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How to “stake” Eagle Tokens and withdraw to Wallet

There have been quite a lot of confusion in regards to what is staking and how to do it in Eagle Network. I won’t blame the Eagle community as the developers and team seem to be everywhere these days. It has become a incoherent mess as the Eagle Network team tries to get everything sorted out in a very short amount of time. That is why I have been calling for the project to slow down and stop rushing for features to be rolled out. I guess the pressure for the project to be successful is making everything seem so rushed. Anyway I have written a guide on how to “stake” Eagle Tokens and how to withdraw/redeem them to your wallet. Note that their “staking” basically means to hold your tokens and then redeeming them partly out to your wallet. It is like not like the commonly understood idea of staking like in Cardano or Ethereum 2.0. There is no “proof of stake” consensus mechanisms working here. And you don’t get any rewards from staking in the mining app. It is meant to be so that users will not be able to dump their tokens during token launch. And we know what will happen to the price of the Eagle Tokens if that comes to pass.

So here goes.

Start your Eagle Network mining app and click on that big red circle showing the number of Eagles and the number of teammates you have.

You will see “Stake” option and choose the drop down.

Above you can see that I have already staked my Eagle. However if you have no yet staked your Eagle, you can proceed to Stake them. Note that there is a minimum of 1K Eagles needed. The Stake Emission is to amount you can withdraw. And a reminder that once you have staked, you need to wait for 30 days before you can stake again. At the moment, the allowed amount of Eagle to be withdraw/redeemed is 5%. When I did the staking, it was 1%, so the figures in the screenshot above is wrong. However for the next staking period, the 5% should be reflected correctly for the users (I hope). As for the phrase “Stake Emission”, I have absolutely no idea why they called it as “Stake Emission”.

If you want to withdraw, you can go to the redeem option. Here you can see the amount of Eagle you can withdraw and the amount you have already withdrawn. Note that again there is a 30 days wait once you have redeemed. So if you redeem today, you need to wait till 30 days before you can redeem again. Redeem in this case basically means withdrawing to your wallet. At the moment, the supported wallet is CryptoKara. The link is for Google Playstore is here. I am not using Apple, so I cannot confirm whether the Appstore for CryptoKara is ready. Again be very careful on what you are downloading and ensure that the wallet is the genuine thing. If you have any doubts of the authenticity of the application, uninstall it immediately. There are plenty of scammers and scam apps out there trying to steal your cryptos.

So after you have install CryptoKara and safely store the seed keys (this is very important as well and never share your seed keys with anyone. Losing your seed keys means bye bye to your tokens as well so please be careful), it is now time to get the network address for your own wallet. On the CryptoKara app, choose EAN which is the native Eagle Network Token. EAN is the ticket symbol for Eagle Token. EGON will be the ticket symbol for their own blockchain token. This will be in the “far” future, so don’t choose this for the time being.

Click on Receive to get the address.

Click on “copy” to copy your address. This part is very important as using the wrong address means your tokens are most likely gone if you use it to transfer. So make sure you copy the address correctly. Again I cannot stress this enough. Make sure it is the correct address for the correct token. There is no turning back if you use the wrong address or use the wrong network! It is most likely gone and you have officially helped the Eagle Network burn tokens.

After you have copied the address, copy it onto the CryptoKara Wallet Eagle Token Address as shown above and enter how much you want to redeem/withdraw. Once you have confirmed everything is correct, click on Redeem. Note that it will take some time, especially at this moment where the developers are doing the transfer manually. You can check how the progress is going via the History button.

As you can see, it is currently still pending. Please be patient as at the moment, the Eagle team will be transferring manually. If I am not wrong, they will release the tokens on 9th October. In the future, it should be automatic and pretty fast. However I would encourage users to redeem small amounts first as they are currently in the testing phase. Who knows whether the system is robust and stable enough. However with that said, you can later stake EAN and get their Swaptokens. But as to when this feature will be live, I am not sure.

That is basically it. You have redeemed your tokens to the wallet! Take care all!

