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Easy Steps To Crypto Mining

I'll show you how you can buy and stake the "Etherium killer" Cardano(ADA) coin which makes you a Crypto miner, averaging roughly 5% more ADA per year plus coin value increases!

The Plan - Executive Summary

1. Open an account at the exchange binance.us using THIS LINK!
2. Perform all the Know Your Client (KYC) credential submissions.
3. Install the AUTHY 2-Factor Authentication program.
4. Buy your comfortable amount of the coin ADA from binance.us.
5. Install the Yoroi Wallet as an extension to your Chrome browser.
6. WRITE DOWN THE RECOVERY KEY ON PAPER!
7. Send your ADA to your YOROI wallet.
8. Delegate your ADA inside Yoroi.
9. Watch your amount of ADA grow and watch the price of ADA grow... Hopefully! ;)

First of all let me say that I am not a licensed financial advisor and that you should not put in more than you can afford to lose.

Every good financial advisor will tell you that you should have about 5% of your investments in a speculative venture and 5% in Gold or other hedge against inflation.  In my opinion this fits both categories.  More on this later.

You may have heard Elon Musk say he didn't like Bitcoin because it's bad for the environment because of the power that is needed to mine and transact with it. This is because Bitcoin is a "Proof Of Work" coin. Meaning you have to prove you did the work necessary to have earned a coin. That work is done by complex mathematical calculations that use a lot of computer power and thus electricity. The Etherium coin is the same way, for now.

Whereas, Cardano is a "Proof Of Stake" coin. You only need to prove you are holding some and not going to sell it for a period of time. Kind of like a CD or Certificate Of Deposit at the bank. If you leave your money in there for a promised period of time they will give you a better interest rate. Waaaay less electricity used! Thus, more popular with the environmentally concious.

Now The Details

1. Why binance.us?

I started buying my first Crypto inside CashApp where it was easy to allocate some cash to Bitcoin and didn't care about the 2-3% fees I was paying. Then I found Coinbase where there were more coins to buy than just Bitcoin and the fees were about the same. Then, I discovered Coinbase Pro where the fees were only half of a percent. This was a huge savings on larger transactions, and let me buy and sell more frequently to take advantage of 5% moves in price without giving it all up in fees.

Enter Binance. The fees are only .18%. Full disclosure: I do get a small portion of your fees if you use my link but it does not change the amount you would have paid anyway. Technically you could use any exchange especially if you already have an account somewhere. Binance is the largest US regulated crypto exchange which should be safe.

However, some chatter on regulatory challenges lately so DO NOT LEAVE A BIG BALANCE in Binance. Use them to buy your ADA then transfer it out to your "out of exchange" wallet as soon as possible. That way if they get shut down you can use another exchange to add more or sell any later. You can do research and use any exchange you want.

2. What is KYC?

In order to comply with United States Financial laws you are required to submit picture ID and proof of address like a utility bill to show you actually live in the country. This is to prevent money laundering and the support of criminal activity or the appearance thereof. It takes a day or 2 to get it all done so don't delay in getting it started. You may still be able to buy coins without it being complete but you will not be able to make transfers or withdrawls until it is done.

3. Two-Factor Authentication

You have probably used SMS authentication before where they send you a code by text message and you type that in. Two-Factor Authenticaiton is the next step above that level of security. You have a program on your phone or computer that has a key from the site you need to secure and when you want to perform a sensative task they ask you for the key. You have to open that Authentication program on your phone or computer and give them the key that is showing at that time for that website.

I started using Google Authenticator and have since switched to AUTHY because that can be on more than one device. Would stink if my phone got lost with the google program with no way to easily recover it. So, I have it on my phone AND my desktop PC at home.

4. How much to buy?

As stated before don't buy more than you can afford to lose! Price could drop significantly or crypto could be outlawed at any time. These are less and less likely as time goes on since things like El Salvador just made Bitcoin it's national currency, but BE WISE and disciplined! I am putting some in monthly towards one of my streams of retirement income. So if the price swings wildly in the next few months I will just use the lower prices as buying opportunities to accumulate more. More on price potential later.

