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If you are hodling ADA on your exchange you should move it into a wallet so you can accrue ADA for holding onto it.

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by COINS NEWS 225 Views

I still see people who havent done it yet, it's super simple and the rewards compound on each other each epoch! You are missing on easy money if you are playing for long term hodling.

1.) Download the yoroi wallet mobile app from the cardano website directly. (There are fake wallets out there apple and google play stores havent/wont address them) 2.) Write down your 15 word wallet key, this gives you access to your wallet if you ever lose your phone or computer. Never store this code on your phone or computer in case you get hacked or phone stolen. Itll keep your funds from being compromised. Write it down on multiple pieces of paper and keep them hidden safe. Never share this key with ANYONE under any circumstance. 3.) Once you have the wallet setup, send a small amount to test the Waters and make sure nothing is wrong. Once you see it hit your wallet your good to send the rest or a portion of your hodlings. 4.) Once you have ADA in your wallet you can delegate it to a stake pool for rewards. Anywhere from 5%-6% the pool gives you an estimate on annual returns. Now your ada has to be staked for 30 days to see rewards. Once that's over you earn ada every 5 days (or epochs) and the rewards compound with each epoch. If you have questions you can ask me. I've helped a couple people out already and figure this might help a few people that still hold ADA on exchange to get their rewards. (Your exchange probably stakes your ada on the exchange and pockets rewards themselves, taking rewards you could take for yourself.) Happy staking folks hope I helped someone!

submitted by /u/kramwham
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