Cardano staking rewards strategy

Cardano staking rewards strategy


welcome everyone today I wanted to do a
video about a strategy that you can use in Daedalus for the upcoming
incentivize test net this video is also applicable for those who are not staking
in the incentivized test net but wish to stake in the future but first we’re
going to focus on those that are staking within the incentivized test net so if
you go to Daedalus you can create new wallets which is very helpful especially
in the future and whether or not you hold a lot of ADA or what you think is a
lot of ADA here on this channel we anticipate that the price of ADA will
increase in the future given the utility and given that the project hits its
milestones so while it may not seem feasible to create a budget strategy now
for most it is something to think about if you’re in this project long term so
you can go to daedalus you can create a new wallet relatively easily and the
reason why I made this video today is because there have been some new news
announcements that are saying that you will not be able to split up your wallet
within the incentivize test net so say you hold a thousand ADA in a wallet
will just go to the philpa wallet where we have 260 ADA here I
cannot go in the incentivize test net and delegate 130 ADA to pool a and 130 ADA
to pool B that feature is going to be introduced later probably within the
main net stage but you have to go all-in with a wallet into a particular pool
when you’re delegating in the incentivize test net so if you want to
delegate to multiple pools you’re going to have to start splitting up your wallets
now the snapshot is happening this month there are going to be two snapshots so
if you want to delegate to multiple pools
please split up your wallets now but the purpose of this video is to talk about
strategies because as we progress we’re talking about six months, a year, two
years, three years from now you’re going to be receiving rewards for the ADA that
you delegate to certain pools so if that pool is a reliable pool you’ll be
receiving rewards one strategy is to create a budget this is very analogous
to budgets in the typical fiat world where you allocate money to certain
categories in your life so you can do the same for ADA or
use Daedalus as a sort of budgeting tool so you’re using certain ADA wallets as
revenue streams for certain projects that you have in your life and as you
can see I just created a category for entertainment I just created a category
for housing so should you decide in the future you’re going to be spending your
money on entertainment or anything of that sort of nature
maybe this wallet right here and it’s rewards are solely dedicated to
entertainment this wallet right here maybe it’s dedicated to your housing
whether that be your rental income or your mortgage or whatever income or
expenses that you have relating to housing then you have insurance
your health insurance and all the other vehicle insurances that you have maybe
that category is just for insurance maybe there’s a category just for your
vehicle maybe there’s category for your food every week or every month and maybe
there’s a category for future investments if you want to reallocate to
different blockchain projects in the future or just completely use these
assets to invest in alternative classes of investments like real estate or
stocks or any other investments that may allow you to grow your wealth in the
future so this is very easy all you have to do is go to add wallet create your
new wallet and create a category so if you want to create this category for
your let’s put a moon wallet and we create the personal wallet click create
personal wallet you’re going to click this button and once it hits continue
it’s going to provide you your seed phrase and it’s very easy to delete
these wallets right after they’re completed once again I’m showing you
this seed phrase but I will not be using this wallet I will delete this wallet
I’m not even going to create this wallet so I’m going to exit here and I’ll show
you how to delete the wallet so if you don’t need a certain wallet or you’ve
emptied out that particular wallet you can just go here you can go to more you
can go to settings you can go to delete wallet click this button right here I’m
gonna put the name of the wallet here so this is Food we’re gonna wait one second
and then we’re going to hit delete and it’s gone it’s as easy as that for the
individuals that are interested in staking in the
incentivized test net and you want to delegate to multiple pools you’re going
to have to have multiple wallets because the feature to split ADA
within a single wallet to multiple different pools will not be available
until main net so let’s see we would so if there was
ADA in entertainment wallet or housing wallet or insurance wallet or future
investment wallet we’d have to each delegate that to a pool and go all in so
that’s a quick reminder now let’s shift over to the people that are not going to
be joining us for the incentivize test that but will start staking when the
main net releases because of fears of moving their funds off of hardware
wallet support this is also for you, you can create new wallets you can create
your budget your cryptocurrency budget in the future and allow yourself
to understand that this wallet is allocated maybe for family this wallet
is allocated for gifts and donations this wallet is allocated for pets
or this wallet is dedicated for hobbies any expenses that you have
in life start figuring out where you spend money in the traditional world
with traditional fiat and then you can convert that or create cryptocurrency
categories or wallets that will align with those categories in the future this is a very effective strategy especially if you see yourself long term
create multiple wallets and have multiple purpose wallets for different
things you can have your long term Hodl wallet and you can have your
short term sell wallet with different milestones for each wallet say you’re
looking for a particular price and you’re going to sell 20%, 30%, 40%
of your ADA holdings then have a wallet for that if you are
looking for a long-term I’m gonna hold this for five ten years or I’m going to
give this to someone that I care about in a very long period of time have a
wallet for that have a wallet for spending ADA on a day-to-day basis as
we grow this ecosystem we just got added to travala it’s no
Travelocity but it is a website that you can pay using ADA for hotels
and various different travel expenses there are going to be more stores and
places where you can use your ADA to shop and spend
once again I’m not telling anyone to spend their ADA or anything like
that you need to find yourself a CPA CPAs are great I have a CPA so regarding
if I get any questions about taxable events you need to contact your CPA I am
NOT a financial adviser this was a video just helping those create categories in
Daedalus and have a cryptocurrency strategy for long term and short term
investing tell me what you think let me know what categories you split your
wallets into and let me know what you are planning on spending your ADA on
in the future or what you want to what you’re planning for it’s interesting to
hear maybe we can open up a dialogue and see exactly where is everyone is
strategy wise I hope everyone has a wonderful day and a wonderful week and
until the next video thank you

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