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Useful crypto channels on Youtube

One has to admit, Youtube is a great resource for anything crypto. I mean if you want to learn how to yield farm, there are tons of Youtube guides to show you exactly how to do it. If you want to learn how to get onto the Polygon network, there are tons of guides there as well. It is just such an amazing resource that most of the time I will simply just visit Youtube if I want to just learn more about crypto. However it is also important to understand that Youtube has lots of FOMO and FUD videos as well. And I mean a lot. Possibly more than half of the crypto channels are all into this FUD and FOMO. And how about those clickbaits? Guess everyone has an agenda eh?

Anyway I had taken the liberty of listing down some of my favourite Youtube channels for crypto “stuff”. Hopefully none of them have too much FUD or FOMO in them. I know that it is inevitable some form of FUD or FOMO will be present but these are probably the better ones I have seen. And as always readers should be careful when taking any sort of advise from Youtubers or even bloggers like me. Do your own research!

One of my favourite Crypto channels is Coin Bureau. The main reason why I like this channel is because it is not only informational, it is entertaining as well. There is very little FUD or FOMO in their videos and everything is rather straight to the point. I really appreciate videos that don’t dilly dally around just to add to the length of their videos. I normally switch to another video if I happen to come across such videos. Pisses me off. If you like informational videos, then I think you will definitely appreciate Coin Bureau offerings. They have weekly news, reviews on different cryptocurrencies, the technology behind such cryptos, how to invest properly and much more.

Jason Pizzino. Yes he is one of the “lesser” known crypto Youtubers but I feel that his videos are always very informational. And his views are more or less fair or at least fairer than more other Youtube channels out there. Furthermore, his insights into the crypto world is rather refreshing as well. Not to mention his knowledge about the crypto markets. Admittedly he has way less fluff and the video layout and design can be rather monotonous but if you want fluff and grand sweeping statements, can always go for Crypt Banter right? So if you want to learn more about crypto and how it truly works, his channel is the place to go. His videos includes market technical analysis as well. Plus he always look like someone has just bullied him a little too much.

Finematics. This is one fine channel if you just want to learn the technology behind the various cryptocurrencies and other projects in the crypto world. I mean this just gets straight to the point. No other nonsense or trying to get you to buy a certain coin or invest into a certain project. Their videos immediately start by “showing” you how the technology works with diagrams and charts, making it easy for common folk like us to understand. And I learnt a lot from this channel. If you are just interested in the tech behind all these crypto projects, this is the channel for you. It is kind of sad that they do not have the amount of subscribers like some other clickbait Youtube channels out there. So don’t go into crypto investing blind. This channel is highly recommended. I hope that you guys will support them.

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Nexo Deposit & Fixed Terms – Step By Step Guide

Nexo[referral link] is a platform for users to deposit their crypto and earn interest from. With interest rate up to 12% (or more) for stablecoins and other cryptos. So you put cryptocurrencies into the platform and they pay you interest. For those who would like to get a higher rate of return, they can choose the fixed terms. However if you put your crypto into fixed terms, you cannot take them out until the term is over. You should also check out which coins are being supported by the platform.

Nexo is a lending platform. Think of it as a “bank” so to speak. But it is a better type of “bank”. So users can put their money or crypto into their platform and earn interest. You can also borrow crypto or money as well. They do have a range of credit line and the amount you can borrow is proportional to the amount of crypto you put in. The borrowing interest rate is relatively low as well. And the earning interest rate is pretty good. I mean if you really compare to our conventional banks out there, their rates really shine.

For those who would like to start earning interest, I have done up a quick guide for you to follow. It is actually pretty easy to do. First you will need to do the verification. Depending on which country you are currently in, you might want to complete the advanced verification. However if you just want to put a small amount of crypto into this lending platform, starter verification should be fine for most countries for beginners. If you are doing a lot of transfers, I would recommend you to go for the advanced verification as they offer more “free” withdrawals.

Goto your profile which is located on the top right of the page and choose My Profile. From there you should choose Verification levels.

