and simple. Please feel free to leave any questions or comments in the comments section and thank you for taking the time to read. i appreciate you guys, all of you. Below is a link to a video walk through for anyone that needs a little more visual aid.
My reward % went from 5.31% with coinbase up to 5.93% by staking with Ledger Live. It's not a ton of extra XTZ but every little bit counts especially when it is compounding every three days AND it's much safer in my cold wallet than on an exchange. Thank you for the comment.