5. Yoroi Wallet

Some crypto can be staked at the exchange and you get rewarded just by owning it. The advantage of needing a wallet is 2 fold. Crypto in an exchange can easily be sold so there are no effects on supply and demand. If it is locked away in your own private wallet it is not on the open market and limits what is available thus putting a limit on supply which makes the price go up quicker in periods of demand. AND, if the exchange went bankrupt you are still holding your cryto and can trade directly with others or a different exchange. Kind of like cash in a safe versus numbers in a bank account in a bank that could fold.

There is more than one wallet that can be used for this but I chose Yoroi since it is the simplest and less overhead intensive. You could research and switch to another if you prefer. The daedalus wallet is better and more secure but not as simple to set up.

6. Wallet security

My dental hygenist's husband had some crypto in a wallet with the key printed on a piece of paper and the dog ate it. LOST FOREVER! I wrote mine down in a notebook, printed it out, and saved it to a USB stick that is in a safe place. I do not have it on my computer should that crash or get hacked I won't be out of luck.

7. Move your coins

In order to earn more Cardano by "Staking" it you need to move it from the Binance exchange to your private wallet. So, you first open your private wallet and click on the "Receive" tab. You will see your "Wallet Address." You can either highlight and copy this or click on the little Copy symbol to the right of it. Then, you log into your Exchange account and find your asset and click Send, to external address, and paste in your copied wallet address and send it. After some time, when you check your Yoroi wallet, you will see it in there.

8. Delegate

Just having the coins in your wallet will not be earning you anything until you Click Delegate and choose to Delegate your coins. After delegating, you can still sell them at any time; you will just lose any coins you would have earned in the current cycle or "Epoch" they call it. Each Epoch is currently 5 days but your first time doing this won't net you any coins for 2 or 3 Epochs.

When delegating you will need to choose a pool to delegate to. The algorithm that gives out coins considers volume. So, to pool your ADA together with others gives you a better chance to earn more coins and the pool charges you a small fee to administrate that. Everyone in the pool divides up the reward equally. I am using the Bravo pool right now for it's low fees, good results and apparant reliability.

9. Your Results May Vary

I have watched countless youtube videos on how the price is going to XXXX dollars per coin by a certain date and why. Many could be click bait to get you to watch them so they can get paid. You have to weed through the abundance of information.

The latest was about the creator of the coin himself saying it would go to $1,000. Well at the time of this writing Etherium is around $2,500 per coin and Cardano is in the $1.40s. If this is supposed to be the Etherium killer... you do the math. So, if you put in $1,000 and got around 700 ADA and it went to $1,000 in 10 years, that's $700,000. Just sayin... Also, remember staking gets you more ADA... not to mention the price of ADA going up so there are 2 forks of growth.

FACTS

--Bitcoin can process 5 transactions per second (TPS) worldwide, Etherium 35 TPS, Cardano 1 Million TPS. Which, do you think, will be more acceptable as a viable currency?
--Bitcoin and Etherium are Proof Of Work and Cardano is Proof of Stake.
--Cardano has said their "Smart Contracts" will be working within the next 2 months which will skyrocket the price.
--The entire Etheopia school system has contracted to use Cardano exclusively for it's school records.
--85% of Cardano is currently staked meaning the supply for trading and transactions is only 15% of the float.
--Cardano was created by a co-founder of Etherium and added many more experts in planning it to overcome the shortfalls of Ether and Bitcoin.
--"Hedge funds see 7.2% of assets in crypto by 2026" according to a survey conducted by fund administrator Intertrust. Big money buying makes the price go up from demand.
--Cardano is actually a platform and ADA is the coin but I use them interchangably here.
--Legendary Billionaire Steven Cohen just converted fully to Crypto
--El Salvador just announced they will use Bitcoin as a legal tender, signalling Crypto is here to stay.

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