After that you follow the steps to complete your verification. In most countries, this will be requirement. And for my case it took all but a few minutes of my time. Unlike other platforms, this went extremely smooth. Of course your experience might vary. Once you are done with verification, you are ready to start depositing your cryptos and make some interest. However it is important that understand that these cryptos you are going to deposit will be held at their platform and you will not be able to easily trade them in exchanges until you transfer them back to your exchange or wallet. And if you go for the fixed term deposits, they will be held them until the term ends. So make sure that you are indeed planning to hold on to these cryptos.

So scroll down on your main account page and choose the crypto you would like to deposit. On the right side, you will see an Top Up button. Click on this button. Note that the interest earned depends on the type of coin and also the loyalty level. The loyalty level actually depends on the amount of NEXO tokens you are holding. If you are planning to hold on to large amounts of crypto on Nexo, it might be a good idea to exchange them for NEXO tokens. But please do your own calculations & research first. I am not a financial advisor as I don’t wear a suit.

In this example, I am using Bitcoin. You can see the deposit address. This is where you will send your Bitcoins to. Please be very careful when doing transfers. One mistake and your cryptos might not be able to be recovered. Check whether they are sent in the native blockchain or other network. In most cases, you should transfer using the native blockchain. Read through the information provided first and ensure that you are transferring using the correct network. With some exchanges or wallets they do have support for different networks with the same cryptocurrency. You will most likely lose the crypto if you are transferring using an unsupported network! And the address must be correct – just one letter wrong and it will be gone! If you are transferring a huge amount, I would suggest you to transfer a small portion first. I cannot stress this enough. Please be very careful when transferring cryptocurrencies between wallets! Beware there will always be some network transfer fee (or gas fees). So make sure it is actually profitable for you to do the transfer. Some of those gas fees on some networks (like Ethereum) can be very expensive depending on the traffic.

Anyway once the cryptos have been transferred across, you will start earning interest without doing anything else. The interest you will only start earning the next day. The good thing about Nexo is that you get daily interests and it is compound. $$$$! You will also get an alert on their platform giving you the amount earned. You can of course stop here but in this guide I will go on to setting up fixed terms for my crypto to earn even more interest.

So go back to your accounts page and click on the wallet icon on the right.

Here you will be able to find breakdown of your cryptocurrencies and you can see one with Fixed Terms. Click on that.

So it is now time to create a term. A reminder that once you place your crypto into a fixed term, it cannot be “withdrawn” until the term is over. In most cases, the fixed term period is 1 month. Here you can see there is a “bonus” of 1% interest paid. Note that there is a minimum amount which you need before you can create the Fixed Term. If you are still interested, then proceed to put in the amount and create the term. And that is it. You can optionally choose whether you would like it to automatically renew or not.

That was easy right? Hope this guide helped you in setting up your first interest bearing crypto and make some real passive income! I put about half of my assets I want to keep into Nexo and the other half into Celsius [referral link included]. Take care and stay safe. I have a guide on how to start trading in Binance as well. Also check out how to maximize your interest returns on Nexo.

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Purchase your 1st crypto in Binance – Step By Step Guide

  • Binance [referral link] as in Binance International, apparently there is a different “Binance SG” as well. So if you are living in Singapore and would like to get into Crypt trading with Binance, you can follow this simple step by step guide. This is for informational purposes only. The author is not a financial advisor!

[Update: 11-Sep-2021]At the moment it seems that Binance has suspended P2P trading for SGD. I am not sure when this will resume but we are all hoping that it will be soon.

First of all you will need to create an account with Binance [referral link]. You can of course use my referral link or go direct to Binance [no referral] if you don’t want to use my link. Once you have created an account you will need to verify your identity. This is a requirement for most of the major crypto exchanges. Might as well do it once and for all.

So go to your account and choose Identification. There are several levels of verification but I would suggest you to complete advanced verification. The process is pretty straight forward and you should be able to complete them without much issues. For the advance verification, you will need proof of address – I used my Internet access bill as proof. There are several other types of documents you can use as well.

Once you have done the verification (which might take a few days – mine took all but one day), you are ready to start purchasing your first Crypto. This is where the fun begins. But how do you proceed?

