I wanted to write about Tezos and Staking for a long time, but TheSnarfy just posted a great article about it so please go there and read the article!
Tezos has "baking" which is like mining Bitcoin but Tezos, and you can become a baker and start baking more Tezos!
Or you can "stake" Tezos!
Staking is like delegating your token to somebody (baker) and earn interest on it.
(You are not sending Tezos to a baker. Baker will not be able to spend your Tezos)
And baker (Coinbase, in this case) will do all the work for you and you will get a cut for delegating Tezos.
How do you do that?
Now trade it! BAT -> XTZ
- Click on "Portfolio" and select "Basic Attention Token"
- Click "Trade" and pick "Convert"
- You need to change "To Tezos" and "Convert All"
- Hit "Convert now"
Once you traded your BAT to Tezos, you need to enable staking to earn more Tezos!
How to turn on Staking
- Go to "Settings" and click "Financial services"
- Turn on "Staking (Tezos)"
What is going to happen after staking is enabled?
You get rewards every 3 days!!!
This is my reward so far.
Important thing to remember is that there is a 35-40 days holding period.
After that you will start receiving rewards every 3 days.
Coinbase is not the only baker!
I use Coinbase because it is convenient but you can use any bakers.
MyTezosBaker is a good place to start.
Baking Bad looks interesting too.
Some bakers will give your a lot more reward than Coinbase.