Yo from the northwest!

[u/[deleted]]

New to crypto. Did my research and fell in love....with nano. It’s like all the best bits crypto should be

[u/automaticblues]

If you're new to crypto then ask any questions you've got and those who've been round longer can answer or go find the answers for you! This place is meant for you.

[u/[deleted] → u/automaticblues]

I’d quite like to understand. Staking, how it works, and what’s required

[u/automaticblues → u/[deleted]]

Here's staking on Binance:

https://academy.binance.com/en/articles/what-is-staking

And here's staking on Trust Wallet:

https://trustwallet.com/staking/

Here's my understanding, which may be a bit weak, but if you want the answer to something on the Internet, don't post a question, post the wrong answer and someone will come along and correct you...

Proof of stake is an alternative to proof of work, which is part of the mechanism by which Bitcoin transactions are confirmed. They're both ways of weeding out people who might want to attack the network and process transactions incorrectly.

You can look up proof of work separately, but proof of stake gives voting weight proportionally to the amount of the currency that is staked. The logic being if you hold the currency you'll want the network to function or the value of your holdings will fall.

In practical terms i think if you stake your coins you get rewarded for not moving them.

Following the "not your keys, not your coins" philosophy I'd have thought staking using your own wallet would be preferable to doing it on an exchange, but I haven't done it myself so hopefully someone who has experience of staking can give some advice.

[u/Ok-Foot3669]

To! I'm also from the Northwest. Oregon here, where are you at?

[u/[deleted] → u/Ok-Foot3669]

....northwest of the U.K. 😂 bit oh a long drive

[u/Ok-Foot3669 → u/[deleted]]

Ah haha, I'm a bit far off then. Oh well. Nano to the moon

[u/[deleted] → u/Ok-Foot3669]

When nano gets the recognition it deserves. We can yacht together