First of all you will need to get convert some Fiat currency (eg Singapore dollar SGD) into a stablecoin. And with this stablecoin, you can use to trade for other Cryptocurrencies. The reason why we want to convert our Fiat currency into a stablecoin first is because usually the exchange rates for Fiat to other Cryptocurrencies are pretty bad. So it is a good idea to get stablecoins first and then use the market to trade for the cryptocurrency we want. Here I will show you how to get stablecoin via the Peer To Peer (P2P) platform. You can transfer via bank transfer or even PayNow depending on the other party. P2P basically means that you are trading directly with other traders in the platform.

Goto Trade and choose P2P.

Choose Buy, USDT (a very popular stablecoin pegged to the USD) and under Fiat type in “SGD” and then choose SGD.

You will then be presented with a whole list of traders/sellers. So choose the “advertiser” with the best rate (and good completion rate), the limit you can handle and the type of payment transfer you are able to do (like PayNow or Bank Transfer) and then click on Buy USDT. However make sure you check the exchange rates first. If it is not good, you should wait for a few hours or days to get a better rate. At the time of writing, there is 0 fee for P2P transfers in Binance. However it is important to check on Binance on the fees again.

Key in the amount you want to buy and make sure that the USDT is what you need and then choose Buy USDT.

You will come to this BUY page. But before you begin, you can chat with the seller. What I normally do is to check that he/she is actually online and awaiting my transfer of funds. Note that this is P2P and the seller might not even be aware that an order has been initiated if he/she is not paying attention. I will ask whether I should proceed and if I get a reply, then I will go ahead.

First choose the transfer method. I prefer PayNow but you can choose which payment method you want. Check everything is correct before you make the transfer. It is very tedious if you make any mistake here and to get a “refund”. So check and double check to see the amount and the transferee information is correct. And once you have sent the payment, click on Transferred, Next. You should also type that you have paid in the message box to alert the seller as well.

And if everything goes smoothly, you should be presented with this screen saying that the order has been completed and it is now in your P2P account. So click on Transfer to Spot.

You will then be transferred to the P2P page but will then need to transfer the stablecoin to the Spot section before you can do any trading. That is how this works. So go ahead and click on Transfer for your particular stablecoin.

So now you choose Fiat and Spot in the To section and click on MAX (if you so wish) and click on Confirm. If you don’t transfer to Fiat and Spot, you cannot do trading in the Binance Exchange.

Now we will go to the “Fiat and Spot” wallet to check whether it has been transferred successfully. So goto Wallet and choose Fiat and Spot.

Here we are. The most important page for us. As you can see our stablecoin (USDT) has been transferred to Spot and is now ready for trading. You can see the total amount, total available and the amount that has been set into orders. At the moment, the total amount should be the same as the total available for use. So well done! Now lets get into the actual trading!

So go to Markets, choose Zones and choose the Coin you want to trade and then click on Trade on the right. You can search for the coin name as well. These will be trading via the crypto-USDT pair.

So you will come into the trading page. In this example, I choose BTC. As this will usually be way more complicated than what I can list down here, so I will only go through the basics of trading. You should be very careful in this page and choose the correct Price that you want to buy the Crypto. Anyway click on BUY under place order, key in the price that you want to buy the coin and then drag the amount that you want eg. 25%, 50%, 75% or 100% or anything in between. Then after confirmation of the information, click on Buy BTC (or whatever Crypto you are trading).

You can see your trades in the Open Orders section. If you are lucky, the order will be fulfilled in no time and you just got your first Crypto! Of course it all depends on the price you have placed it on. Overall it really isn’t that difficult once you get the hang of it.

I hope you all the best in your crypto trading adventures. I would suggest first timers to start small. Never play with your entire life savings in the Crypto Market. May you always be able to buy the dip and make tons of money on your investments. If one day you make it big, don’t forget your buddy here. Buy me a beer or something. Please take care! You can also take a look at my Crypto Portfolio to see what I am holding. Or check out my guide on using Nexo to earn interest on your cryptocurrencies.