I am no financial advisor and everyone must do th e ir own research before deciding which crypto to buy because not all exchanges have the same transaction fees.One of the cheapest for me and on most networks to get onto as a South African, was Tron/TRX.1 TRX was $0.09 each at the time that I drafted this blog.It is also accepted on most popular networks/blockchains and has enabled me to get onto most of the platforms that I use.This also makes it one of the most common blockchains to run into scams on, so everyone must always be careful about who they trust when receiving or sending any crypto.However, I do hold some and it was the first crypto I staked for daily returns.
Like most blockchains, the TRX network has its own, or a preferred wallet that cryptonauts can use.TronLink is my favourite for the TRX network and the android app was the first wallet that I started using that was decentralised (not on a specific server, in one place).
It is also one of the easiest to earn interest on.
Download TronLink app for your smart device and use the referral code 5k9c.Since the TronLink wallet and network are decentralised, your wallet will have a recovery key that you will have to keep a record of in a very safe place, in case something every happens to your PC, or phone.Your wallet and address will never really be gone because it is part of the blockchain ledger, but it will be impossible to access your funds on a new device without the access granted by your recovery key.You will also need it to link the TronLink web browser extension to make it convenient not to always have to grant access from and with your phone.
TronLink is available for most popular platforms.If you would like to use a referral code when installing the app from the store, I would appreciate you using mine, 5k9c .
Thank you if you do.
Connect to websites through the integrated browser in TronLink .You will be prompted to save your recovery phrase/private key once you have installed TronLink and chosen a password.Do it!
Once you are up and running, you can use your wallet’s TRX address to send the TRX you have bought to, from whichever exchange you bought your crypto on.
Always remember that anyone could clone the opensource code of cryptocurrencies or tokens to make fake tokens that they try to trick people with.You can always verify accounts/addresses/contracts on the native blockchain explorers that all cryptocurrencies have.
TRX’s native explorer is Tronscan and it is the first place that you can check when unexpected tokens appear in your wallet.
Coingecko , or CoinMarketCap can also be checked with a simple search to find the token you are looking for.Track the links and compare them to what is on the token you have found in your wallet.Check their websites for social media and other links too.Triple your efforts if you believe that you suddenly know enough to have discovered the next big thing because if it were that good, others would know.
The less of a currency on markets, the more valuable it becomes.
Networks want us to hold the tokens, so they try to give incentives with some forms of reward systems.
Tronscan gives you access to projects that you can pool your crypto into, with the communities already supporting them and you get a little bit of crypto every day from transaction fees made by the project you support.Your TRX is used much like what other communities call governance tokens for each holder to have a say.
Freeze your TRX for votes and crypto rewards by voting for your favourite team.Log into your TronLink and then log into Tronscan with your wallet (most decentralised platforms and apps use your wallet as the account).Anyone can see all transactions to and from any wallet address without knowing exactly who it belongs to, but only you have access to it with your private key.
So, crypto is not as anonymous as skeptics would like us believe.Cash is still more anonymous, with more criminal activity linked to it than cryptocurrency.
Unlike banks, where you have your money locked up for a year without access to it for a fixed return, crypto offers other options that start paying out within days and allows you to compound interest by adding the interest to the existing investment.Some do compound your interest automatically.
TRX only has a short 3 day freezing/lock up period on staking your crypto, after which you can withdraw it whenever you like, but then you lose any further interest on what is taken out.1 TRX gives 1 vote that you can give to the team you want to support, for a share of their daily profits without your crypto ever leaving your wallet.I like to think of it, much like the daily float in a cash register.
The Tron network uses power, bandwidth and energy to power their transactions before they take your TRX.Each address gets a fixed amount of bandwidth and energy every day that can keep your transactions cheap.
Freezing/Staking your extra TRX and splitting them between bandwidth and energy, gives you more every day and can go a long way for low transaction costs, over and above the daily rewards gained from giving your votes to a good team.It was where I basically started my first piggy bank.
Click on get votes , or obtain and choose how much TRX you would like to freeze on either bandwidth, or energy.
Confirm that you would like to stake, click on stake and then confirm the transaction that your TronLink wallet will want to make.It can take a minute after you have confirmed your transactions, after which you can go assign your votes to a team for daily crypto rewards by clicking on the votes button.
Select 1 or more teams that you can give votes to for daily crypto returns Once you are on the votes screen, you will see a list of all the active teams and the percent share with their supporters.The annual APY is calculated according to your votes and they break it up over a year to start paying out within days.
Click on the green voting button once you have decided which team you like and want to give your votes to.The next screen will tell you how many votes you can assign according to what you have frozen, or if you already have a team your votes are in, you will see how many are free that you can add, or select another team to give them to.Click on voting after you have assigned your votes and your wallet will ask you to confirm the transaction again.
It should all have gone through on your already assigned bandwidth and energy without costing you a thing.It will take a while for your transactions to get onto the blockchain, but you should already be receiving some TRX by the following day.
I like to wait until I have a little over 2 TRX available on Tronscan , I then withdraw it and go through the whole get votes steps again for interest on my interest.
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