I recommend making a habit of doing this with whenever you’re sending/receiving crypto with a new wallet or even sending to someone else. This will just ensure you have the correct wallet addresses and information. Either by buying it or transferring it over from another wallet in Step 2.Ī secure internet connection should almost go without saying. You also need an account set up on Ledger Live that you can use to connect your Nano and transfer DOT to. But again, I think the extra cost of the upgrade to X is well worth it. The only advantage of the S is that it’s less expensive. You can also use a Ledger Nano S if that’s what you have. The X holds way more apps and cryptos and it can connect to a mobile device using Bluetooth. I’m using a Ledger Nano X and recommend it. It might be advisable to go down there and get one off the shelf. If you buy one, I recommend getting it from the official site only, or places like Best Buy are stocking them now. You’ll need to have a Ledger Nano X (or Model S). I’m using a Ledger Nano X and MacBook Pro. Starting with Ledger Live, adding the Polkadot wallet, bonding, and choosing the best validators and to earn staking rewards. In this step-by-step guide I’m going to walk through exactly how to set all this up. I can sleep peacefully knowing that I’m not walking around with all my crypto (DOT in this case) in an app on my iPhone or sitting on a centralized exchange.Įarning 14% APY by staking it while storing securely on my Ledger Nano X is easily the best combination of all options. Luckily, I was able to move it all into a private wallet before things went sideways - but earning rewards by staking DOT just seems like a good option to have and a wise move for holding a crypto over a longer term.Įxodus (my wallet of choice) doesn’t support staking for DOT yet. It earned about 9% annually and I received a small interest rewards payment every Monday. Until all too recently, I had DOT stored on Celsius in a custodial account.
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