A Beginner’s Guide to Stacking Sats on Okcoin
It’s easy for folks to be interested in cryptocurrency, particularly STX. However, taking the first step of purchasing can be overwhelming for someone who’s new to the crypto space — if that’s you, keep reading — This guide is for crypto newbies who want to set up and fund an Okcoin account to be able to start Stacking.
Why pick STX out of any numerous choices? Stacks (STX) brings smart contracts, DApps, among other functionalities all on top of the Bitcoin Blockchain. Being built on Bitcoin allows participants of STX to earn rewards in BTC. Details of how this works is beyond the scope of the article, read more here .
There are essentially two ways to acquire cryptocurrencies in general, including STX.
Why are we choosing Okcoin to introduce newcomers to STX? They serve 192 countries, so this will be useful to many global users. Besides, Okcoin is currently the only CEX that allows for Stacking STX. Why would a user want to Stack their STX? Stacking is part of the blockchain process that contributes to verifying blocks on the Stacks blockchain. A product of this process is that rewards are sent to participants in BTC via Proof of Transfer (PoX). Technical details can be found in the whitepaper. If users choose to Stack, they earn BTC! Let’s walk you through the process on their platform, as follows:
1st step: Create an account. Be sure to save your username and password somewhere safe. Keep your login information in a little notebook and not a Word file. Setting up 2FA (2-factor authentication) is also strongly advised.
2nd step: Now that you have created an account, you will more than likely have to complete a KYC process (know your customer). The KYC process is mildly irritating but should never deter you from grabbing a good investment. It’s a small price to pay for the acquisition of Bitcoin 2.0 and the joining and journey of an amazing project with an excited and enthusiastically determined community!
3rd step: Next, link your bank account, which may take a couple of days to finalize — it’s just a regular process, so don’t worry.
4th step: After your bank account is linked to your Okcoin account, you can start moving fiat (USD) from your bank to your USD funding account.
5th step: Trade into your STX position.
Finally, Stack STX tokens and watch your Bitcoin rewards grow!
This is how we Stack on Okcoin.com